Hong Leong offers Islamic home loan at a floating rate of interest. This helps you finance your dream property. The loan is based on the Shariah concept of Murabaha and Tawarruq.
You’re probably eligible for an Hong Leong Islamic Bank Home Loan if you are
At least 21 years old
Less than 70 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your Hong Leong Islamic Bank Home Loan amount eligibility is based on these factors
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 90% + 5% MRTT
Instalments of other loans lower
Increase your eligible Hong Leong Islamic Bank Home Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 35 years
Alternatively add your parents
Documentation needed to apply for an Hong Leong Islamic Bank Home Loan
- 1. Latest Borang BE (supported by tax payment receipt).
- 2. Documentation for salaried applicants:
- Latest 3 months salary slips
- Latest EPF statement with at least 6 months contribution
- Latest 3 months bank statement / saving passbook
- Letter of employment
- 3. Documentation for self-employed applicants:
- Latest 6 months bank statements or savings passbook
- Latest 6 months commission statements
Hong Leong Islamic Bank Home Loan Interest RatesUpdated on 29 Jun 2017
|Margin of Finance||Up to 90% + 5% MRTT|
|Guarantor Requirement||Guarantee Required|
Features and benefits of Hong Leong Islamic home loan
Following are the features and benefits of Hong Leong Islamic home loan:
- Competitive interest rates are offered.
- Prepayment is allowed without prior notice.
- You can start to pay the monthly installments immediately even while the property is still under construction. This can help you to save money that you would have to pay for a grace period.
- The financing is available for home and shop.
- The maximum financing tenure offered is up to 30 years or till you turn 70 years of age.
- This loan is available to Muslims and non-Muslims.
- The monthly payments can be made through Malaysian Electronic Payment System, internet banking, and by giving standing instructions.
- You can also make the payments through ATM transfers, cash deposit machines, cheque deposit, and over-the-counter.
- The ceiling rate hedges against financing rate hike.
- You get a 20% stamp duty waiver for new financing, 100% waiver for refinancing case.
- The applications can be submitted through any branch.
- You can take Mortgage Term Reducing Takaful to protect your family against the loss of property.
- Rebate is granted for early construction during the grace period, early settlement, settlement due to finance restructuring, settlement in the case of default, and settlement in the event of termination of the financing facility before the loan has matured.
Types of Hong Leong Islamic home loan schemes
Hong Leong offers only one scheme which is Property Financing-i. The loan is offered to private limited companies, sole proprietors, partnerships, and individuals. You can buy completed or under construction property which is either residential or commercial. You will be protected against a higher rate by the ceiling rate. You will not be charged more than the Contracted Profit Rate even if the IBR fluctuates. Mortgage Reducing Term Takaful is optional, but you are encouraged to opt for it as it protects your family from losing the property due to unexpected circumstances.
Hong Leong Islamic home loan interest rates
The interest rate is based on the current IBR. One rate is offered for the first year, another is offered for 2 – 3 years. The rate for more than 3 years will be different. The current IBR is 3.69%.
Fees and charges
Following fees and charges will be applicable:
|Stamp duty charges||As per the Stamp Duty Act 1949.|
|Legal fees||As per SRO.|
|Valuation fees||As per the 7th Schedule of the scale fees.|
|Disbursement fees||Includes registration fee, goods and services tax, search fee, and any other taxes.|
|Miscellaneous fees||Includes online IBG payment, cheque processing fee, IBG payment via ATM machine, and other fees.|
|Termination fee||RM2,000 is charged based on the Gharamah and Ta’widh.|
This loan is available to Muslims and non-Muslims. The maximum tenure offered is 35 years or till you turn 75 years. The loan is available to individuals, private limited companies, sole proprietors, and partnerships. Residential, commercial, completed, and under construction properties can be purchased.
How to apply for Hong Leong Islamic home loan?
You can apply for the Hong Leong Islamic home loan through the following ways:
- Face to face:
You can walk into the nearest Hong Leong branch and apply for the home loan.
You can provide all your information online and the bank representative will get in touch with you.
- By phone:
You can call +603-7626-8899 and the bank representative will guide you the process.
How to make monthly installments payments?
You can pay the monthly installments through the following ways:
- Internet banking.
- Standing instructions from your bank current or savings account.
- Cash deposit machines.
- ATM transfer.
- Malaysian Electronic Payment System.
- Cheque deposits through Cheque deposit machine.
Hong Leong Islamic home loan hotline number
If you want further information about the product, you can call at +603-7626-8899. You can send a fax to +603-7873-8228. You can send the email to HLOnine@hlbb.hongleong.com.my. The toll-free number you can call is 1-800-22-2575.
You will have to submit the following documents along with the duly filled application form:
- Private limited companies:
- Latest 6 months bank statement.
- Latest 3 years audited account.
- Latest Borang B of the directors along with tax payment receipt.
- Self-employed individual applicant:
- Latest Borang B along with tax payment receipt.
- Latest 6 months savings passbook or bank statements.
- Latest 6 months commission statements.
- Employed individual applicant:
- Latest EPF statement.
- Letter of employment.
- Latest 3 months savings passbook or bank statement.
- Latest Borang BE along with tax payment receipt.
- Latest 3 months’ salary slips.
Hong Leong Islamic home loan FAQs
- Is the Hong Kong Islamic home loan offered to non-Muslims?
Yes, the Hong Kong Islamic home loan is offered to non-Muslims.
- What is the maximum tenure offered?
The maximum tenure offered is 35 years or till you turn 75 years.
- Who can avail the Hong Leong Islamic home loan?
The Hong Leong Islamic home loan is available to individuals, private limited companies, sole proprietors, and partnerships.
- What properties can be purchased with Hong Leong Islamic home loan?
You can purchase completed and under construction residential and commercial properties.
- Can I prepay the home loan?
Yes, you can prepay the home loan without prior notice.
- Can I start paying the monthly installments immediately even if the property is under construction?
Yes, you can pay the monthly installments immediately even while the property is still under construction.
- Will I get any waiver of any fees?
You will get a 20% stamp duty waiver for new financing and 100% waiver for refinancing case.
- Is there any rebate offered?
Rebate is granted for early construction during the grace period, early settlement, settlement due to finance restructuring, settlement in the case of default, and settlement in the event of termination of the financing facility before the loan has matured.
Other Products offered by Hong Leong Islamic:
Apart from offering Home Loan,Hong Leong Islamic offers other products and services which include: