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Saturday, May 2, 2009

EON Bank housing loans soar, thanks to Super Easi

EON Bank Bhd saw the number of housing loans almost doubling in the first quarter of 2009 from a year earlier, thanks to its Super Easi 123 Home Loan campaign launched last year.

The lender recorded a total mortgage loan acceptance of RM300 million for the first three months of the year, compared with RM190 million a year ago.

The Super Easi Home Loan campaign, which features a financing base lending rate of -2.2 per cent coupled with a 48 hours turnaround promise, managed to achieve RM1.025 billion in total sales in 2008.

"We still maintain our target of between 6 per cent and 8 per cent total loan growth for the year. The trend for the last three months has seen that the consumer segment has a better opportunity for growth. Having said that though, business loans are stable," EON Bank head of group consumer banking Michael Lor Chee Leng told reporters in Kuala Lumpur yesterday.

For the first-quarter, total loan disbursement grew by about 50 per cent to RM2 billion.

Of this, RM1.1 billion was from individual sectors of consumer loans such as higher purchase and home loans, while some RM900 million was disbursed to businesses.

EON Bank yesterday announced a three-month campaign, which offers customers who apply for a new home loan for both refinancing and purchases of completed properties a new Toshiba Natural Picture LCD television (TV).

The bank expects to lend out another RM400 million during the campaign.

The latest mortgage campaign is applicable to new home loan applications with a minimum amount of RM200,000 approved during the campaign period and accepted within 48 hours.

For approved loan amounts of RM200,000 to RM399,999, RM400,000 to RM999,999 or RM1 million and above, customers will automatically qualify for a 26", 32" or 42" Toshiba Natural Picture LCD TV respectively.

Toshiba Sales Services Sdn Bhd director Shunji Kamimura said the company is confident that it will be able to grow revenue to RM650 million for the current financial year, up from RM600 million registered in the last financial year ending April 30 2009.

Growth is expected to slow down to 10 per cent this year, as compared with the last three years which saw an average growth rate of 30 per cent.

"Even though growth is slowing we will not slow down on advertising and promotion spending. This year we have allocated RM30 million for activities such as this campaign," Shunji said.

By Business Times (by Presenna Nambiar) (Posted on 1st May 09)

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