Hong Leong Bank Mortgage Update

Promotional Rate (Islamic product)
>250k : IFR - 2.4%
** Stamp duty waived


Residential
< 300k: BLR - 2.15% (with MRTA BLR -2.25%)
> RM 300k: BLR -2.25% (with MRTA BLR - 2.35%)

Other terms:
3. Minimum prepayment withdrawal RM 5000, must in the multiple of RM 1000, RM 50 per withdrawal charges (for non-full flexi); Setup fee of RM 200 (not refundable and must be paid in cash) and monthly charges of RM 10 will be imposed for full flexi package
4. Unable to finance wooden dwelling & non-landed properties with master title aged more than 10 years. Unable to finance vacant commercial land and agricultural land except for bungalow land.
5. Margin of financing: 90 + 5%
6. Tenure: Age 70 / 40 years whichever is earlier
7. Lock in period & penalty: 3 years / 5 years, from 1st drawdown, penalty 3% of total facility amount
8. MRTA taken up must insure at least 30% of loan amount, min 5 years


Commercial

1st year: Fixed 3.99%

RM 100k ~ 200k: BLR - 1.7% (with MRTA BLR -1.8%)

RM 200k ~ 300k: BLR - 1.8% (with MRTA BLR -1.9%)

> RM 300k: BLR -1.9% (with MRTA BLR - 2.0%)

Other terms:

. Semi Flexi / Full Flexi / Islamic are available features for the packages

. Minimum prepayment withdrawal is RM 5000, must in the multiple of RM 1000, RM 50 per withdrawal charges (for non-full flexi); Setup fee of RM 200 and monthly charges of RM 10 will be imposed for full flexi package

. Unable to finance retail lot, agricultural land, commercial land, master title non-landed properties which aged more than 10 years

. Margin of financing: 80 + 5%

. Tenure: Age 65 / 20 years whichever is earlier

. Lock in period & penalty: 3 years / 5 years, from 1st drawdown, penalty 3% of total facility amount

. MRTA taken up must insure at least 30% of loan amount, min 5 years


Important notes:
. Applicant should be aware that the provision of previous SPA copy / Title copy (master title is not acceptable, the documents must be able to show the current owners' identity). Short of this documentation might cause serious delay in approval.
. Provision of photos of the properties are preferred for sub-sales especially for commercial unit, factories. (1 for exterior of the whole unit, 1 to show clear address number, 4~5 for interior major renovation)
. Rule of thumb for approval: (in term of monthly basis)
New loan installment / Gross income < 33%
Total loan commitment with HLB / Gross income < 45%
Total commitment / Gross income < 75%




Turnaround time for approval: 
6~7 working days (from the submission of full documentation, standard application)
7~9 working days (from the submission of full documentation, appeal for special terms / rate)


Last update on 03 Dec 2011