What is Hong Leong Housing Loan?
This Hong Leong Housing Loan is a no-frills home financing package that gives you the option of combining a term loan and an overdraft in one account.
What's an overdraft good for? Well, depending on your financial needs, you can withdraw a sizable amount of cash from your overdraft account using your property as collateral.
Hong Leong will be able to finance your home purchase for up to 90% of your property's market value with extra margin if you'd like to include your Mortgage Decreasing Term Assurance (MDTA), for a maximum tenure of up to 35 years. Also, Hong Leong Housing Loan offers high Debt Servicing Ratio (DSR) of up to 80%.
What are my ongoing commitments?
You will be making monthly repayments on your home loan; interest is calculated based on current BR. Late payments come hand-in-hand with late penalties of course.
There are many ways to pay for your mortgage, primarily via online banking, Interbank GIRO, ATM and if you prefer to take in some fresh air, you can go old school and pay over the counter at your nearest Hong Leong branch.
How to pay my housing loan istalments?
You can bank in money fast to Hong Leong Bank with:
- Automatic deductions by standing Instruction from your HLB savings or current account, whichever you prefer.
- MEPS IBG using Hong Leong Connect Internet Banking
Alternatively, you can also make payments using:
- ATM cash transfer to your loan account
- Bank in to your loan account using a Cash Deposit Machine
- Cheque deposit at the Cheque Deposit Machine
- Make your payment at the nearest HLB branch
What kind of insurance does this home loan offer?
Get extra financial protection with Mortgage Decreasing Term Assurance is a term life insurance that covers you and your family from unexpected events such as death and total permanent disability.
How can I apply for this housing loan?
Go ahead and gather the documents listed below:
- NRIC photocopy
- Salary Slips (latest 3 months)
- EA form/ EPF statement (latest 2 years)
- Latest Borang BE (supported with tax payment receipt)
- Bank statement/ saving passbook (latest 3 months)
- Letter of employment
- NRIC photocopy
- Bank statement/ saving passbook (latest 6 months)
- Latest Borang B (supported with tax payment receipt)
- Commission statements (latest 6 months)