Kuala Lumpur, 3 March 2008 – Innovation and relevance - these are the key philosophies behind Hong Leong Bank's (HLB) product development. Today, Hong Leong became the first bank to give up to 10% cash back on your home loan – for more details and product terms, call 1-800-38-8888.
A loan package that rewards the customer for their loyalty, the Hong Leong Cash Back Home Loan enables customers to save more on interest payment.
"Buying a home is one of the biggest financial decisions that most individuals make in their lifetime. In fact, housing loans today account for 58% of total household debt. And the commitment is long term, averaging from 20 to 30 years", said Ms Yvonne Chia, HLB’s Group Managing Director. "HLB emphasizes on relationship and loyalty and with this cash back feature, customers will be able to use the ‘extra’ cash for other purposes. The Hong Leong Cash Back Home Loan help customers save in real terms on interest payment."
Ms Chia added, "The current mortgage business is very competitive and most players are only offering attractive interest rates as a point of differentiation for their product. HLB goes beyond that. Our deep understanding of our customers’ needs and lifestyles enable us to design and offer relevant, innovative and in-demand products. The Cash Back concept was tested and validated through independent research and we are confident it will be a success with our customers."
A unique consumer proposition which provides unique savings, the Hong Leong Cash Back Home Loan features include a repayment option and up to 90% margin of financing. It is applicable for completed property with a minimum loan amount of RM200, 000
According to Ms Moey Tan, HLB’s Chief Operating Officer for Personal Financial Services, “The cash back will automatically be credited into the customer’s savings or current account annually from year six onwards. For a RM200,000 loan, the first payment is RM1,000 and every year, the customer will receive a percentage of the cashback amount until the end of loan tenure.
For a limited period only, the Hong Leong Cash Back Home Loan is offering an attractive introductory loan package from as low as BLR minus 1.90% for the whole loan tenure.
"We are confident the Cash Back Home Loan campaign will be a success and will drive our market share to the next level. Demands for high end residential end-financing has spurred 50% growth in new loans acceptance in 2007 compared to the year 2006. With HLB's extensive network of branches, strong sales teams, growing brand presence, and innovative home loans, we are optimistic of the continued growth of the mortgage business for the bank," Ms Tan added.
The Hong Leong Cash Back Home Loan will appeal to first time home buyers and those who are looking to refinance an existing home loan to enjoy greater savings.
Press Release - 03/03/2008