Frequently Asked Questions - Loans

Loans

Q: How secure is my online loan application?

A: In order to apply online, your browser must support SSL (Secure Sockets Layer) protocol (most browsers do). With the SSL protocol, your application information will be encrypted prior to transfer to us, thereby providing you with an additional assurance of privacy and security.

 

Q: Will I face difficulty in signing up online?

A: No, you should find this Online Property Loan Application easy to fill up. Just complete the loan application form.There are guidelines throughout the whole process.

 

Q: How do I qualify for the Online Property Loan Application?

A: Hong Leong Bank Berhad will evaluate each loan application based on its merits. Generally, the approval is based on applicants' personal resources, repayment capabilities, past payment patterns, legislative and Hong Leong Bank Berhad's requirements.

 

Q: How long does it take to process an online application?

A: All application will be given promptly attention and our Sales staff will be contacting you within 1 working day to explain our Housing Loan Packages and arrange for an appointment with you.

 

Q: What properties do Hong Leong Bank Berhad finance?

A: We finance residential properties under the Hong Leong Housing Loan and commercial properties under the Hong Leong Shop Loan.

 

Q: What is the Loan Tenure for Hong Leong Housing Loan?

A: Maximum 30 years or up to age 65.

 

Q: What is the margin of financing for Housing Loan?

A: Up to 90% on the purchase price or open market value, whichever is lower and it is subject to eligibility.

 

Q: Can I apply for a combination of term loan plus overdraft?

A: Yes, but the overdraft portion must not be more than 50% of the property value.

 

Q: Is the interest rate calculated based on daily or monthly rest?

A: Hong Leong Housing Loan interest rate is calculated on a daily rest basis.

 

Q: What benefits can Hong Leong Housing Loan provide?

A: Hong Leong Housing Loan allows flexibility of making extra payment on your housing loan without prior notice and save you on interest payment. It also allows you to redraw the prepaid amount or part thereof whenever you need it.

 

Q: Can I opt for Multi-tier Installment for Housing Loan?

A: Yes, however the multi-tier installment is only applicable to completed residential properties with value above RM100,000.

 

Q: What documents do I need to submit?

A: You are required to furnish your personal and income documents upon application.

 

Q: Can I have a joint-applicant on the loan?

A: Yes.

 

Q: How long is the approval good for?

A: Approval is good for 14 days from date of the Offer Letter. However, Hong Leong Bank Berhad reserves the right to withdraw the loan approval and / or to vary the loan terms and conditions without prior notice.

 

Q: How do I make my monthly payments?

A: Payments can be made by standing instruction, cash, cheque at any of the Hong Leong Bank branches nationwide or also via Hong Leong Online.

 

Q: Is there an auto debit payment option?

A: Yes, successful applicants need to open a Saving Account/Current Account and maintain a Standing Instruction (SI) for automatic monthly payments.

 

Q: How long does it take to process a loan?

A: 2 to 3 days upon receiving of full documents.

 

Q: What is Mortgage Decreasing Term Assurance (MDTA)?

A: An insurance to insure the borrower for the loan sum or outstanding loan in case of death or total permanent disability.

 

Q: Can I finance my Mortgage Decreasing Term Assurance (MDTA) premium?

A: Yes, you can either pay cash or add in the loan amount but it is subject to a maximum of up to 5% of the property value or purchase price, whichever is lower.

 

* The above is subject to terms and conditions.

For enquiries connect with us online or drop by your nearest Hong Leong Bank Branch.