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Saturday, January 15, 2011

Facility for London property purchases

MALAYAN Banking Bhd (Maybank) is anticipating a take up of RM60 million within the next six months for its latest mortgage facility "Overseas Mortgage Loan Scheme" being offered for those purchasing properties in London.

"This is in view of attractive property valuation in London and overseas buying interest to peak before April 2011 when the new 5 per cent sales tax is imposed for properties above STG1 million (RM4.84 million)," Maybank deputy president and head of community financial services Lim Hong Tat said in a statement yesterday.

The key features of the mortgage scheme include repayment in ringgit, high margin of financing of up to 85 per cent, flexible repayment and long tenure of up to 30-years or 70-years of age, whichever is earlier.

The facility will be offered in the form of term loan, overdraft or a combination of term loan and overdraft, he added.
The ringgit mortgage facility will finance completed or under-construction residential and commercial properties in London Zone 1 to Zone 3, covering prime locations such as the City of London, Westminster, Knightsbridge, Kensington and Chelsea.

Maybank's mortgage facility makes it the first Malaysian bank to offer Malaysians a local mortgage loan facility in ringgit for purchase of property in London.

By Bernama

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