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Friday, December 18, 2009

New mortgage product boost for Hong Leong Bank

PETALING JAYA: Hong Leong Bank Bhd expects its new mortgage loans to grow 10% in the first three months of the launch of the Hong Leong Flexi Mortgage yesterday.

Yvonne Chia says customers can take a bigger loan amount while enjoying smaller monthly installments.

The mortgage plan, which allows customers to defer payment of 15% to 35% of their total loans to the end of the loan tenure, would allow customers to take a bigger loan amount while enjoying smaller monthly instalments, group managing director and chief executive Yvonne Chia said at the launch of the new mortgage plan.

“In purchasing a home, buyers often have to compromise on the location, lifestyle, property type or even the design of their desired home,” she said. “With changing lifestyles and increasingly discerning taste, the new generation of homebuyers would certainly appreciate a bigger loan amount to cater to their needs.”

Chia said housing loans now accounted for 58% of the total household debt.

The bank’s personal financial services chief operating officer Moey Tan said the new product offered a monthly instalment of close to 7% of the loan amount for most of the loan tenure. The monthly instalment would increase near the end of the tenure.

Tan is confident the new mortgage plan would appeal to homebuyers as most people would have a higher income nearing the end of their loan tenure.

The Hong Leong Flexi Mortgage is for residential properties valued from RM200,000. It is targeted at first-time buyers and those looking to upgrade their homes. It has an interest rate of base lending rate (BLR) minus 1.8%. Hong Leong Bank’s current BLR is 5.55%.

By The Star

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