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MALAYAN Banking Bhd (Maybank) expects its residential housing loans to grow by between 12% and 15% for its current financial year ending June 2006. The country's largest bank also maintained it would not be dragged into a price war in the housing loan segment, said Maybank head of retail marketing Ismail Mohd Yusof. ''This is not our philosophy,'' he said in Kuala Lumpur yesterday at a media briefing on the bank's latest housing promotion, which runs till the end of September.
The bank claims its MaxiHome Plus package offers a unique repayment facility for properties under construction and completed homes costing more than RM100,000. The package for houses under construction does not require house buyers to pay progressive payments, up to a maximum of three years, while their homes are being built. The housing loan plan also offers homebuyers a variety of options. Buyers can opt to pay half the principal amount during the duration of the loan and the balance in a lump sum at the end of the tenure of the loan, which Maybank said would lower the instalment amount compared with the standard housing loan. The amount allowed as a lump sum payment, however, increases with the amount of money borrowed. ''The Pay Later option allows buyers to pay the balance of the loan in a lump sum with their EPF (Employees Provident Fund) (savings) or translate it into a second generation loan where their children will repay the loan,'' said a Maybank statement. The Pay Less option allows customers to extend the loan tenure up to 40 years. During the promotion period, MaxiHome Plus properties under construction will be offered zero interest rate for the first year of the loan. The package for completed homes will offer an interest rate of 1% for the first year.
Source: 14-07-2005 The Star
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