HSBC Amanah Home Loans are house funding plans which let customers buy their own house without eating into their life savings. These plans are highly flexible and customers can choose the value of installments payable according to their financial situation and preference. Being a banking mogul in the Malaysian financial services industry, HSBC Amanah helps its customers buy property at the most profitable rates.
At least 18 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 90%
Instalments of other loans lower
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
|Margin of Finance||Up to 90%|
|Guarantor Requirement||No Guarantee Required|
Islamic home loans are based on the concept of diminishing ownership where the bank enters in a joint ownership agreement with the buyer in line with repayments (made in installments), the share of the bank reduces until ownership is wholly transferred to the customer. The margin of the finance available on these loans is up to 90% with long repayment periods. In recent times, these home loans have gained a lot of popularity in Malaysia especially due to their convenience benefactor. Besides it is being offered by HSBC who are said to be one of the largest banking conglomerates in banking in the World.
The major features of HSBC Amanah Home loans include:
This plan comes with no redrawal charges and is non-linked account plan. It is a Full-Flexi plan from HSBC. The monthly charges for maintaining this home loan account is RM 10 only. the monthly charges can be reduced by making extra repayments when under favourable conditions. 20% of the stamp duty is waived off. The margin of the finance available on these loans is up to 90% with long repayment periods.
Based on the rate table as on HSBC Malaysia portal, here are the following interest rates as on February 8, 2016:
Base Financing Rate (BFR) = 6.85%
(Prior to 2 Jan 2015)
Base Rate (BR) = 3.75%
(On and after 10 July 2015)
|Profit Rate p.a.||
BFR – 2.00%
BR + 1.10%
|Effective Financing Rate p.a.||
Any individual above the age of 18 years and below 65 years is eligible to apply given that the house being financed is the only residential property he or she owns. Any property; completed or under construction may be financed under this plan, however, it cannot be availed for refinancing purposes.
The following documentation is also required:
HSBC home loan installment calculator is an extremely useful tool hosted on bbazaar.my. The tool takes in loan parameters like home loan amount, loan tenure, the corresponding profit rate and the processing fee to manipulate this data and yield the monthly home loan installment for customers. Customers can use this tool to reach their loan installment amount and plan their future financial budget accordingly. Also, this tool can be used to vary input data to finally reach the most optimum installment amount. Am amortization table is also displayed as a result of data processing by the tool. This table lists down the loan repayment schedule and the corresponding balance principal and interest amount at various point of the loan cycle.
Customers can choose from various repayment modes such as online banking, cash deposit, cheques and phone banking.
Absolutely, you can make multiple withdrawals without any charges being levied.
The minimum age for application of a HSBC Amanah home loan is 18 years and above.
The minimum tenure is 6 years or at least twice the lock-in period. The maximum tenure is 35 years or up-to 65 years old, whichever comes earlier. The maximum tenure is however based on the bank’s discretion.
According to the bank portal, ‘ How much can I apply for? The maximum margin of financing is 90% of the Current Market Value/Net Purchase Price whichever is lower and is subject to credit evaluation by the Bank.’
Apart from offering Home Loan,HSBC Amanah offers other products and services which include: