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| Scotia Bank -
Ultimate Home Loan
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| Scotia Ultimate is a revolutionary revolving home loan
package that is designed to provide the borrower with greater flexibility
in loan and better cash flow management.
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| Product
Features |
This revolving loan offers the flexibility of repayments in any amount at
anytime. Borrower is being charged a homeloan rates at BLR minus rate (i.e. BLR
minus 0.55% p.a.) and hence lower interest payments compared to a regular
overdraft facility at BLR plus rate (i.e. at the range of BLR plus 0.25% to
0.5% p.a). Scotia Ultimate comes with a cheque account and the borrower has the
flexibility to reuse the repayments up to the approved loan limit. Hence,
better cash flow management with a standby credit to meet other personal
requirements.
The offered Margin of Finance is up to 80% of the Property price or market
value, whichever is lower and loan availability period of up to 20 years or age
60, whichever is earlier. Again this isbetter than the regular overdraft
facility. Further, Scotia Ultimate is not only limited to Resident borrowing
but also applicable to Non-Resident, offering a margin of finance up to 70%,
and loan tenure up to 15 year or age 60.
With Scotia Ultimate, the borrower is given the option of a Zero Moving Cost
(ZEC) package or Non-Zero Moving cost (NZEC) package. The ZEC package covers
the scheduled legal fees, stamp duty, disbursement fee and the valuation fees.
The Bank holds the Borrower for a period of 5 years and early settlement within
the first 5 years of the loan, will be charged a penalty fee of 5.0% of the
approved loan amount.
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| What's good
about it? |
Scotia Ultimate behaves like a flexible OD without commitment fees as
compared to an ordinary overdraft facility. With Scotia Ultimate offering
attractive BLR-minus rate, the borrower benefits with the option to
service interest only and is allowed to reuse the loan amount up to the
approved limit, unlike other flexi home loans offered by some
Banks, that require to service a minimum monthly installment and is
only allowed to redraw the excess payment made.
Furthermore, the Borrower is allowed to pay down the loan to zero and no
penalty will be imposed so long as the property title is not discharged from
the Bank within the first 5 years of the loan. The standby credit is available
to the Borrower at anytime and Borrower can enjoy the flexibility of re-using
the approved loan. Also, the Borrower has an option to enjoy payment holidays
the moment the loan is paid down to the approved limit. With this, the Borrower
is only required to service a maintenance fee of RM 200 annually to keep the
account active. The maintenance fee of RM 200 will be auto debited from the
home loan cheque account, and the Borrower can either pay the RM 200 in full on
annual basis or to serve the interest of the outstanding amount (the RM 200
maintenance fee) on monthly basis.
Scotia Bank practices excellent risk profiling on the Borrower. This is the
Bank that understands that Borrower may have different ways of documenting
their financial state and is willing to look at different means to assess
Borrower’s credit profile (i.e. the Borrower’s net worth). Scotia Bank is not
the usual “One rate for All” Bank as the tendency may be for some
lenders. The better the borrower’s credit risk, the lower that Bank may offer
the Borrower in rates. Together with low competitive interest rates, No
processing fees, 24 hours turnaround and high margin of financing, the borrower
will find the customized loan from the Bank can be tailored to fit present
and future financial needs. Further, the Borrower is given additional
protection of free PA of up to RM 100,000 for the entire loan tenure. |
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| Limitation |
The offered rate is dependent on the credit risk of the individual Borrower.
The Bank encourages the Borrower to fully disclosure all the financial details
(for e.g. details of total assets include savings, FDs ,Unit Trust,
Investments, Properties, cars and etc) to assist in determining the rating of
the Borrower. Not all Borrowers are willing to declare their full
financial position although those who do are well rewarded.
Also the loan tenure of up to 20 years or age 60, is shorter that most
other Banks that are offering similar home loan package with revolving credit
features and longer loan tenure of up to 30 years loan or age 65, whichever is
earlier.
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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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