KUALA LUMPUR: Hong Leong Bank Bhd hopes to grow its home loan receivables by at least RM1bil and expand customer base in this segment by 10% from the existing 130,000 this year.
The bank aims to achieve this through the latest product offering in home loans.
Chief operating officer for personal financial services Moey Tan said Hong Leong Bank was currently one of the top five providers of home loans and expected its market share to grow from the current 8% or 9%.
Moey Tan (left) and Yvonne Chia at the product launch
Group managing director Yvonne Chia said the bank continued to maintain a strong foothold in the mortgage business.
“In the last four to six quarters, we have been the leader for the growth in the housing loans in the banking industry. So, we hope to maintain or even enhance that by a bigger margin,” she added.
The cash back home loan offers consumers a repayment option and up to 90% margin of financing. It is applicable for completed property with a minimum loan amount of RM200,000.
The cash back will be automatically credited into the customer's savings or current account annually from year six onwards. For a loan of RM200,000, the first payment is RM1,000 and, every year, the customer will receive a percentage of the cash back amount until the end of loan tenure.
Tan expressed confidence the campaign would drive the bank's market share to the next level.
“Demand for high-end residential end-financing has spurred 50% growth in new loans acceptance in 2007 compared with 2006,” she said.
By The Star
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