What is Hong Leong KLIBOR Housing Loan?
As with its namesake, the Hong Leong KLIBOR Housing Loan is the latest home loan to be pegged to the 3-month Kuala Lumpur Interbank Offered Rate. KLIBOR is the interest rate which Malaysian banks and other financial institutions borrow from each other, and is known to be transparent. Anyone sitting in the local kopitiam with the daily paper will be able to tell you the latest rates, as they are published daily in all major local newspapers, including The Star, New Straits Times, and the Sin Chew Daily.
Interesting, what are the main benefits of this KLIBOR home loan?
This is a fully flexible home loan, which means you will be able to make extra repayments in any amount, at any time, without first informing the bank. This will lower your principal loan amount and interest charges - great for folks who want to own their homes sooner.
And because it's a fully flexible loan, If you suddenly find yourself in a situation where you need more money than you currently have, you can always take out some cash from the advance payments that you have made.
What are my ongoing commitments?
I'm pretty sure you'd know by now that you will have to pay your monthly repayments based on the KLIBOR rate, with allowance for extra repayments if you have extra cash tucked under your mattress, or anywhere else for the matter!
Interest charges are calculated daily, so do keep yourself updated with the latest rate so you won't get the shock of your life when you see how much you have to pay at the end of the month.
How about Insurance for my new home?
MDTA safeguards your home for you and your loved ones. HLA Life MDTA will guarantee that your home remains securely in your family's possession in the event of your death or Total Permanent Disability ( TPD). You're dealing with a lot of money when borrowing for a home, so best to be protected.
What documents do I need to make this home loan application?
- Latest 3 months salary slips
- Latest Borang BE (supported by tax payment receipt)
- Latest EPF statement
- Latest 3 months bank statement / saving passbook
- Letter of employment
- Latest 6 months bank statements or savings passbook
- Latest Borang B (supported with tax payment receipt)
- Latest 6 months commission statements
Private Limited Companies:
- Latest 3 years audited account
- Latest 6 months bank statements
- Latest Borang B of the directors (supported with tax payment receipt)