• Home Loan BYTES FROM OUR KITCHEN

    Hong Leong Finance Home Loan Singapore

    Have you always dreamt of having your own house? Well, now it’s time to turn that dream into a reality with the Hong Leong Finance Home Loan. A host of advantages like flexible loan tenure, high quantum of loan make the HLF Home Loan one of the most popular housing loans in Singapore.


    You’re probably eligible for an HLF Home Loan if you are

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    HLF Home Loan Minimum Age

    No Info

     HLF Home Loan Maximum Age

    Up to 70 Years

    HLF Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    HLF Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your HLF Home Loan amount eligibility is based on these factors

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    HLF Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    HLF Home Loan Maximum Loan to property value

    Loan capped @ 80% of property value

    HLF Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible HLF Home Loan amount by these steps

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    HLF Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    HLF Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    HLF Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an HLF Home Loan

    • 1. Copy of NRIC/Passport of all Applicants & Owners
    • 2. Latest Computerised Payslip (salaried)
    • 3. CPF Statement – Latest 12 Months Contribution History (salaried)
    • 4. 2 Years Income Tax Assessment (self-employed)
    • 5. Option to Purchase or Sale & Purchase Agreement (for new purchase)
    • 6. Tenancy Agreements (if any)
    • 7. Evidence of sale of existing property (if applicable)

    HLF Home Loan DetailsUpdated on 18 Nov 2017

    HLF Home Loan Details
    Interest Rate 4.50% p.a
    Margin of Finance Up to 80%
    Loan Tenure 30 years

    Hong Leong Finance offers home loans to Singaporeans and Permanent Residents. The loan comes with tenures that stretch for a period of up to 30 years, depending on the size of the loan amount. Customers are free to choose a tenure they like. Repayments need to be made on a monthly basis until the end of the tenure.

    Hong Leong finance (HLF) was founded in the year 1961 as a Small and Medium Enterprise (SME), which has now evolved as one of Singapore’s largest financial organizations. HLF is the financial services subsidiary of the Hong Leong Group, Singapore and provides financial solutions not only to retail customers, but also business enterprises. With a distribution network of 28 branches, HLF offers an extensive array of financial products and services which range from deposits and savings, corporate and consumer loans, government assistance programs for SMEs to corporate finance and advisory services.

    The HLF Home Loan is one of the best options available for financing a new home or property. One of the notable benefits which you get with this home loan includes high loan quantum of up to 80% of the market value or purchase price of the chosen property or infrastructure. Along with that, you also get the flexibility to pay back your loan for a term of up to 30 years or up to your age of 70 years, whichever occurs first.

    Why Choose HLF Housing Loan?

    To ensure maximum return on your investment and enjoy multiple benefits, you should choose HLF home loan. The home loan offered by HLF provides high loan quantum of up to 80% of the market value or purchase price of the chosen property or infrastructure. Along with that, you also get the flexibility to pay back your loan for a term of up to 30 years or up to the age of 70 years, whichever occurs first.

    Types of Housing Loans offered by Hong Leong Finance

    HDB Loans

    While home loans are an essential product, HLF mostly focuses on loans for purchase of HDB flats. Rate packages come in two types – the fixed rate package and the variable rate package. We’ll go into details of the interest rates soon.

    Bridging Loan

    A bridging loan is a loan that HLF gives you while you await funds from the sale of an already existing property. This loan mostly helps you with your down payment. Once you receive the amount from the sale of an existing property, you can close your bridging loan.

    Features and Benefits of the Hong Leong Finance Home Loan

    • HLF mostly focuses on HDB loans. So if you wish to purchase a HDB flat, HLF might be an ideal option.
    • These loans come with a fixed tenure. You can choose any tenure depending on the size of the loan amount and your convenience. Tenures can stretch up to 30 years or till the time the applicant turns 70 years old.
    • You are free to choose a rate package of your choice. You can either choose a fixed interest rate package or a floating rate package.
    • HLF announces promotional interest rates from time to time. Applying for your loan during this period will give you a reduced rate of interest on your loan.
    • HLF provides you with a bridging loan to help you pay for your down payment.
    • The institution finances up to 80% of the value of your HDB flat. The remaining amount needs to be paid as down payment.

    HLF HDB Loan Promotion

    • Apply for an HDB Loan with Hong Leong Finance, Singapore, and get a fixed rate of 1.58% for the first two years. This rate is much lower than existing home loan rates in the Singapore market.
    • In order to qualify for the offer, your loan amount needs to be over S$150,000.
    • Additionally, you will also receive dining vouchers worth S$200 when you apply for your loan online and your loan amount is in excess of S$150,000.
    • The promotional offer is valid until a date when the bank announces its expiry.

    HLF HDB Loan Interest Rates Singapore

    Period 2-year fixed interest rate package (p.a.) 3-year fixed interest rate package (p.a.) Variable interest rate package (p.a.)
    First Year 1.58% 1.70% 1.45%
    Second Year 1.58% 1.80% 1.45%
    Third Year 1.75% 2.35% 1.65%
    Fourth Year Onwards 3.25% 3.25% 3.25%

    Eligibility Criteria for HLF housing loan

    • You need to be at least 21 years old.
    • You have to be either a Singaporean citizen or a Permanent Resident.
    • All documents that are required need to be submitted. Inconsistencies in information will lead to rejection.

    Documents to be submitted

    • Employment letter or letter of appointment, computerized salary slips, CPF Contribution History, and Income Tax Notice of Assessment for the last 2 years.
    • Front and back copy of NRIC.  
    • Valuation of the new property intended to be purchased.
    • Contract of ownership (mortgage).
    • Marriage certificate, if required.

    Modes of Repayment of HLF Home Loan

    You can sign an agreement with HLF wherein the monthly repayment amount towards your housing loan will automatically get deducted from your bank account. You can also make repayments through internet banking by the due date every month.

    Note that when you sign an agreement for automatic deduction, the amount will be deducted on a given date that is fixed, every month. Prior notification will be provided so that you can maintain sufficient balance in your bank account.

    FAQs

    1. Is the interest rate specified in the interest rate table the effective rate of interest?

      A. Yes, the interest rate specified is the effective interest rate – the interest rate that is calculated every month on the remaining amount after the successful monthly repayment. The effective interest rate is always higher than the actual interest rate.

    2. Can I refinance my loan with HLF?

      A. Currently, no information on the same is available as HLF does not actively indulge in providing home loan refinancing options. You will need to contact the bank for details in this regard.

    3. Can I get a rate package of my choice when I apply for the loan? Can I change my rate package later?

      A. Yes, you can choose a rate package of your choice while applying for your loan. However, once you choose an interest rate package, you cannot choose a different rate package once you’ve started making repayments.

    4. Will Hong Leong Finance allow me to pre-close my loan?

      A. Yes, very much. You can pre-close your loan with HLF by giving a notice to the bank on the same. Pre-closure charges will accordingly be levied.

    5. How does my credit history influence my loan application?

      A. You will need to have a clean track record for a minimum period of 1 year (in most cases), if banks are to consider your application.

    6. While availing HDB home loan from HLF, if the buying price/purchase price is higher than the valuation, then can the difference be financed?

      A. No, any bridging loan can’t be granted for this amount, and the difference amount must be paid in cash.

    7. Is there a maximum limit on the loan amount that can be borrowed for purchase of a HDB flat?

      A. Yes, you can avail a maximum loan of up to 80% of the purchase price of the flat or its valuation, whichever is lower. The valuation must be determined by an HDB assigned valuer.

    8. Will a bridging loan be granted in case the sale proceeds obtained from my existing flat can’t be used to pay for the new purchase in due time?

      A. Yes, a bridging loan can be granted depending on the assessment of your loan eligibility. Having said that, a bridging loan can’t be granted singularly without a term loan.

    9. Can my CPF Savings be used towards the purchase of the HDB flat?

      A. Yes, you can use CPF savings towards the purchase of a new HDB flat. Not only that, payment for stamp duty, repayment of bridging loan, EMIs, legal fees are subject to CPF Board’s policy on usage of CPF savings.

    News About HLF Home Loan

    • Hong Leong Finance Loan Promotion

      Run Time – It is an ongoing offer.

      Particulars – Take a HDB Home Loan from Hong Leong Finance and avail attractive rates of interest which are as low as 2 percent per annum. This interest rate will remain fixed for the initial two or three years.

      The two year interest rate package provides –

        • 2% fixed interest rate per annum for the first year

        • 2.20% fixed interest rate per annum for the second year

        • 2.45% fixed interest rate per annum for the third year. This rate is calculated by subtracting the current HDB Home Rate with 2.05

        • 3.25% fixed interest rate per annum after the third year. This rate is calculated by subtracting the current HDB Home Rate with 1.25

      The three year interest rate package includes –

        • 2.10% fixed interest rate per annum for the first year

        • 2.30% fixed interest rate per annum for the second year

        • 2.55% fixed interest rate per annum for the third year

        • 3.25% fixed interest rate per annum after the third year. This rate is calculated by subtracting the current HDB Home Rate with 1.25

      Terms and Conditions –

        • The offer is available for a minimum loan amount of SGD 100,000

        • The offer will be applicable for three rooms and above HDB flats

      To get more information about the offer and its terms and conditions, please contact Hong Leong Finance or visit their website.

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