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Frequently Asked Questions - Property Financing

Property Financing

Q: What properties do Hong Leong Islamic Bank Berhad finance?

A: We finance residential properties under the Hong Leong Islamic Housing Financing and commercial properties under the Hong Leong Islamic Shop Financing.

 

Q: What is the margin of financing for Property Financing?

A: Up to 90% on the purchase price or open market value, whichever is lower and it is subject to eligibility.

 

Q: Can I apply for a combination of term financing plus cashline?

A: No, cashline is not available at the moment.

 

Q: What benefits can Hong Leong Islamic Property Financing provide?

A: Hong Leong Islamic Property Financing allows flexibility of making extra payment on your property financing without prior notice, to enable savings on profit payment. It also allows you to withdraw the prepaid amount or part thereof whenever you need it after full disbursement of your financing.

 

Q: What documents do I need to submit?

A: You are required to furnish your personal and income documents upon application.

 

Q: Can I have a joint-applicant on the financing?

A: Yes.

 

Q: How long is the approval good for?

A: Approval is good for 14 days from date of the Offer Letter. However, Hong Leong Islamic Bank Berhad reserves the right to withdraw the financing approval and / or to vary the financing terms and conditions with prior notice to customer.

 

Q: How do I make my monthly payments?

A: Payments can be made by standing instruction, cash, cheque at any of the Hong Leong / Hong Leong Islamic Bank branches nationwide or also via Internet Banking (www.hongleongconnect.my).

 

Q: Is there an auto debit payment option?

A: Yes, successful applicants need to open a Hong Leong Islamic Bank Saving Account / Current Account and maintain a Standing Instruction (SI) for automatic monthly payments.

 

Q: How long does it take to process a financing?

A: 2 to 3 days upon receiving of full documents.

 

Q: What is Mortgage Reducing Term Takaful (MRTT)?

A: A takaful plan to protect the customer for the financing sum or outstanding financing in case of death or total permanent disability. The sum covered under MRTT reduces over the term of takaful.

 

Q: What is Mortgage Level Term Takaful (MLTT)?

A: A takaful plan to protect the customer for the financing sum or outstanding financing in case of death or total permanent disability. The sum covered under MLTT remains the same during the term of the takaful.

 

Q: Can I finance my Mortgage Reducing Term Takaful (MRTT) or Mortgage Level Term Takaful (MLTT) contribution?

A: Yes, you can either pay cash or add in the financing amount but it is subject to a maximum of up to 5% of the property value or purchase price of the property, whichever is lower.

 

* The above is subject to terms and conditions.

For enquiries connect with us online or drop by your nearest Hong Leong Bank Branch.