Hi,
Saw this innovative home loan product while reading the newspaper. It was from Standard Chartered. The name of the product is MortgageKLIBOR. What so special about this product you might ask ? Your home loan is pegged to KLIBOR ! KLIBOR is actually stand for KL Inter Bank Offered Rate. That is the rate that derives from the activities of borrowing and lending funds between banks in Malaysia. You can find those rate in all major newspaper. It's a monthly rest term loan which followed rate that usually lower than the BLR !
I proceed to check with StanChart on this by asking further information. On reply, StanChart mentioned that there's NO monthly maintenance fees and NO hidden charges. It has been made simple just for your convenience.
One caveat for this loan is that installment will change to reflect the latest 3 month KLIBOR every quarter. That meant your installment may go up/down depending on the market rate. In addition StanChart had a policy that your total debt exposure can not exceed 80% of your income.
The current rate offered by StanChart is KLIBOR+1%
The requirement for application for this home loan as follows
1) Photocopy of your I/C
2) Latest EPF statement or Tax assessment Form as a proof of your income declaration
3) Latest 3 month pay slip @ latest employer’s confirmation letter of your current salary
4) Latest 3 month bank statement whereby you salary credited & latest 3 month of your saving account
5) Duplicate copy of Sales and Purchase Agreement or the payment receipt of your purchasing
Disclaimer : As much as I've tried to furnish you with as accurate information as possible, I make no guarantees in any manner as to the accuracy of the content when the financial institution changed their plan along the way. Please do check again with them before deciding to go ahead with the product offered.
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