Hong Leong home loan interest rates
Hong Leong Finance is listed on the Singapore Stock Exchange in 1974 as the then Singapore Finance. It is the financial services division of Hong Leong Group Singapore, it offers a comprehensive set of financial products and services ranging from deposits and savings, loans and also government aid programmes for Small and Medium Enterprises in Singapore. Hong Leong Finance’s focus on providing financial solutions for SMEs has earned them the “Friends of Enterprise” title awarded by the Spirit of Enterprise. Hong Leong Finance had also attained the “Singapore Finance Company of the Year” award in 2011 at the Asian Banking and Finance Retail banking awards. Hong Leong Finance Group recorded profit of $87.8 million for the year of 2012, down 5.5% from the previous year. However, they reported robust growth coming from property loans and SME-equipment financing.
For their HDB home loans, Hong Leong Finance offers both variable and fixed rates loans. For variable rates, the formula they used for calculating the rates are (HDB Home Rates- 3.30%) for the first year, which is at about 1.2%. Rates for second and third year are at 1.65% and 2.33% respectively. They also offer 2-year and 3-year fixed rate loans with annual interest rates of between 1.25% to 2.33%.
They also have a Home Bliss loan that provides financing for the purchase of completed and uncompleted private residential homes. Hong Leong uses the Private Property rate(PPR), which is currently at 3.25%, as part of the formula to calculate the interest on variable rates loan. For completed private properties, they offer a one or two-year fixed rate package with interest in the first year at about 1.68% and increasing to 2.58% in the third year. If you are looking to purchase a good class bungalow, Hong Leong also offers a Good Class Bungalow financing feature with a loan quantum of up to 80% of the purchase price or valuation, whichever is lower.
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