Maybank has enhanced its home loan package for foreigners, to be in line with the broad national strategy to attract and retain foreign talent. Under the enhanced package, foreigners can now obtain financing from Maybank for up to 90% of their property valuation. This is the highest in the market, and an increase from the 70% financing previously offered by Maybank.
To take up this new package, foreigners need only place a minimum investment amount of S$50,000 or 10% of loan amount, whichever is lower. This could be in the form of deposits, insurance or other investment products.
For loans financing above 70% of property valuation, the portion exceeding 70% will be subjected to a 0.5% premium on the prevailing interest rates.
Foreigners will also enjoy special bundled promotions on various investment and deposit products, which are available to all Maybank home loan customers. These include returns of 1.28% p.a. for the first S$3,000 and 1.88% p.a. for balances exceeding S$3,000 on SaveUp Savings Accounts or YoungStarz Accounts. Ordinarily, these accounts generate 0.5% p.a. for the first S$3,000 and 1% p.a. for balances exceeding S$3,000. There are also free handphone giveaways for purchases of regular premium insurance.
As with other Maybank home loan packages, the cancellation fee is only 0.75% for the promotional period. This is half the industry average, making it the lowest in the market.
80% of foreigners taking up home loans with Maybank are PMEBs, a profile which certainly fits in with the type of talent that Singapore is hoping to attract. Comprising a majority of Asians, they usually take up properties in districts 9, 10 and 11.
“Real estate agents like Knight Frank have noted an increase in foreign home buyers, with growing interest amongst Europeans in Singapore real estate,†said Ms Helen Neo, Head Consumer Banking of Maybank in Singapore. “22% of home buyers are foreigners. We see this trend continuing especially with the positive outlook on the luxury property market, making such properties an attractive investment tool.â€
“At the same time, with the upcoming government initiatives such as the Personalised Employment Pass to help highly-skilled foreigners become more mobile in the Singapore job market, we are also optimistic that many of them will be more willing and ready to purchase homes for the long-term. We foresee a good demand for our enhanced home loan package for foreigners.â€
Customers can obtain further information about the new home loan schemes at any of Maybank’s 22 Branches islandwide or calling 1800-MAYBANK (1800-6292265).
Re-disseminated by The Asian Banker
Source: theasianbanker.com
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