RM1b target for RHB MY1 scheme

High take-up seen for home loan plan

KUALA LUMPUR: RHB Banking Group has set a target of RM1bil for its MY1 Revolving Home Loan in the first phase.

“We are looking at the minimum of three or four months because we believe that this is a great product. So, the take-up will be very high,” head of consumer product management, Angela Christine Tan, told reporters after the launch yesterday.

Angela Tan

The loan scheme, she said, was the first in the market with a revolving feature.

It offers the flexibility to withdraw up to the approved loan amount, which not only includes the paid monthly instalments but also any extra payments that have been credited to the loan account.

Withdrawals can be made as many times as needed without any service charge.

Nevertheless, the combined withdrawn amount must remain within the approved home loan limit and each withdrawal must be a minimum of RM5,000.

“We believe that people looking at this product would actually be more financially-savvy,'' Tan said.

RHB head of retail Renzo Viegas said the product could be applied to both completed projects and those under construction.

“This product will enable the bank to capture a larger share of the home loan segment,” he said, adding that RHB currently accounted for slightly less than seven percent of the home loan market.

By Bernama