ING Home Loan
FAQ
Below are some of the frequently
asked question regarding ING Home Loan, please do not hesitate to
contact us for any other questions which was not listed in ING Home
Loan FAQ:
ING Fixed Rate Home Loan
Products and Features
Q : What is the ING Fixed Rate Home Loan all
about?
A : It is an easier financial solution with ING. The hassle-free
fixed rate home loan is truly fixed for the whole duration of the
loan.
Q : What do you mean by
Fixed Rate?
A : : It means that the interest rate on the home loan will not
change over the duration of the loan.
Q : What interest rate is
applicable?
A : The interest rate is dependent on the type of property,
location, construction risk and whether fees are borne by the
customer. For latest offer, please contact us for more details.
Q : What are the key
benefit(s) of ING Fixed Rate Home Loan?
A : You may enjoy the following key benefit(s) when you own a Fixed
Rate Home Loan
Flexibility
# Pay more whenever you want to; notice not required
# No penalty for early settlement (not including
refinancing)
Peace of Mind
# No need to worry about rising interest rates
# Enjoy monthly repayments that stay constant
# Your home loan payments end the day they are supposed to,
not a day more
# Save even more on interest (based on Daily Rest
calculation)
Shelter For Life
# Protect your family from the burden of repaying your loan
should something happen to you
General Information
Q : Is ING Fixed Rate Home Loan a special "package" for
agents / policyholders?
A : No. It is available to all who are eligible. The applicant need
not be a policyholder/agent to qualify.
Q : Is there a minimum
loan amount (RM)? Please clarify.
A : Minimum loan amount (RM) for each application is currently
RM100,000. The minimum open market value of the property to be
financed must be at least RM125,000.
Q : What is the margin of finance?
A :
Completed & Under construction
Landed properties ie.terrace house, bungalows, etc. Up to 90%*
(completed) Up to 90%* (under construction)
Non landed properties ie. Condos, apartments, etc. Up to 90%*
(completed) Up to 80%* (under construction)
* Subject to fulfilment of credit underwriting
guidelines
Q : How many years can I
borrow?
A : You can take a maximum of 30 years or up to age 65, whichever
is earlier. If there is more than one applicant, the average age of
the applicants servicing the loan will be taken for
consideration.
Q : What is the
installment like?
A : It is dependent upon the loan amount, loan tenure and interest
rate. Use our Home Loan calculator to help you and get an
indication on the minimum repayments before you decide to
proceed.
Q : What type of property
must I have? Is it applicable for uncompleted
properties?
A : We are able to finance all types of residential properties
subject to the project location and developer profile. The property
may be completed or even under construction (as per ING's
project list). Please contact us for more details.
Q : I am interested in a
property that is outside the Klang Valley/Selangor. Is it eligible
under ING Home Loan?
A : Yes, ING Fixed Rate Home Loan will finance residential
properties in Klang Valley and all major towns in Malaysia
including Ipoh, Penang, Seremban, Malacca, Johor Bahru, Kuching and
Kota Kinabalu.
Q : Do I need to purchase
any insurance?
A : As part of the loan requirement, you are required to take up
either an ING's Group Mortgage Decreasing Term Assurance (MDTA) or
an ING Life policy that matches the loan amount. In addition, the
property should be protected by ING's Houseowners
Insurance.
Q : Can I finance my
MRTA?
A : Yes, you may include the MRTA premium amount as part of the
total package subject to the maximum margin of
financing.
Q : Can I finance my shop
lot?
A : ING Mortgage is not open for commercial loan submission at the
moment. However, financing of commercial properties will be
available soon, please contact us for more details.
Q : Is there any lock in
period for ING Fixed Rate Home Loan?
A : Yes, the lock in period for ING Fixed Rate Home Loan is 5
years. However, there will be no penalty if you fully settle the
loan by own cash, EPF or due to sale of property.
Q : What is Mortgage
Reducing Term Assurance (MRTA)?
A : The ING Mortgage Reducing Term Assurance (MRTA) is a policy
that pays off the outstanding principal loan in the unfortunate
event of death or total permanent disability. The policy would
protect your family from the burden of repaying your loan should
something happen to you. MRTA is a single premium policy and the
premium is payable prior to the loan released.
Q : What is the premium
for the MRTA?
A : It is dependent upon the loan amount, loan tenure, construction
period and interest rate, age and health condition of the
applicant(s).
Q : Tell me more about
the life policy.
A : You may take up ING's life or term policy that covers death and
total permanent disability. The policy must be absolutely assigned
to ING and at least match the loan amount, loan term and
construction period.
Q : What is Fire
insurance policy?
A : ING Fire insurance Policy protects your home from fire and
other perils. You may also choose to insure the household contents
under our Householder's Insurance available at competitive
rates.
Q : Do you require a
valuation report for my property?
A : A valuation report is required if you have bought a completed
property. The Valuer will be appointed from the list of panel
Valuers by ING.
Q : Why is it necessary
to have a valuation report for my property?
A : The valuation report is necessary to help ascertain that the
Open Market Value of the said property is not less than the loan
amount.
Q : Who will bear the
cost for the valuation report?
A : The valuation fee for this service depends on the value of your
property and it will be borne by you. ING will only bear the fee if
a Zero Entry Cost package is selected. Please refer to Fee Quotes
schedule.
Application Information
Q : How do I qualify?
A : As a general guide, the installment amount must be within 50%
of your monthly income, not a bankrupt or currently sued by any
other party.
Q : What documents do I
need to submit together with my application?
A : To ensure fast approval, please submit the following
documents:
For salaried
employee
# Copy of NRIC (both sides on one page)
# Latest 1 year income tax form BE, EA and EPF statement
# Latest 3 months salary slips and/or 6 months commission
statement and 3 months personal bank account statement
# Sale & Purchase Agreement/deposit receipt
# Copy of property title (for completed properties)
For self
employed
# Copy of NRIC (both sides on one page)
# Latest 6 months personal and company bank account
statement
# Copy of property title (for completed properties)
# Form 24 & 49 and company registration form
# Latest 2 years audited account
# Latest 1 year income tax form B
Q : How do I know my home
loan application had been approved by ING?
A : Upon acceptance of the loan application, you will receive a
letter of offer and the bank? lawyer will prepare the necessary
loan documentation for disbursement of loan.
Q : What is included in
loan documentation fee under Zero Entry Cost package?
A : For Zero Entry Cost package, the loan documentation fee shall
include professional fees, stamp duty (for loan document),
disbursement, discharge of charge (for refinancing cases) as well
as valuation report fee.
Q : How much is the loan
processing fee?
A : This is waived for all loan applications.
Q : What about legal
fees?
A : You have a choice of paying all legal fees and charges incurred
for the loan documentation or allowing ING to pay. Should ING bear
the legal fees and charges incurred for the loan documentation
including the valuation report fee, the Zero Entry Cost package
would be applicable.
Q : Can I appoint my own
lawyers to attend to the loan documentation?
A : The lawyers must be those within the ING Mortgage Division's
panel of lawyers to handle the loan documentation. You may appoint
your own lawyers but the legal firm is subject to ING's
approval.
Q : How much would be the
loan documentation fee?
A : The lawyer will advise you accordingly with regards to legal
fees and other charges imposed by the respective government
authorities. Specifically, the charges are professional fees, land
search fees, valuation fees and stamp duties, which will be
incurred in the course of preparing the loan agreement. Please
refer to Fee Quotes schedule.
Q : How long would it
take to complete the loan documentation?
A : The time taken to complete the loan agreement will be between
three to six months, depending on the type of property that you
have purchased. Your lawyer will notify you to sign and execute the
agreement once it is ready.
Managing your home loan
Q : Can I remit my monthly installment via online if I own
the ING Fixed Rate Home Loan?
A : Yes, You can make your monthly installment via Maybank2u.com or
visit any of our ING nationwide Service Centre to make your
payment.
Q : Can I sign up auto
debit to deduct my monthly installment?
A : Yes, You can sign up auto debit to deduct your monthly
installment via Public Bank or Malayan Banking Bhd.
Q : How long would it
take for the bank to approve my auto debit
application?
A : The banks will take approximately one (1) month to process the
application. Therefore, you are required to remit your monthly
installment first until you receive a confirmation letter from ING
Mortgage advising you the bank auto debit commencement
date.
Q : Can I make prepayment
on top of my monthly installment if I own the ING Fixed Rate Home
Loan?
A : Yes, you can make extra payments (anytime & no early notice
required) when you have additional cash like year end bonus, salary
increment or investment? profit; to save you more from interest
costs, which is daily-rest (more savings on interest compared to
monthly rest interest rate calculation).
Q : What happens if I am
having difficulties in meeting my home loan monthly
installment?
A : If you have any difficulties meeting your repayments,
please contact us and we will help you and discuss
with you regarding your circumstances and options
available.
Refinancing
Q : What is refinancing? Could you please explain in a
nutshell the meaning of refinancing and what it
entails.
A : Generally, Malaysians refer to ?efinancing?as fully repaying
their existing loan with funds from another loan secured by the
same property as the first loan.
Q : How does refinancing
work?
A : You have an existing housing loan with another financial
institution. We are able to extend a loan of up to 90% based on the
property's open market value to you. Firstly, to settle all
outstanding amount with the said financial institution, and
thereafter, the balance (if any) will be given to you for
renovation, children's education, family holiday, etc.
Q : Why and when should I
refinance?
A : You should only consider refinancing upon exploring with your
existing financier on your home loan needs. Refinancing can be
considered if you are looking to meet the following objectives:
# to reduce monthly home instalment
# to reduce interest rate or cost of borrowing
# to change the term to maturity or extending the repayment
period
# to reduce risk (eg. refinancing from a floating rate to
fixed rate home loan)
# to raise additional fund which can be used for various
reasons ie. pay off borrowing bearing higher interest rate, pay off
short term debt, etc
# to improve overall cash flow budgeting
Q : What are the prons
and cons if I refinance my home loan?
A :
Pros
You may receive more favourable loan terms and conditions in terms
of. interest rates, prepayment conditions, etc, as compared to your
first loan.
Cons
You may need to incur additional costs to perfect the loan
agreement and to settle the stamp duty. If these costs are already
covered by the financier, the loan will usually be imposed with a
higher interest rate. Additionally, fresh terms may also be imposed
in a refinancing arrangement for example lock in period will start
all over again. Additionally, fresh terms may also be imposed in a
refinancing arrangement for example lock in period will start all
over again.
Q : What should I look
out for when refinancing my home loan? (e.g. interest rates, loan
periods, etc) What are the terms and conditions that I should be
aware of before opting to refinance/while choosing a home
loan?
A : You should be aware of the cost that you will need to incur to
complete the whole refinancing process. This includes any fees or
penalties that your existing financier may impose upon exiting from
your current loan contract. In addition, a responsible financial
institution that offers professional advice and excellent customer
service is also a key consideration because you and your existing
financier will be establishing and engaging in a long term
relationship for the whole duration of your loan tenure.
Q : When is a good time
for me to refinance my home loan?
A : You can refinance anytime as long as you have a valid reason to
do so. However before you do so, you must ensure your needs are
matched accordingly with the new home loan offer and ensure the up
front, ongoing and refinancing cost is properly
calculated.
Q : What are the steps to
take when I refinance my home loan?
A :
(a) Know what you want
Do a basic financial plan for yourself. Some of the elements that
are important to include in this financial plan are the exact time
period you want to complete paying off your housing loan. In
addition, be certain how much interest will be incurred for the
entire duration of the loan.
(b) Product search and
product suitability
Know the different types of home loans available in the market.
Some home loans are based on fixed interest rate while some are
based on floating interest rate. Understand how each type can help
you achieve your financial plan. It is good to know to what extend
of certainty each type of home loan help you achieve your financial
plan.
(c) Loan
application
Submit your housing loan application for the financier to
assess.
| 