Maybank extends housing loan scheme to Sydney, Perth, Singapore

by **hlk** Mon 27 May 2013, 17:33

By Nadya Ngui

KUALA LUMPUR: Malayan Banking Bhd (Maybank)
has expanded its "Overseas Mortgage Loan Scheme" to Sydney, Perth and
Singapore and targets to secure RM200mil in financing for properties in
these cities.
Maybank said on Monday the scheme would enable
Malaysian investors to finance their property purchases in ringgit
without the concern of fluctuating foreign exchange rates.
Deputy president and head of community financial services, Datuk Lim Hong Tat said on Monday since the scheme was launched in 2011, total financing secured has reached RM720mil.
"Of this amount, over 90% has been for London properties while the balance has been for Melbourne purchases," he said.
Lim
said the scheme was extended to more cities because Malaysians had
expanded their investment portfolios to include overseas properties.
He
said Malaysians were capitalising on favourable exchange rates and
potential value appreciation or for use by their children studying
abroad.
"Malaysians today are savvy investors and make up a growing portion of property investors in Australia and Singapore," he said.
Being
the first local bank to offer ringgit loans, he added the main benefits
customers would enjoy from Maybank's loan scheme were the relief from
currency fluctuations as well as assistance with the necessary
regulatory approvals in Malaysia for the financing facility.
He
said that the new mortgage facility was for properties that are
completed or off-the-plan and they could be for own occupation or
investment purposes with financing options of term loan, overdraft or a
combination of both.
"Our financing plans are flexible and highly
competitive, with financing margins of between 75%-85% of the property
value and other benefits such as financing for mortgage reducing term
assurance, legal and valuation fees as well as the financial freedom to
pay more into the loan for immediate interest savings and enjoy redraw
benefits later," he said.
Lim said this latest product would help
it achieve its targeted home financing growth rate of over 13% for 2013
over the last year.