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Introduction of New Reference Rate - Base Rate
Effective 2 Jan 2015, the Base Rate (BR) will replace the Base Lending Rate (BLR) as the new reference rate for new retail floating rate loans / financing facilities for individual customer.
The introduction of Base Rate aims to:
- Promote a transparent reference rate that allows meaningful comparison to be made for informed decision making by customers;
- Encourage more disciplined and efficient practices by the financial institution/bank in the pricing of retail loans / financing facility; and
- Better reflect changes in the cost of funds arising from monetary policy or market funding conditions
What is Base Rate?
How is a Base Rate loan determined?
|Standard Housing Loan/Financing’s Indicative Effective Lending Rate/Profit:|
|Loan Tenure||30 years||30 years|
|Effective Lending Rate||4.75%||4.60%|
What should you do as a borrower?
- Compare the effective lending rates quoted by different financial institutions before taking out a new loan.
- Ask for a Product Disclosure Sheet (PDS) providing you with the effective lending rate and total repayments amounts for the loan/financing facilities you plan to take out.
- Ask your financial institution to explain the factors which may lead to a change in the Base Rate.
- Your monthly repayment amount will increase or decrease when there is a change in the Base Rate.
- You should also assess whether you can continue to afford the loan repayment if the lending rate increases in future.
Loans Frequently Asked Questions
Property Loan FAQ's
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.
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.
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.
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.
We finance residential properties under the Hong Leong Housing Loan and commercial properties under the Hong Leong Shop Loan.
Maximum 30 years or up to age 65.
Up to 90% on the purchase price or open market value, whichever is lower and it is subject to eligibility.
Yes, but the overdraft portion must not be more than 50% of the property value.
Hong Leong Housing Loan interest rate is calculated on a daily rest basis.
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.
Yes, however the multi-tier installment is only applicable to completed residential properties with value above RM100,000.
You are required to furnish your personal and income documents upon application.
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.
Payments can be made by standing instruction, cash, cheque at any of the Hong Leong Bank branches nationwide or also via Hong Leong Online.
Yes, successful applicants need to open a Saving Account/Current Account and maintain a Standing Instruction (SI) for automatic monthly payments.
2 to 3 days upon receiving of full documents.
An insurance to insure the borrower for the loan sum or outstanding loan in case of death or total permanent disability.
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.