HSBC Bank Malaysia Berhad Housing Loan
HSBC Bank Malaysia Berhad is owned by HSBC Holding plc that offers a wide range of personal, commercial and financial services including the Islamic financial services through their banking subsidiary HSBC Amanah Malaysia Berhad.
There are two housing loan offers by HSBC known as the HSBC Ideal Home Plan and the HSBC Home Smart that serves different purposes suited to different individual needs. The Ideal Home Plan which offer regular systematic repayment is tailored for the first time house buyers of a property that worth up to RM 100,000 in Peninsular Malaysia or RM 120,000 in East Malaysia. The Ideal Home Plan is also not available for refinancing.
The HSBC Home Smart packages offers a more flexible home loan products that allows the borrowers to deposit and withdrew any excess funds whenever they need. The loan offers a financial from RM 300,000 to less than RM 600,000. Furthermore, the Home Smart packages will reduce the borrower’s total tenure and at the same time reducing their interest payment when the borrowers pay more than what they have should pay in their instalments. The borrowers can also opt for the Step Up feature under the Home Smart packages which will begin the loan repayment with lower initial monthly instalments and gradually rise to match their income.
Both the housing loan products include a margin of financing up to 90% of the property value and have a 3 to 5 year holding period for completed properties and those that still under construction. Both home loan packages are also providing the borrowers with Takaful products for complete home and personal protection. Both are based on floating interest rate of 4.75% per annum.
The loan tenure is up to 35 years or until the borrowers reaches the age of 65 whichever comes first. The borrowers can pay back their monthly instalments of HSBC home loan packages via transfer, ATMs, Interbank GIRO fund transfer, standing instructions facility, desks at CIMB branches, mail or phone banking.
The borrowers are expected to pay a monthly fee of RM 10.60 with GST, an early settlement fee of 2% x Original Loan Amount x Remaining Months of Lock-in Period/Total Lock-in Period in Months, an account maintenance fee of RM 10 per month, a penalty fee of up to 5% on the borrowers outstanding amount, and a late penalty fee of 1% per annum.
The loan is open to all Malaysian and permanent residents and age 18 years old to 65 years old. The individual must also have a minimum annual income of RM 36,000.
Customers have to provide some supporting documents in order for the bank to process the loan application like the documents listed below:
- A copy of an application form
- A copy of NRIC or Identity Card
- A copy of sales and purchase, letter of offer or booking receipt from the developer
- A copy of individual title deed
- A copy of property valuation report for completed properties
- A copy of latest income tax return form (Form B/BE)
- Latest copy of EA Form
- Latest copy of EPF statement that not exceeding more than 1 year
For salaried applicant
- Latest copy of 6 consecutive months salary slips
- A copy of confirmation letter or letter of appointment from employer stating salary or allowances
For self employed applicant
- A copy of latest financial statements or others supporting documents to support the income
- A copy of business registration A&D
- Latest copy of 6 months bank statements