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| Hong Leong Bank -
Cash Back Loan
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| This is a Cash Back Home Loan that rewards Borrower is
loyalty to the Bank by giving cash back annually. Borrower not only
enjoys the dream home, but also extra cash for personal requirements.
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| Product
Features |
With Cash Back Home Loan rewards, Borrower will enjoy up to 10% loyalty cash
back on the loan amount over the loan tenure. This loyalty home loan package is
applicable to individual borrower with entry age at 18 years old and is
offering up to 95% margin of finance. The Borrower is given the option of an
additional 5% financing for Mortgage Insurance. The minimum loan amount to be
eligible for Cash Back Home Loan is RM200,000 (including mortgage insurance
financing) and minimum loan tenure is 20 years and up to maximum of 30 years or
age 65, whichever is earlier. This package comes with a lock-in period of 5
years and the Borrower who makes an early settlement within the first 5 years
of the loan will be penalized 5% of the original loan amount.
The Maximum cash back amount to Borrower is RM100,000. Cash Back is applicable
to both completed and under construction residential properties. The first cash
back payment to Borrower will be made within one month from customer’s 6th year
anniversary and every year subsequently. Anniversary is calculated from date of
full disbursement. The “cash back” amount is calculated based on the cash back
percentage determined by the Bank and the “cash back” amount varies depend on
the payout years (please refer to table below for more details). Loans with
loan tenure of 20-25 years will be eligible for cash back of 5% of loan amount.
Whilst, loans with loan tenure more than 25 years will be eligible for cash
back of 10% of loan amount.
| Payout Year |
5% Cash Back |
10% Cash Back |
| Loan Term: 20-25 years |
Loan Term: 26-30 years |
| Cash Back (RM) |
Cash Back (RM) |
| First Payout at Year 6 |
5.000 % |
5.000 % |
| Year 7 to 12 |
2.500 % |
2.500 % |
| Year 12 to 18 |
4.165 % |
4.165 % |
| Year 18 onwards |
4.580 % |
4.580 % |
Table: Hong Leong Cash Back Home Loan
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| What's good
about it? |
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With Cash Back Home Loan, Borrower’s loyalty is being rewarded with cash
annually; without any questions! It is a daily rest home loan and hence, any
extra payment made to the account will help to reduce the interest cost.
Furthermore the competitive interest package comes with an option of Zero Cost
with which the Borrower will enjoy zero processing fee, legal fees, stamp duty
and valuation fees. |
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| Limitation |
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This Cash Back Home Loan only benefits the Borrower who is prepared to keep the
loan far at least 5 years and with minimum loan tenure for duration of 20
years. In other words, this loan is not for a Borrower looking for short term
financing, e.g. Investors. And also the mandatory longer loan tenure could mean
that in the long run the Borrower pays more interest. Additionally, to be
eligible for this home loan, the Borrower’s age must be 45 years or below. Cash
Bank Home Loan is only a term loan with no overdraft facilities. Any
prepayment, advance payment of more than 12 months’ monthly installment or
restructuring of the loan will disqualify the Cash Back Home Loan. This loan is
only limited to residential properties and not for individual purchases of
business premises. No prepayment feature and the “forced” longer term exposes
the borrower longer to higher interest rate.
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Disclaimer All home loans, features, charges, benefits and
other information listed here represent the most recent information
available at the time of writing. Every effort is made to keep the site
accurate, however we cannot guarantee that a lender has not increased or
decreased one or more of the home loan rates or fees/charges
associated with a loan deal or changed its features, obligations or benefits. |
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