Friday, September 15, 2006
[RealEdge] TodayOnline : Maybank home loans give customers greater flexibility
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| Maybank home loans give customers greater flexibility Friday ? September 15, 2006 ? Chow Penn Nee A new feature, which was unveiled yesterday, to Maybank's home loan packages lets borrowers decide on how much they want to pay in monthly instalments for the first five years. The Maybank Choice Instalment Scheme allows customers to fix their monthly instalments at between 0.1 per cent and 1 per cent of the value of their property for the first five years. This applies to both private and HDB properties. For example, the monthly instalments payable on a $650,000 loan for a private property can be fixed at between $650 and $6,500. Customers will be able to adjust their instalments during the five-year period, the bank said in a statement yesterday. The first change will come at no cost. "Having the choice to adjust their instalment amounts during the first five years goes a long way to help home owners ride through changing financing requirements, A separate feature launched yesterday will pay cash back to customers who opt for the bank's fixed-rate home loans. Customers will receive an upfront payment of 3 per cent on a three-year fixed loan capped at $45,000, and 5 per cent on a five-year fixed rate loan, capped at $75,000. Customers who take up the Choice Instalment Scheme will not be able to take the cashback option, the bank said. In conjunction with the launch, for a limited period, Maybank is reducing its cancellation fee to 0.75 per cent, or half the industry average. There are also free handphones if customers take up insurance products together with their home loans. Customers can obtain further information at Maybank's branches. | |
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// posted by Shajahan @ 10:32 AM 