Is the HSBC Ideal Home Plan well...ideal?
That really depends on who you ask! Basic, simple, and hassle-free. Those three words would be apt descriptions for the HSBC Ideal Home Plan. This home loan plan is ideal for first time buyers who are contented with a systemic repayment schedule, with no advance payments, overdrafts, and all those fancy things that can be confusing for those just wishing to afford a home.
The Ideal Home Plan is especially suited for first time home buyers of a property worth a maximum of RM100000 in Peninsular Malaysia or RM120000 in East Malaysia. Subject to your credit rating, HSBC can borrow up to 90% of your property's value, and you will be able to stretch your payments for as long as 25 years.
How do I pay for my installments?
First of all, let us explain to you what you will be paying: a portion of your principal, plus the interest, which is calculated monthly based on the BR. Your interest charges changes in lieu with the BR. Loans that are already approved and extended prior to January 2, 2015 will still follow the old BLR until the end of the loan tenure.
You can pay back your borrowing via ATM, online transfer from an HSBC account, Interbank GIRO, and standing instruction.
Do I need Insurance?
Yes, yes, yes. Do acquire an insurance policy from a licensed and reputable company with an existing relationship with HSBC. The protection should cover against fire, and other relevant unfortunate events so a standard fire insurance and MRTA would be highly recommended.
A photocopy of identity card or passport
Your latest 3 months' salary slip
Your latest income tax return form (Form B/BE) or EA form or latest EPF statement not exceeding 12 months old
If new salaried employees (at least 3 months in service):
Letter of Appointment or Confirmation letter from employer stating salary/allowances
Sale and Purchase Agreement/deposit or booking receipt/letter of offer from the housing developer
A photocopy of the land title (if any)
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
If you are self-employed:
your business registration documents
latest 6 months bank statements
latest financial statements and other supporting documents to support your income