HSBC Housing Loan
HSBC Ideal Home Plan is a property loan from HSBC Bank Malaysia Berhad that requires regular systematic repayment from the borrowers. The Ideal Home Plan provides the borrowers a financial amount of RM 100,000 in Peninsular Malaysia and RM 120,000 in East Malaysia. Another property loan from HSBC is named HSBC Home Smart which is a flexible home loan and offers the borrowers a financial amount of RM 300,000 to RM 600,000. The flexible home loan able to helps the borrowers in term of reducing their total tenure and interest payment when there is a payment worth more than the instalments made by the borrowers. Moreover, the Home Smart package also features Step Up plan that set the loan to be pay lower than it should be and gradually increase to match the borrower’s income.
These housing loans provided a margin of financing up to 90% worth the property value with 3 to 5 years holding period for both completed properties and properties that still under construction. These loans also include Takaful products, floating interest’s rate of 4.75% per annum and loans tenure up to 35 years or until the borrowers is 65 years old of age whichever comes first.
Requirements
The loan needs the borrowers to be at least 18 years old to 65 years old by the end of financing with a minimum annual income of RM 36,000 and is open to any nationalities.
Charges
HSBC property loan requires a 1% per annum for any delayed payments, a 2% for the early settlement fee from the remaining balance, RM 10.60 for the monthly maintenance fee, RM 10 for the monthly maintenance fee and a penalty fee of up to 5% will be charges on the outstanding amount.
Documents
These documents are needed to apply the loan
- 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
- Property value reports for completed or built 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
- Latest copy of 6 consecutive months salary slips
- A copy of confirmation letter or letter of appointment from employer stating salary or allowances
- 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
