Maybank is launching the lowest 3-year fixed rate home loan package in town, which offers an attractive interest rate of 1.68 % p.a. for the first year. This first year interest rate is more than 40% lower compared to other similar packages offered in the industry. The interest rates for the second and third years are 2.68% p.a. and 3.38% p.a. respectively.
These promotional interest rates for the Maybank 3-year fixed rate home loan package are available to new home loan customers for 3 weeks. This package applies to both HDB and private home loans.
Ms Helen Neo, Head, Consumer Banking, Maybank Singapore, said, “Interbank rates have softened over the past few months. However, we expect interest rates to rebound in view of rising inflation in Singapore. Government statistics show the latest inflation estimates are 4.5 to 5.5. per cent, and despite a possible United States recession, Singapore is still expected to grow by 4 to 6 per cent.”
“Against a backdrop of potential rising interest rates, home loan customers who take up this fixed rate package will enjoy the prevailing low rates and are protected from future interest rate increases for the next 3 years. The first year interest rate of 1.68% p.a. is also close to the current 3-month domestic Interbank rate, which is 1.44% p.a. (as at 15 February 2008).”
The interest rates offered by Maybank’s promotional 3-year fixed rate home loan package are also lower than the aggregated 3-year concessionary rates given by the Housing Development Board (HDB). Maybank’s aggregated 3-year rate is 7.74% as compared to HDB’s 7.80%.
These promotional rates are not applicable to the 3-year cashback home loan package.
Fixed rate home loan packages offer home loan borrowers certainty as the rates will not change regardless of market movements. In comparison, home loans pegged to a financial indicator, such as the SIBOR, are subject to volatility.
Maybank was the first bank in Singapore to offer the 3-year fixed rate home loan package in 2002, which is one of our staple home loan products. Besides Maybank’s 1 to 3-year fixed rate packages, customers have a choice of variable rates packages with no lock-in period or 1 to 3 years’ lock-in. Customers can also choose a combination of the variable and fixed rates package.
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$101 billion as at June 2007 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 with the most extensive network amongst the QFBs with 27 service locations (22 Branches and 5 Offsite ATMs). All the Branches and ATMs are strategically located in both the business districts and the suburban areas for the convenience of our customers.
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 installments up to 40 years or age 82, whichever is earlier. An enhanced Home Loan package called Premier Package allows borrowers (including foreigners) to obtain financing from Maybank for up to 90% of their property valuation at special interest rates. Maybank’s Choice Instalment scheme gives home loan customers the option to decide on their monthly instalments and fix it for up to 5 years. Another scheme offers cashback up to 2.8% p.a. which is the highest in the market.
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.
Customers investing in Malaysian properties can also benefit from Maybank’s Malaysia Property Financing Loan, which finances up to 70% of purchase price with no facility fee. Other financing solutions include the HDB Home Loan, HDB Bridging Loan and Renovation Loan.
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. |