The Hong Leong Bank Housing Loan Calculator is a digital tool designed to help potential homebuyers estimate their housing loan affordability and monthly instalment payments. Users input their gross and net monthly income, existing monthly commitments, and details about the desired property to receive an estimate. The calculator provides an indicative amount for maximum eligible financing and helps in understanding the financial commitments involved in purchasing a property.
Hong Leong Bank Home Loan Calculator
How to Calculate Hong Leong Bank Home Loan Repayments?
To calculate Hong Leong Bank home loan repayments, use their loan calculator by entering the loan amount, interest rate, and tenure. For example, borrowing RM450,000 at an interest rate of 4% over 25 years results in monthly instalments of about RM2,376.
The calculator provides a realistic view of your obligations. Reach out to Hong Leong Bank for further details. This Hong Leong housing loan calculator provides estimates for illustration purposes only. Actual loan eligibility and approval are subject to the bank’s credit evaluation.
What Are the Benefits of Using the Hong Leong Home Loan Calculator?
Ease of Financial Planning
The calculator simplifies the process of financial planning by providing quick and accurate estimates of monthly instalments and loan eligibility. It helps potential borrowers to make informed decisions based on their financial capacity and desired property value.
Time-Saving
By offering instant calculations, the tool saves users from manually computing complex financial figures, thus expediting the homebuying process.
Informed Decision-Making
Users gain insights into their financial obligations and can adjust their property purchase plans accordingly, ensuring they choose a loan package that best fits their financial situation.
What Factors Influence Loan Eligibility?
5 main factors affect the eligibility for a home loan with Hong Leong Bank:
Income Level
Higher gross and net monthly incomes generally increase the chances of higher loan eligibility.
Existing Financial Commitments
Lower existing monthly commitments may improve loan eligibility as they indicate a better debt service ratio (DSR).
Property Type and Value
The type of property and its purchase price play a crucial role in determining the loan amount.
Loan-to-Value Ratio
For residential properties, the bank typically offers up to 90% financing of the property value, and up to 85% for non-residential properties.
Tenure Options
The maximum loan tenure is 35 years or up to the age of 70, whichever is earlier.
How Does Hong Leong Bank Support Its Customers?
Hong Leong Bank offers personalized assistance through its mortgage consultants who are available to guide customers through the application process, ensuring a smooth and hassle-free experience.
Flexible Instalment Options
The bank provides flexibility in making extra payments at any time, which can help reduce loan tenure and interest costs. Payments can be made via standing instructions, MEPS IBG, internet banking, ATM, or cash deposit machines.
Additional Financial Protection
For added security, the bank offers Mortgage Decreasing Term Assurance (MDTA), which covers death and total permanent disability, providing additional financial protection to borrowers and their families.
What Should Applicants Prepare When Applying for a Loan?
To apply for a Hong Leong home loan, applicants need to prepare and submit the following documentation:
For Employed Individuals
Latest three months’ salary slips, latest Form BE with tax payment receipt, latest EPF statement, and a letter of employment.
For Self-Employed Individuals
Business registration documents, latest Borang B with tax payment proof, and six months’ business bank statements.
For Companies
Incorporation documents, latest Borang B of directors with tax payment proof, and six months’ business bank statements.
Other forms of income substantiation, such as tenancy agreements or rental income receipts, may be acceptable on a case-by-case basis.