Housing Loan Interest Rate (% p.a.)

% p.a.

Loan Summary

Monthly Payment (RM): 0
Total Interest (RM): 0
Total Payment (RM): 0
Total Loan Amount (RM): 0

Hong Leong Bank Housing Loan Interest Rate

Hong Leong Bank’s housing loan interest rate determines the cost of borrowing for purchasing a home in Malaysia. The bank offers competitive rates, with a Standardised Base Rate (SBR) set at 3.00% as of May 9, 2023. This rate is linked to the Overnight Policy Rate (OPR) as determined by the Monetary Policy Committee of Bank Negara Malaysia. Changes in the OPR will directly affect the SBR, thus influencing the interest rates of the bank’s housing loans.

How Does the Loan Package Benefit Borrowers?

The loan package benefits borrowers by providing flexibility through features like daily interest calculation and the ability to make extra payments at any time. This flexibility allows borrowers to manage their finances better and potentially save on interest payments. The Hong Leong MortgagePlus option, for example, links a home loan with a current account, allowing any balance in the current account to offset the principal of the home loan, thus reducing interest charges.

What Are the Different Types of Housing Loans Offered?

Different types of housing loans offered by Hong Leong Bank include the Flexi Mortgage, Housing Loan, MortgagePlus, Special Housing Loan, and Skim Rumah Pertamaku (My First Home Scheme). Each product caters to different customer needs:

  • Flexi Mortgage: Offers a semi-flexible repayment option with a “bullet” payment feature.
  • Housing Loan: Provides a full-flexi option with term loan or overdraft facilities.
  • MortgagePlus: Links your home loan to a current account to optimize interest savings.
  • Special Housing Loan: Designed for first-time home buyers with competitive terms.

What Is the Eligibility Criteria for Applying?

Eligibility criteria for applying include being an individual aged 18 years or older. For specific plans like Skim Rumah Pertamaku, applicants must be Malaysian first-time home buyers aged below 35 with a monthly gross income not exceeding RM3,000. Required documents include salary slips, EPF statements, bank statements, and more, depending on employment status.

How Does the Home Loan Calculator Work?

The home loan calculator works by providing an estimation of the eligible financing amount and the monthly instalments based on input parameters such as gross monthly income, existing commitments, property purchase price, and desired loan tenure. The calculator aids potential borrowers in planning their finances by giving a preliminary idea of their financial obligations under different scenarios.

What Are the Key Benefits of Hong Leong MortgagePlus?

Key benefits of Hong Leong MortgagePlus include cost savings on interest, the ability to pay off the loan faster, and flexibility in making extra payments or withdrawals from the linked current account. Customers enjoy the convenience of managing all their banking needs while optimizing interest savings by consolidating funds into one account.

How Can Borrowers Make Repayments?

Borrowers can make repayments through various methods such as online transfers, standing instructions, ATM transfers, and more. For MortgagePlus accounts, standing instructions automate the deduction of instalments from the current account. Other options include MEPS, Interbank GIRO, and branch payments, offering great flexibility and convenience.

Are There Any Fees or Charges Involved?

Fees and charges involved include a processing fee for cheque payments and potential early settlement fees if the loan is repaid within the lock-in period. It is crucial for borrowers to review the product disclosure sheets and consult with the bank for a comprehensive understanding of all applicable fees.