HSBC offers home loans for new homeowners and to those who wish to construct their own home. It offers the perfect solution to financing and refinancing. It offers two types of home loan, Ideal home plan and HSBC HomeSmart.
You’re probably eligible for an HSBC Bank Home Loan if you are
At least 18 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your HSBC Bank Home Loan amount eligibility is based on these factors
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 90%
Instalments of other loans lower
Increase your eligible HSBC 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 HSBC Bank Home Loan
- 1. A photocopy of identity card or passport.
- 2. Your latest 3 months' salary slip.
- 3. Your latest income tax return form (Form B/BE) or EA form or latest EPF statement not exceeding 12 months old.
- 4. If new salaried employees (at least 3 months in service), Letter of Appointment or Confirmation letter from employer stating salary/allowances.
- 5. Sale and Purchase Agreement/deposit or booking receipt/letter of offer from the housing developer.
- 6. A photocopy of the land title (if any).
- 7. The latest bank statements dating back six months (compulsory in the absence of salary slips and/or EA Form) showing salary/payment credited to the account.
- 8. If you are self-employed, you need to provide your business registration documents, latest 6 months bank statements, latest financial statements and other supporting documents to support your income.
HSBC Bank Home Loan Interest RatesUpdated on 22 Aug 2017
|Margin of Finance||Up to 90%|
|Guarantor Requirement||No Guarantee Required|
Features and benefits of HSBC home loan
Following are the features and benefits of HSBC home loan:
- The margin of financing is higher.
- There is no setup cost or monthly fee charged.
- The interest payable is calculated on a monthly basis.
- You can avail personal protection and takaful products for the home loan.
- Flexible features allow you to rearrange your life’s priorities.
- You can easily withdraw the excess payments you make.
- Refinancing options are available if you want to pay smaller EMIs by increasing the tenure.
Types of HSBC home loan schemes
HSBC offers two types of home loans, they are:
- Ideal home plan:
- HSBC HomeSmart:
This plan is ideal for first-time buyers. You can get property up to RM300,000. You can choose this plan if you prefer regular repayments and if you don’t foresee having extra cash to pay your home loan and if you do not intend to consolidate any funds.
|Margin of financing||Up to 90% of the property value.|
|Age||18 – 65 years.|
|Property value requirement||Peninsular Malaysia – up to RM100,000 East Malaysia – RM120,000.|
Interest is calculated on a monthly basis. You can pair your home loan with takaful products for home and personal protection. Your home should be your only residential property.
This is a flexible home loan. HomeSmart loan lets you withdraw the excess payments to help you with finances. You can withdraw money when you are in need and you can start depositing the excess payments once the finances stabilise. You can use the 3 Simple Ways to own your home in half the time. The interest is calculated daily. You can protect your loved ones.
|Minimum loan tenure||5 years.|
|Maximum loan tenure||35 years or up to 70 years old.|
|Minimum loan amount||RM50,000|
|Maximum loan amount||RM5 million.|
|Margin of financing||Up to 90% of the property value.|
Existing home loan customer can apply for HomeSmart Reserve which is a top-up facility. The minimum amount offered is RM20,000 and the maximum is RM2 million.
HSBC home loan interest rates
The interest rate is tied to the base rate. The base rate is 3.50%. The interest is calculated on a monthly basis for Ideal Home Plan and it is calculated daily for HSBC HomeSmart.
Fees and charges
Following fees and charges will be applicable:
|Monthly service fee||RM10.60|
|Stamp duty||As per Stamp Act 1949.|
|Commitment fee||RM40 per month.|
|Legal fees and disbursement||6% plus GST.|
|Default in repayment||1.30% plus the applicable interest rate.|
|Early settlement fee||12% * facility amount * number of months remaining in the lock-in period / total lock-in period in months.|
|Retrieval of security documents||RM10.60 per document.|
|Confirmation letter for withdrawal from EPF||With documents - RM10.60 per document. Maximum charged is RM21.20 Without documents – Nil.|
|Redemption statement fee||RM53 per request per account.|
This loan is available to Malaysian citizens. The maximum tenure offered is 35 years or till you turn 75 years. The minimum age to apply for a loan is 18 years and the maximum is 65 years. The home that is being financed should be your only residential property.
How to apply for HSBC home loan?
You can apply for the HSBC home loan through the following ways:
You can provide all your information online and the bank representative will get in touch with you.
- Face to face:
You can walk into the nearest HSBC branch and apply for the home loan.
- By phone:
You can call 1300-88-1388 or +603-8321-1388 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:
- ATM transfer.
- Cash deposit machines.
- Internet banking.
- Standing instructions from your bank current or savings account.
HSBC home loan hotline number
If you want further information about the product, you can call at 1300-88-1388 or +603-8321-1388. The operation hours are from 7:30 a.m. – 9:30 p.m.
You will have to submit the following documents along with the duly filled application form:
- Latest 3 months’ salary slip.
- Photocopy of passport or identity card.
- Latest income tax return form B/BE or EA.
- Latest EPF statement.
- New salaries employees should submit Confirmation letter or Letter of Appointment.
- Sale and Purchase Agreement.
- A copy of land title.
- Self-employed applicants must submit business registration documents, latest financial statement, latest 6 months bank statements, and other supporting documents to support their income.
- Latest bank statements that shows salary or payment credited to a bank account.
HSBC home loan FAQs
- Who should opt for Ideal Home Plan?
The Ideal Home Plan is best suited for first-time home buyers.
- What is the margin of finance offered under Ideal Home Plan?
The margin of finance offered under Ideal Home Plan is 90% of the property value.
- What is the interest rate charged under Ideal Home Plan?
The interest rate is tied to the base rate. The base rate is 3.50%.
- Will I be charged any late payment fee if I default in my payments?
Yes, you will be charged a late payment fee which is 1% of the pending installments.
- Should I take any takaful coverage on the home loan?
Yes, you should take a takaful coverage and insure your property.
- Are refinancing options made available?
Yes, you can opt for the refinancing option if you want to pay lower EMIs. You can refinance your existing loan and take a longer tenure to reduce the EMIs.
- Is there any top-up facility available?
Yes, if you are an existing home loan customer, you can apply for HomeSmart Reserve.
- What is the special feature of HomeSmart loan?
HomeSmart loan lets you withdraw the excess payments to help you with finances.
Other Products offered by HSBC:
Apart from offering Home Loan,HSBC offers other products and services which include: