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New Year Savings with Launch of 2 New Maxi-Mortgage Packages

31 December 2009

5 min read

Maybank will kick off the New Year 2010 for customers by launching two new mortgage packages, new MaxiHome and MaxiShop Fixed Rate packages which offer a variety of 3, 5 or 10 years fixed rates. The new fixed rate packages are designed for customers who are seeking interest rates stability and sustainable cash flow during the initial first few years of property purchase, with less worry on base lending rates (BLR) fluctuation in the near future.


"These two new fixed rate packages offer the best in town for fixed rates home loans starting as low as BLR-1.8% (equivalent) for property under construction and completed properties for MaxiHome, while MaxiShop rates are as low as BLR -1.40% (equivalent) for those under construction and completed properties. These two exclusive packages are offered from 1 January 2010 to 30 June 2010," said Lim Hong Tat, Senior Executive Vice President and Head of Consumer Banking Maybank in a statement today.


The fixed rate interest for the first 3-year tenure for MaxiHome is 3.75%, 4.85% for the first 5-year tenure and 5.88% for the first 10-year tenure. Exclusive benefits of these two Maxi packages are no fluctuation rate throughout the fixed rate tenure with no installment charges. Homeowners can also select Maybank's unique Pay Half, Pay less and Pay Later' schemes giving them the option to pay up to 50% of the original loan amount with the remainder of the loan deferred until the end of the loan tenure, resulting in lower monthly payments.


Another creative payment option includes the interest-only repayment up to first 5 years of the loan tenure, which allows extra cash available to the borrowers for whatsoever reason. Additional options include extended loan tenure up to 40 years.


"The varying fixed rate together with the benefits will appeal to those who have tight budgets and fixed income looking for rate stability and sustainable cash flow during the initial years of their proper purchase or new business start-up. The interest rate based fixed years tenure will give them peace of mind against interest increase to provide them better financial planning and cash flow management," added Lim.


Lim said that the new Fixed Rate allow prospective property purchasers, especially first time buyers, the option to select a fixed rate scheme which best suit their financial needs for a given period of time before the loan switches to variable rates pegged against the Base Lending Rate (upon expiry of the fixed rate tenure). "The current BLR was set during the challenging business environment in 2009. Based on historical patterns when the economy improves, there will be a general trending increase in the BLR. The recent revision of the real property gains tax and prospects of the Malaysian economy to improve in 2010 will also boost the growth of the property sector. These two new Maxi fixed mortgage rates plan are very suited to homeowners who want to take advantage of the low interest rate regime in anticipation of an increase when the economy improves. We are providing homeowners an early opportunity to save based on their financial capability and financial planning," he said.


The new Maxi Mortgages will be introduced in the Expo, to be held at the Mid Valley Exhibition Centre (MVEC) from January 1-3, 2010. Maybank is the principal sponsor and exclusive financier during the exhibition period. "The expo is expected to attract more than 50,000 affluent home buyers from local and abroad. Visitors will have a first hand knowledge of this new mortgage package and we are looking forward to customers taking advantage of these limited exclusive savings," said Lim.