KUALA LUMPUR – The ‘HELLO’ campaign is a newly launched home financing solution for easier home ownership.
The collaboration between Land & General Bhd (L&G) and Affin Bank Bhd resulted in this ‘HELLO’ campaign where aspiring house buyers will be offered lower monthly instalments for the first five years.
This campaign offers marginal financing of up to 90% and an extra 5% to current L&G projects like Astoria Ampang at Jalan Ampang, Damansara Seresta at Bandar Sri Damansara, and Senawang Seremban. The total gross development value for these projects are more than RM1.5 billion
In regards to the ‘HELLO’ campaign, Affin Bank mortgage business managing director Jessie Wong, explained that the bank is offering loans or financing terms of up to 30 years or until borrowers hit the age of 70 years old (whichever comes first) while adding that there is no lock-in period and penalty fees for early repayment.
She stated during a recent press conference that these financing options enables aspiring house buyers to save money on advanced payments. The ‘HELLO’ campaign, she added, is suitable for people with tight cash flow when it comes to purchasing a new home.
Additionally, Wong believes the loan structure would cater to a wide demographic encompassing first-time house buyers or those looking to purchase bigger property as well as upgrade their existing ones and real estate investors.
House buyers may apply for ‘HELLO’ campaign for properties priced at RM200,000 and above. It is also applicable to projects which are completed and still under-construction.
“We are also targeting developments which are RM500,000 and above, particularly by L&G,” she said, adding that it would suit buyers looking for more luxurious units.
Meanwhile, L&G managing director, Low Gay Teck, remarked that the financing options offered by Affin Bank would be extremely beneficial to first-time house buyers as L&G development projects are usually priced above RM500,000.
There are banks in many countries that are already offering similar products where customers pay interest only for the first five years, he explained while adding that L&G and Affin Bank are leading the charge to promote the product in Malaysia.
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