How does Hong Leong Special Housing Loan work?
If you're thinking of buying your first house, Hong Leong Special Housing Loan could be your ticket to ride. This home loan is designed for first time house buyer who wish to get their hands on properties worth a maximum of RM60,000 for Peninsular Malaysia, or RM72,000 in East Malaysia. There is no minimum income requirement, but as a rule of thumb, you can only borrow up to 3 times your monthly income.
Subject to your credit rating, Hong Leong will be able to finance up to 90% of your property's value! Also, the application process is hassle-free. You can simply get a sales personnel to visit you at your convenience.
How do I pay for my installments?
Before we tell you how to pay, you might need to know what you will be paying for each month: a portion of your principal, plus the interest, which is calculated monthly based on 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 make your repayment via ATM, online transfer from a Hong Leong Bank account, Interbank GIRO, Hong Leong Bank branches, or a standing instruction - a very useful service if you want your payments to always be on time.
Do I need homeowner's Insurance?
Oh boy, of course you would need one! If you wish to take up this home loan, you are required to secure your property with Mortgage decreasing Term Assurance (MDTA) which is a term life insurance that covers you and your family for death and total permanent disability. To enjoy this benefit, you are required to pay a higher monthly instalment to include insurance cost.
What documents do I need to apply for this housing loan?
Depending on your employment, you will need to bring along the documents listed below:
If new salaried employees:
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
If you are self-employed:
Latest 6 months bank statements or savings passbook
Latest Borang B (supported with tax payment receipt)
Latest 6 months commission statements