Hong Leong Bank Berhad is a financial services company with a presence in Malaysia and Singapore, Hong Kong, Vietnam, Cambodia, and China. With these outstanding achievements, Hong Leong Bank is known as Malaysia’s fifth-largest banking group by assets, with over RM237.1 billion in assets as of 30 June 2021, and fourth-largest by market capitalisation. Because of the importance of innovation and technology in our daily lives, Hong Leong Bank uses cutting-edge digital technology to provide a variety of meaningful financial products and services that meet the needs of its customers.
What is a home loan?
A home loan is a sum of money that you apply for or borrow from a bank to assist you in purchasing your dream home. Each loan will be charged an interest rate determined by the loan amount and the repayment period. So, keep in mind that each bank will have a different interest rate, and you should do some research before applying for a home loan.
What type of home loan does Hong Leong Bank offer?
Hong Leong Bank provides 7 types of home loans:
Home Loan
Solar Plus Loan
MortgagePlus
Shop Loan
Skim Rumah Pertamaku
Special Housing Loan
Refinancing
What should I know before applying for a home loan?
Interest rates
You must be aware of the interest rates that the bank will charge you, either fixed interest rates or variable rates.
Type of loan
In Malaysia, there are 3 types of loans offered: term loan, semi loan, or flexi loan.
Lock-in period
Knowing the lock-in period is crucial because it often occurs when there is a sudden need for full settlement, refinancing, or selling your property.
Margin of finance
You must understand your margin of finance, which is the amount of money that a bank will allow you to borrow for your loan and how much cash/ upfront you must pay for the property.
Fees
The fees include legal fees, stamp duty charges, late payment fees, early settlement fees, and others.
Type of bank
The bank you have chosen to apply for a home loan with, as different banks offer different loan amounts, terms, etc. Choose a bank where you are comfortable applying for a home loan.
Who is eligible to apply for Hong Leong Bank home loans?
Home Loan, MortgagePlus, Shop Loan & Refinancing
Residential properties only
Individuals only
Solar Plus Loan
New and existing customers of Hong Leong Housing Loans and Refinancing of Housing Loans from other financial institutions
For residential properties worth RM400,000 or more
Minimum monthly income of RM5,000
Completed or under construction landed properties
Skim Rumah Pertamaku
Malaysian citizen
Salaried employee or self-employed
Individual or joint application is allowed
First-time homebuyer for self-occupancy
No evidence of impaired financing in the last 12 months
All outstanding debt repayment obligations from banks and non-banks cannot exceed 60% of monthly income after statutory deductions
