Maybank's 3-Year Fixed Rate Home Loan Refinancing Package starts at 1.6% P.A.

5 March 2009

SINGAPORE – Maybank is rolling out a home loan refinancing package that offers home owners stability and assurance amidst volatile times, at no cost if they meet certain criteria. Available for loans of any amount up to 70% of valuation price, the special rates are also open to new home buyers, and applicable to owner-occupied and completed properties only.

To enjoy the attractive rates, refinancing customers need not incur the usual legal and valuation fees, as these will be fully subsidized by Maybank if the loan amount is S$400,000 and above for private properties, or S$250,000 and above for HDB flats. Those with lower loan amounts are also entitled to the 3-year fixed rates, but will not be fully subsidized for the legal and valuation fees.

No minimum loan amountOwner-occupied and completed properties only
Year 11.60%FIXED
Year 22.20%FIXED
Year 32.90%FIXED
Eligibility for Subsidies
Legal Fee SubsidyPrivate Property
<S$100k: No subsidy
S$100k-S$399k: 0.5%, max S$2,000
> S$400k: Full subsidyHDB Property
<S$100k: No subsidy
S$100k-S$249k: 0.5%, max S$2,000
> S$250k: Full subsidy
Valuation Fee SubsidyFull subsidy if valuation is requested by Maybank
  1. for refinanced loan amount > S$888K
  2. payable upon loan disbursement
  3. Subject to full clawback

Additionally, there is a cashback of S$888 for refinanced loan amounts of S$888,000 or more.

The 3-year fixed rate package works out to an average of 2.23% p.a. over 3 years, and is even lower than the HDB concessionary rate of 2.60% p.a.

"Owning a home is a long-term commitment, and prudent financing considerations should extend beyond short-term SIBOR fluctuations. The current SIBOR is already close to the 10-year historical low in July 2003, and fluctuations within 3-year periods can vary as widely as 3%," said Ms Helen Neo, Head, Consumer Banking. "There is no guarantee that SIBOR will keep trending downwards. We are confident that people will welcome the peace of mind that fixed rate packages can offer particularly in such times of volatility."

About Maybank

The Maybank Group is the largest banking group in Malaysia and has been leading the banking industry for over three and a half decades. Globally, Maybank is present in 12 countries. In the ASEAN region, Maybank is among the top five banks with total assets of S$112 billion as at June 2008 and the Bank's biggest overseas presence is in Singapore. Maybank has also been ranked as Asia's 5th Best Big Bank according to a survey conducted by Mercer Oliver Wyman.

Maybank started its operations in Singapore in 1960 and is a Qualifying Full Bank (QFB) with the most extensive network amongst the QFBs with 27 service locations (22 Branches and 5 Offsite ATMs). Maybank is also part of atm5 - Singapore's only shared ATM network combining the reach of five Qualifying Full. Banks.

Maybank offers a wide range of innovative home financing solutions, such as the Extended Home Loan Tenure which allows private property buyers to spread their instalments up to 40 years or age 82, whichever is earlier. Other financing solutions include the HDB Home Loan, HDB Bridging Loan and Renovation Loan. Customers investing in Malaysian properties can also benefit from Maybank's Malaysia Property Financing Loan, which finances up to 80% of purchase price with no facility fee.

Maybank introduced new features to its other home loans, such as the Choice Instalment scheme that gives customers the option to decide on their home loan instalments for up to 5 years. Home loan customers also enjoy 1 year interest free on their renovation loans of up to S$10,000.

Maybank was first to respond to consumers' call for greater transparency in board rates. On top of implementing a single board rate in February 2007, existing home loan customers who accepted the new board rate were also given an interest rate reduction of 0.25% for one year as a token of appreciation from the Bank.

Maybank has always been customer-centric and is continually pursuing initiatives on how the Bank can better serve our customers in anticipation of their evolving needs. Our focus is on giving our customers a one-stop interface and a total financial solution that can add value to their banking relationship with Maybank both locally and regionally.

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