Frequently Asked Questions
  • Money Box
  • Mach Fixed Deposit
  • Dream Jar
  • Mach Credit Card
  • Cruise Control
  • I.O.U. Personal Loan
  • Mortgage Plus Loan

Money Box Deposit Account

  1. What is a Money Box Deposit Account ("Money Box")?

    The Money Box is a customisable deposit account that suits your needs. You are able to select one (1) out of two (2) account features available; Free IBG Transfers or Sky High Savings.s

    1. Free IBG Transfers

      You are entitled to five (5) free Inter-Bank GIRO (IBG) transactions performed via Hong Leong Connect per month, subject to a minimum monthly average balance of RM1000.00.

    2. Sky High Savings

      You will earn a prescribed tiered-based interest rate on the account, calculated on a daily balance basis. Interest will be awarded according to the tier below:

      Balances (RM) Rates (%) p.a.
      1,000 and below 0
      Above 1,000 0.8
      Above 10,000 1.8

    You can choose to switch to a different feature before the start of each calendar quarter.

  2. How do I change the features of my Money Box?

    Changing the features of your Money Box is simple and can be done quickly by using Hong Leong Connect.
  3. When can I change the features of my Money Box?

    The features of your Money Box can be changed up to the last two (2) days before the start of each calendar quarter. We’re sure you know, but just in case, the calendar quarter begins on the 1st of January, 1st of April, 1st of July and 1st of October.
  4. How does the Money Box differ from a regular transactional deposit account?

    1. Manages your finances 24/7 as you can view your account transaction history via Hong Leong Connect. Monthly statement of accounts will be emailed to you.

    2. Allows you to customise your account, allowing the flexibility of choosing the account feature which is best suited to your personal needs.

    3. Offers a high tiered-based interest, up to a rate of 1.8% for its Sky High Savings feature, compared to most financial institutions.

    4. Extend your banking experience with additional Mach products such as Dream Jar Savings Account and the MyPAL convenience line.

  5. What is the minimum account opening amount?

    When you apply for a Money Box, the minimum account opening amount is RM50.
  6. What are the eligibility criteria for Money Box?

    As long as you're an individual Malaysian citizen with a valid MyKAD and is at least 18 years old, you're eligible for the Money Box.
  7. Does the Money Box come with a debit card?

    Yes, you will be issued the new Hong Leong Mach Debit Card for convenient access to your finances in your Money Box Deposit Account.
  8. Can I apply for a chequebook?

    No, chequebook facility is not available for Money Box Accountholders.
  9. How many Money Boxes can I have?

    You are allowed to have one personal Money Box and multiple joint Money Box Accounts.
  10. How do I apply for a Money Box?

    The Money Box can be applied at Mach by Hong Leong Bank branches. You must present your MyKAD, and proceed to fill in the prescribed e-application form provided at the branch.
  11. How can I find out more about this product?

    For information about the Mach Debit Card, see the Hong Leong Mach Debit Card Product Disclosure Sheet.
  12. Where can I find more information on Goods and Services Tax (GST) regarding to this product?

    Please refer to our GST FAQs here (www.machbyhongleongbank.com/gst)

MyPal Convenience Line

  1. What is MyPAL?

    MyPAL is a RM200 convenience line available to Money Box Deposit Accountholders ("Money Box"), for all those times you need that extra bit of cash to get that deal you can't afford to miss out on.
  2. What do I get from this product?

    MyPAL can easily be used in many different ways. MyPAL allows debit transactions such as ATM withdrawals, online debit transactions, or debit card purchases up to a maximum of RM200.
  3. Who can apply for MyPAL?

    Existing Money Box Accountholders between the ages of 21 and 55 years are eligible for MyPAL.
  4. How can I apply for this product?

    Applying for MyPal is easy! Just apply through Mach by Hong Leong Bank branch premises. You are required to present your MyKAD and a valid EPF statement.
  5. When should MyPAL be repaid?

    To ensure you can use your acount promptly after using MyPAL, you are expected to repay the transacted amount within three (3) days inclusive of transaction day.
  6. What are the major risks?

    There will be risks involved if you are unable to repay the amount owed within the given time period. You may be prohibited from the continued usage of MyPAL even after repayment has been made.
  7. What are my obligations?

    The only obligation for MyPAL is the repayment of the transacted amount and the convenience fee charged per transaction.
  8. Is a guarantor or collateral needed?

    No.
  9. When can I use MyPAL?

    MyPAL can be used whenever you have insufficient or zero balances in your Money Box account.
  10. What happens when I use MyPAL?

    You are allowed to transact as many times in a single day until you reach RM200. However, once MyPAL has been utilised, the Money Box will be blocked at end-of-day regardless of whether you have reached the RM200 limit. An SMS will be sent out on the following day to alert you that your account has been blocked, the amount that is to be repaid & the date you have to repay by. You are expected to repay the transacted amount (inclusive of the convenience fee) within the next 48 hours. However, deposit/credit transactions can still be performed. When you have repaid the amount owed, the account will be unblocked the following day.
  11. If I still have not reached the maximum of RM200 on the first day, will my Money Box still be blocked at the end of the day?

    Yes, as long as MyPAL has been utilised at least once, the account will be blocked at the end of the day even if you have yet to reach the limit of RM200, unless repayment is made on the same day.
  12. Can MyPAL be cancelled?

    Yes. You can terminate MyPAL via Hong Leong Connect at any point in time, provided that the Money Box does not have a debit balance and the Money Box does not have earmarked balances.
  13. How can I find out more about this product?

    For more information about this product, please contact us using the Get Banking buttons on the website, or alternatively see the Product Disclosure Sheet
  14. Where can I find more information on Goods and Services Tax (GST) regarding to this product?

    Please refer to our GST FAQs here (www.machbyhongleongbank.com/gst)

Mach Fixed Deposit Account

  1. What is Mach Fixed Deposit (FD)?

    Mach FD is a paperless online fixed deposit account which can be opened, placed and withdrawn, all via Hong Leong Connect without the hassle of visiting a physical branch.
  2. What are the tenures and rates available under Mach FD?

    Tenure (months) Rates (% p.a.)
    1 3.00
    2 3.05
    3 3.15
    6 3.20
    9 3.20
    12 3.30
    24 3.30
    * Effective 29th July 2016
  3. How do I know my Mach FD account number?

    Once your account is successfully opened, you can view your Mach FD account number via Hong Leong Connect.
  4. Is the service available 24 hours?

    This service is not available from 12:00 am to 7:00 a.m. daily.
  5. What is the criteria to open a Mach FD account?

    You need to be an existing Money Box Deposit Accountholder to be able to open a Mach FD Account.
  6. Who is eligible to open a Mach FD account?

    All existing Money Box Deposit Accountholders are eligible to open a Mach FD Account.
  7. Can I open a joint Mach FD account?

    Yes, you can. Each Money Box Deposit Account is allowed to be linked to one (1) Mach FD Account. So, if you have a joint Money Box Deposit Account, you are eligible to open a joint Mach FD Account with that person.
  8. How many Mach FD Accounts can I open?

    Each Money Box Deposit Account is allowed to be linked to one (1) Mach FD account. If you have an individual and a joint Money Box Deposit Account, you are eligible to open one (1) individual Mach FD Account and one (1) joint Mach FD Account.
  9. What are the advantages of Mach FD?

    You can open your Mach FD Account;perform new placements and withdrawals all via Hong Leong Connect. Also, you have the flexibility to perform partial withdrawals without having to withdraw your entire fixed deposit and losing out on your interest. Most importantly, enjoy higher interest rates than your average fixed deposit account!
  10. What is the transaction limit?

    Minimum of RM5, 000 for 1-month and minimum of RM1, 000 for 2-months and above.
  11. Will I receive a physical fixed deposit certificate?

    No, as this is an online fixed deposit account, we will not be issuing physical fixed deposit certificates. However, you can always check your Mach FD Account and placement details via Hong Leong Connect, as well as via the monthly e-statements that will be sent to you together with your Money Box e-Statement of Accounts.
  12. How can I renew my Mach FD?

    Your Mach FD will be automatically renewed upon maturity. Note: All Mach FD placements will be on auto renewal basis only.
  13. Would I be able to withdraw my Mach FD before maturity?

    Yes, you can perform full withdrawals or partial withdrawals before maturity. Partial withdrawals are allowed subject to the following conditions:

    • Partial withdrawals are effected in respect of placements with tenures of six (6) months or longer and a minimum principal sum of RM10, 000;

    • Minimum partial withdrawal is RM3, 000; and

    • Partial withdrawals to be effected in multiples of RM3, 000

    However, there will be no interest paid for any type of withdrawals made within 3 months of the placement date. After 3 months, interest will be paid for the number of days the placement has been made for. The interest rate payable is only half of the quoted rate. Any surviving amount of the placement continues to earn the contracted rate.

  14. Would I be able to withdraw/uplift my Mach FD on the placement date?

    Yes
  15. Would I be able to withdraw/uplift my Mach FD on the maturity date?

    Yes
  16. Would I be able to withdraw my Mach FD via over-the-counter (OTC) transactions?

    No, as this is an online fixed deposit account. As withdrawals from your Mach FD will automatically go into your Money Box Deposit Account, you can access your funds via your Money Box Deposit Account.
  17. Can the interest crediting account be an account of my choice?

    No, Money Box Deposit Account is the mandatory interest crediting account.
  18. How is the interest paid?

    Interest will be calculated and paid directly into your Money Box Deposit Account monthly.
  19. Would I be able to perform any Mach Fixed Deposit updates?

    No, updates to your placement will not be allowed.
  20. Will I receive my monthly statements?

    Yes, you will receive a summary of your Mach FD Account activities together with your Money Box e-Statement of Accounts every month.
  21. When will interest take effect?

    Placements via Hong Leong Connect will take effect immediately. Mach FD also allows for mixed mode placements for added convenience. Mixed mode placements refer to placements that are in both cheque and intra bank transfer of funds from Money Box. The cut-off time for depositing of cheques will be at 4.00 p.m. Cheque placements after the cut-off time and during weekends and public holidays will only take effect the next business day.
  22. How do I perform placements?

    You can perform placements via Hong Leong Connect by transferring funds from your Money Box Deposit Account or you can go to any Mach by Hong Leong Bank and Hong Leong Bank branch to perform cheque placements. Please note that mixed mode placements can only be performed at Hong Leong Bank branches. Mixed mode placements refer to placements that are a combination of intra bank transfer of funds from Money Box and a cheque deposit by the Customer.
  23. Where can I find more information on Goods and Services Tax (GST) regarding to this product?

    Please refer to our GST FAQs here (www.machbyhongleongbank.com/gst)

Dream Jar Savings Account

  1. What is a Dream Jar Savings Account ("Dream Jar")?

    The Dream Jar is a goal savings account which gives you the opportunity to reach your goals by helping you save!You determine an amount you want to save, and the amount of time required to accomplish your goal. You also determine an initial amount you intend to open the Dream Jar with. Based on this, the Dream Jar helps you calculate how much you are to contribute to the account each month via Standing Instructions (SI). Mach by Hong Leong Bank is always looking for a way to reward our customers, so we have created the Dream Jar with an interest rate of 2% p.a. and a Top-up Reward for accomplishing your goal.
  2. How does the Dream Jar differ from other goal savings accounts/savings plans?

    1. Flexibility

      Allows partial withdrawals at any point in time with NO withdrawal fees. Allows you to determine the amount you are comfortable saving towards.

    2. High Interest

      Offers a high interest rate of 2% on ALL balances, compared to other regular savings accounts which offer tiered based interest rates.

    3. Top-up Reward

      Offers you a reward if you successfully achieve your goal without defaults in monthly SI.

    4. Mandatory Monthly SI

      Enables you to consistently contribute towards your Dream Jar, which helps you to achieve your Goal Amount.

  3. What are the eligibility criteria for Dream Jar?

    To open a Dream Jar, you need to be an existing Money Box Deposit Accountholder.
  4. How is the interest calculated?

    Interest is earned at a rate of 2% p.a. on all balances, calculated on a daily basis. Interest shall be credited to your Money Box Deposit Account at the end of the Goal Tenure regardless of whether the Goal is achieved.
  5. What is the Top-up Reward (Reward) mechanism?

    For every RM500 saved at the end of the Goal Tenure, RM2 will be awarded, capped at the goal amount. You will be eligible for the Reward if the following criteria are met:

    1. Successful achievement of Goal Amount;

    2. Dream Jar is maintained until the Goal Tenure ends; and

    3. No defaults in monthly SI

    The Reward will be credited to your Money Box Deposit Account at the end of the Goal Tenure.
  6. What are the Goal Tenures available for Dream Jar?

    The Goal Tenures available are 6, 9, 12 or 18 months.
  7. Is SI mandatory for the Dream Jar?

    Yes, SI is mandatory for the Dream Jar. This is to help you maintain a disciplined level of monthly contributions into the Dream Jar to facilitate the achievement of your goal.
  8. Why must I be an existing Money Box Deposit Accountholder to be able to open the Dream Jar?

    You must be an existing Money Box Deposit Accountholder because you need to be able to deposit an initial amount into and withdraw from your Dream Jar account directly from the Money Box Deposit Account using Hong Leong Connect.
  9. Can I open a Dream Jar with a joint account holder?

    Yes, you can. Sharing is caring!
  10. How many Dream Jars am I allowed to open?

    We love dreams, and we know that you do too – that is why each Money Box Deposit Account can be linked to up to a maximum of five (5) Dream Jars at any point in time.
  11. How do I apply for the Dream Jar?

    To apply for the Dream Jar, you must log into your Hong Leong Connect www.hongleongconnect.my account and apply by clicking on the ‘New Dream Jar’ button on your Money Box Deposit Account overview screen.
  12. How do I close the Dream Jar?

    Customer-initiated closure of the Dream Jar is performed when the entire balance of the account is withdrawn. Closure of the Dream Jar can also occur when the Goal Tenure ends.
  13. How do I perform deposits into the Dream Jar?

    Depositing into your Dream Jar cannot be easier with all our different deposit options; such as:

    1. Cash via Cash Deposit Machines and Cheques via Cheque Deposit Machines

    2. Fund transfers via Hong Leong Connect or Interbank Giro (IBG); or

    3. Over-the-counter deposits via HLB/HLISB branches.

  14. Can I perform withdrawals from the Dream Jar at any point in time?

    Yes, withdrawals can be performed at any point in time, without any withdrawal fees. To perform a withdrawal, you must first transfer funds from the Dream Jar to the linked Money Box Deposit Account via Hong Leong Connect. You can then access the funds from the Money Box Deposit Account.
  15. Where can I find more information on Goods and Services Tax (GST) regarding to this product?

    Please refer to our GST FAQs here (www.machbyhongleongbank.com/gst)

Mach Credit Card

  1. Who is eligible to apply for Mach Credit Card?

    Principal card applicants must be at least 21 years old & above while supplementary card applicants must be at least 18 years old & above.

    Applicant must has a minimum annual income of RM24, 000 for Mach Credit Card

  2. I would like to apply Mach Credit Card, what do I have to do?

  3. What is the document required?

    If you are a Salaried Earner, please prepare

    • Latest 3 months Salary Slip or

    • Latest EPF Statement with at least 6 months contribution or

    • Latest EA Form

    If you are a Self-Employed, please prepare

    • Latest 6 months company bank statements or

    • Latest Form B + Tax payment receipt

  4. How do you know the application status?

    Please contact Call Center at 03-7626 8899
  5. What are the fees incurred?

    Item Fees GST Total Fee
    Annual Fee
    Principal Card
    Supplementary
     
    RM160.00
    RM80.00
     
    RM9.60
    RM4.80
     
    RM169.60
    RM84.80
    Add-on Category Fee (per quarter) RM5.00 per Add-on RM0.30 RM5.30 per Add-On
    Minimum Monthly Repayment 5% of the total outstanding balance or min. of RM50, whichever is higher RM0.00 5% of the total outstanding balance or min. of RM50, whichever is higher
    Late Payment Charge 1% of the outstanding balance as at statement date, or a min. of RM10.00, subject to a maximum of RM100.00 RM0.00 1% of the outstanding balance as at statement date, or a min. of RM10.00, subject to a maximum of RM100.00
    Card Replacement Fee (except for replacement of fraud account detected by the Bank) RM50.00 RM0.00 RM50.00
    Overseas Transaction
    Transactions in Foreign Currency
     
    The transaction in foreign currency shall be converted at the foreign exchange rate and spread, if any, as determined by Visa International, MasterCard International, plus up to 1% mark-up imposed by the Bank.
  6. How do I activate my PIN & PAY credit card?

    HLB Call Center
    Step 1: Call to 03-76268899
    Step 2: Select Language
    Step 3: Press 1 for Card Activation
    HLB Branches Drop by any conventional branches
    SMS
    SMS to 33188
    CDACT<space>NEW MALAYSIAN IC<space>LAST 6-DIGIT OF CREDIT CARD NO.
    NO. (e.g. CDACT 830101140808 884266)

    A temporary PIN will be sent upon successful card activation. You are advised to change it to a PIN of your choice immediately. Please call 03-76268899 if you have difficulty in activating your credit card or did not receive your temporary PIN.

  7. How do I change my PIN?

    HL Connect

    Log in to HL CONNECT www.hongleongconnect.my

    Other Services > Manage Card PIN > Create PIN/ChangePIN > Select Account > Enter New PIN > Confirm New PIN > Click Next > Key-in TAC No > Click Submit

    ATM / CRT Change your temporary PIN at any Hong Leong ATM / CRT

  8. How can I apply for Balance Transfer (BT) or Cash-on-Call (COC)?

  9. How I apply a Supplementary Card?

  10. What do I do if my card is lost / stolen?

    If your card is lost or stolen, call our Customer Support Line at 603-7627 8899 immediately to report it. We will deactivate your card and send you a replacement card.

    Call 603-7626 8899 > Select Language > Hold for other option > Press 1 to report card lost

Cruise Control Car Loan

  1. What is the Cruise Control Car Loan about?

    The Cruise Control Car Loan is a hire purchase facility which gives you the opportunity to own your car quicker and enjoy huge savings.
  2. What do I get from the Cruise Control Car Loan?

    We have created the Cruise Control Car Loan for your ease of mind. We listened to our customers and made sure our hire purchase facility is able to provide the following benefits:

    • Pay-off your loan faster.

    • With a maximum capping of 30% on the original loan amount, it directly reduces the daily interest charges as the available balance held in the Drive account will be utilised to off-set the outstanding balance in the Cruise Control loan account.

    • Be in control of a flexible financial tool by allowing you to deposit, withdraw and make payments any time through the Drive Account.

    • Get your loan approved conditionally within 15 minutes.

    • Have additional convenience on day-to-day transactions by bundling a Debit Card with Cruise Control for the flexibility of depositing and withdrawing from your Drive Account.

  3. How do I qualify for the Cruise Control Car Loan conditional offer application?

    Easy!All you need is your MyKad, driving license & EPF statements. To make it easier for you, we’ve ensured that you can print your EPF statements at our Mach branches!
  4. How long does it take to process an application?

    All applications will be given prompt attention. A conditional offer will be granted within 15 minutes, and if you meet the criteria, final approval will be granted within one (1) working day.
  5. What is the Loan Term?

    The Loan Term is up to nine (9) years. But remember, through Cruise Control Car Loan, you have the control to reduce your loan term!
  6. What vehicles are financed under Cruise Control Car Loan?

    We will finance all popular passenger motor vehicles and selected commercial vehicles. Get in touch with us to find out which vehicles meet the criteria for you to receive a conditional offer within 15 minutes.
  7. Do I have to purchase cars from specific dealers?

    No, this is not necessary.
  8. Can I have a co-borrower on the loan?

    Unfortunately, this is prohibited under the Hire Purchase Act. However, we strongly encourage and recommend that you provide a guarantor when applying for any car loan.
  9. How will I know the status of my Cruise Control Car Loan application?

    Finding out if your car loan has been approved can be quite exciting, and we understand that this is something you just can’t wait for. To make sure you receive the news as soon as possible, we will send you an SMS confirmation to your mobile phone once the Conditional Offer or final approval is granted.
  10. How long is the Conditional Offer good for?

    Conditional Offer is good for thirty (30) days. But be aware, if we do not hear from you after thirty (30) days, Mach by Hong Leong Bank reserves the right to withdraw the loan approval.
  11. How do I make my monthly payments?

    There will be Standing Instruction (SI) maintained for automatic monthly payments from the Drive Account.
  12. How can I find out more about this product?

    For more information about this product, please contact us using the Get Banking buttons on the website, or alternatively see the Cruise Control Car Loan Product Disclosure Sheet.
  13. Where can I find more information on Goods and Services Tax (GST) regarding to this product?

    Please refer to our GST FAQs here (www.machbyhongleongbank.com/gst)

I.O.U. Personal Loan

  1. What is an I.O.U. Personal Loan?

    The I.O.U. Personal Loan is an unsecured personal loan with a fixed interest rate, which rewards you by giving you 20% cashback for making prompt repayments.
  2. Does the Bank require guarantors or any form of collaterals?

    The I.O.U. Personal Loan is designed for our customer’s ease of mind. Having said that - guarantors and collaterals are not required in applying for an I.O.U. Personal Loan.
  3. Where can I apply for I.O.U. Personal Loan?

    You may apply for I.O.U. Personal Loan by getting in touch with us through the Get Banking buttons on our website or by visiting any Mach Branches.
  4. Does this product offer any incentive for prompt repayments?

    Yes it does. At Mach by Hong Leong Bank, we constantly look to reward our customers. This is why we have made sure that the I.O.U. Personal Loan comes with an offer of 20% cash back for prompt repayments.
  5. I'm a salary earner, what documents do I need to apply for this product.

    You are only required to bring along your MyKad.
  6. I'm a Malaysian citizen working in Singapore. Can I apply for an I.O.U. Personal Loan?

    Yes, of course you may apply for an I.O.U. Personal Loan. You are still one of us!
  7. Are there any processing fees or administration fees applicable for the I.O.U. Personal Loan?

    As part of designing this product for our customers' ease of mind, we have made sure that no processing or administration fees will be charged.
  8. Where can I apply for Standing Instructions?

    Standing Instructions are a great way to ease your monthly loan repayments process. You can apply for standing instructions through Hong Leong Connect or HLBB conventional branches.
  9. How can I find out more about this product?

    For more information about this product, please contact us using the Get Banking buttons on the website, or alternatively see the I.O.U. Personal Loan Product Disclosure Sheet.
  10. Where can I find more information on Goods and Services Tax (GST) regarding to this product?

    Please refer to our GST FAQs here (www.machbyhongleongbank.com/gst)

Mortgage Plus Loan

  1. What is Hong Leong MortgagePlus(HL MortgagePlus)?

    Hong Leong MortgagePlus is a mortgage product that combines a term loan with transactional freedom of a current account.

  2. Does it mean that I have to open two types of accounts for HL MortgagePlus?

    Yes.For every HL MortgagePlus account, you shall open /maintain the following accounts with HLB:-

    • (I) a HL MortgagePlus loan account (term loan)
    • (II) a non-interest bearing current account which is linked to (I) above.
  3. How does Hong Leong MortgagePlus works?

    Hong Leong MortgagePlus link your loan account directly to your MortgagePlus current account, whereby the credit balance in your current account will automatically help to give you greater savings on interest.

  4. Please show me how interest is computed and the difference between a conventional term loan to HL MortgagePlus?

    A simple illustration
    Based on the following assumption:-

    • Loan outstanding balance: RM500,000 (debit)
    • Current account available balance: RM80,000 (credit)
    • Interest rate: 6.75% p.a.
    • Daily rest basis
    • No change to the loan & current account position for 30 days (a month)

    Workings on Interest computed for 30 days:-

    Conventional Type Hong Leong MortgagePlus
    500,000 x 6.75% x 30/365
    (500,000 less 80,000)
    x 6.75% x 30/365
    = RM2773.97
    = RM2330.13

  5. How much do I save when comparing a traditional / conventional loan type to a HL MortgagePlus type? Show me.

    As per above illustration:-
    Interest savings:
    RM2,465.75 less RM2,071.23 = RM443.84 / a month

  6. What are the key benefits of Hong Leong MortgagePlus?

    Cost savings on interest - With the concept in (3) and as illustrated in (4) above, whenever you deposit or save into your current account, your loan interest will be reduced.

    Ability to pay-off loan faster - With lower interest cost payable, the loan tenure will be shorten, thus allowing you to own your home sooner.

    Flexibility - Make extra payments and withdraw from your current account without having to apply or worry on unnecessary charges or penalties.

    Accessibility - Easy access to funds in your current account via branch, cheque book, ATM and internet banking

    Convenience - Manage all your banking transactional needs and at the same time optimize on interest savings when you consolidate your funds into one account

  7. Other than the cost savings on interest, how else do I benefit from HL MortgagePlus? Will the loan tenure be affected?

    When you pay less interest for an installment, more of your loan principal will be paid off.This will result in your loan tenure shorten.

  8. Will it be more beneficial to leave my savings in FD to earn interest or transfer the amount to MortgagePlus current account?

    With HL MortgagePlus loan, you'll be savings on higher rate if the rate chargeable on loan is higher than FD rates.

    Please see illustration* below:-

    • Traditional housing loan

    Housing loan RM500,000 x 6.75% p.a. = RM 33,750
    Fixed deposit RM 80,000 x 3.70% p.a. = RM 2,960

    Net annual interest payable = RM30,790

    • HL MortgagePlus

    MortgagePlus account RM500,000
    Current account bal account RM 80,000

    Integrated bal for
    Interest computation RM420,000
    Net annual interest payable = RM420,000 x 6.75%
    = RM28,350

    Difference (annual interest payable) =
    RM 30,790 - RM28,350 = RM2,440

    (*Note: Above workings are for illustration purpose only.Workings are built on simple assumption of loan amt of RM500,000 calculated at loan rate of 6.75% while FD rate is on 3.70%)

  9. Who is eligible to apply for HL MortgagePlus?

    • An individual
    • Age 18 years and above
    • Income requirements: 3 times monthly repayment
    • Minimum loan amount of RM100,000
  10. What about sole-proprietor, partnership & corporates? Can these entities apply for HL MortgagePlus?

    No, as HL MortgagePlus applies to individuals only.

  11. Will I be assigned with two different account numbers and how do I repay the loan?

    Yes.You will be assigned with two different account reference.One for your MortgagePlus loan and the other for your MortgagePlus current account.

    For repayment of loan, you have to sign up Standing Instructions on your current account to automate the transfer of interest / installment / maintenance fee from you current account to your loan account.

  12. What is my initial opening amount for the current account?

    Initial amount for opening of account is RM500.

  13. Will I be given a cheque book for the current account?

    Yes, you will be given a cheque book.

  14. Can I use my existing current account for HL MortgagePlus?

    Yes, provided the current account is a non-interest bearing type with no existing facility.It can be converted to MortgagePlus current account type.

  15. If I have spare cash deposited in my Savings or FD, will the amount be taken in for purpose of daily interest computation?

    No, the link is only to the designated MortgagePlus current account.

  16. Do I have to withdraw and transfer the Savings / FD amount into my MortgagePlus current account to enjoy savings on my loan interest if I want to?

    Yes, if you want to maximize on interest savings.

  17. When do I need to open the HL MortgagePlus current account?

    Upon acceptance of Letter of Offer.

  18. How do I repay my loan? What mode?

    With the Standing Instruction which you have signed up on your current account, your repayment will be automated so long as you continue to maintain sufficient funds in your current account.However, if you have insufficient funds in your current account and depending on situations, you may be advised by HLB to pay directly into your MortgagePlus loan account.

    Other hassle free payment with:

    Alternative payment methods are:

    • ATM transfer to your loan account
    • Bank in to your loan account via Cash Deposit Machine
    • Cheque deposit at the Cheque Deposit Machine*
    • Make your payment at the nearest branch*

    * Important: From 2 Jan 2015, RM0.50 processing fee will be charged per cheque issued
  19. What is the minimum loan amount allowed for HL MortgagePlus?

    RM100, 000.
  20. Does HL MortgagePlus apply to construction or completed or BOTH types of property financing?

    Applicable to construction or completed residential and non-residential properties.

  21. What type of Statements will I be receiving?

    Two different statements i.e. Monthly statement on MortgagePlus Current account and Half-yearly loan statement for MortgagePlus loan account.

  22. Can I switch my housing loan account from another bank to HLB?

    Yes.
  23. If I have an existing housing loan (not HL MortgagePlus), can I apply for a HL MortgagePlus for my next purchase of property?

    Yes, you may, provided your financing terms meet HLB's criteria.

  24. Where can I apply for HL MortgagePlus, if I am interested?

    You may visit the nearest Hong Leong Bank branches or call our Call Centre to speak to our Customer Relationship Officer at 1-800-38-8888.Alternatively, you may apply on-line through www.hlb.com.my.

  25. What are the documents to sign?

    As per current practise i.e. application form, Letter of Offer, Facility Agreeement & etc.

  26. Can I take up MortgagePlus to finance purchase for bungalow land or land?

    No.
  27. Is the MortgagePlus current account subject to DCHEQS guidelines?

    Yes, the customer's current account will be closed if he / she incur 3X bad cheque offence.

  28. What happens when MortgagePlus current account is closed due to reason stated in Q.27?

    Upon closure of account, customers will not enjoy the benefits on integration of balances as stated in Q3 above.

  29. What are the other "PLUS POINTS" on HL MortgagePlus?

    HL MortgagePlus provides:-

    • Savings
    • Flexibility
    • Attractive Rates
    • Convenience

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