HSBC Home Loan Flexi Loan

Is a HSBC Housing Loan Right For Me?

HSBC offers two home financing packages for different individual investment needs The basic Ideal Home Plan is especially suited to first time home buyers of a property worth up to RM100,000 in Peninsular Malaysia or RM120,000 in East Malaysia and comes with regular systematic repayments. The Ideal Home Plan package is not available for refinancing. You can pay back your HSBC home loan via ATM or online transfer. Acquire an insurance policy is essential when you sign up for any HSBC home loan. This will protect you from any unexpected events. Therefore, a standard fire insurance and MRTA would be highly recommended when you take up HSBC home loan.

With the Home Smart package HSBC also features a more flexible home loan product that allows you to deposit any extra cash as well as withdraw extra payments whenever you need. Via this HSBC home loan product, you can pay more than your instalments in order to reduce your total tenure and relatively reduce interest payment. You may also opt for the HSBC HomeSmart with Step-Up feature that starts with lower initial monthly instalments and gradually rise to match your income. Similar to its counterpart, this HSBC home loan allows you to pay for your monthly instalments through several channels such as online transfer or ATM. It is always highly recommended that you take up fire insurance and the MRTA/MRTT alongside with HSBC home loan products.

HSBC Home Loan products have a 5-year lock in period, which is amongst an average lock-in period when compared to other banks’ home loan products. In case of an early full redemption you can expect to pay up to 5% on your outstanding loan amount as a penalty fee. On the other hand, you will be charged by 1% p.a. for late penalty fee. Thus, comprehensive financial planning and self-discipline are imperative if you have decided to take up HSBC home loan.