Thinkproperty Blog

Extract from New Straits Times (08/01/2010)

Malayan Banking Bhd (Maybank) has launched two mortgage schemes to kickstart 2010 - MaxiHome and MaxiShop Fixed Rate - that offer customers three-, five-, and 10-year fixed rates, according to senior executive vice president and head of consumer banking Lim Hong Tat.

He said that under the schemes, customers can apply for housing loans starting from as low as base lending rate (BLR) minus 1.4 and 1.8 per cent for properties under construction as well as completed properties.

The exclusive packages are aimed at buyers seeking stable interest rates and better retainable cashflow during the first few years of their property purchase and without worrying too much about BLR fluctuation in the near future.

They also allow buyers an option to choose a fixed rate scheme that matches their financial priorities in a given time frame before it is switched to variable rates pegged against the BLR, upon expiration of the fixed rate tenure.

Extract from New Straits Times (08/01/2010)

Foreigners who purchase properties in Malaysia can source for loans in the country where financial institutions offer different packages depending on the applicants' residential status.

Retail banking head at CIMB Bank, Peter England, said its customers who are married to Malaysian citizens can apply for a home loan under joint names as well as take up a financing package offered under the Malaysia My Second Home (MM2H) programme.

"Additionally, foreigners with valid working permits or with ongoing business here can also apply fro home loans."

According to him, the bank's loans for foreigners are limited to residential properties and the maximum margin of financing is 70 per cent. The loan tenure is up to 40 years or a maximum of 70 years of age for the borrower, which is earlier.

 

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