MyResidential Mortgage Loan
This is a loan for the acquisition of a house or property. This could be in variants of single family or multi-family depending on the type of housing/building. The options under residential mortgage loans are:
This is a Residential Loan that is acquired to finance the buying of a real estate/landed property which should be for residential purpose only. The house type can be for single family or a multiple family unit.
Features
Equity Contribution:
Civil Servants - 10%
Other Employees - 20%
Self Employed - 30%
Tenor:
Maximum tenor of 10 years
This is a loan acquired to finance the construction of residential real estate. It is secured by the real estate being constructed. In most cases, the Customer already owns the landed property.
Features
Equity Contribution:
Civil Servants - 10%
Other Employees - 20%
Self Employed - 30%
Tenor:
Maximum tenor of 10 years
This loan is acquired to finance the renovation or remodeling of a property. While home renovations often refer to building projects that alter the structure of an existing home, it can also include improvements to lawns, gardens and outdoor structures such as garages.
Features
Equity Contribution:
Civil Servants - 10%
Other Employees - 20%
Self Employed - 30%
Tenor: Maximum tenor of 10 years
This is the process of paying off an existing loan by taking a new loan using the same property as security. It is a loan that is acquired to replace an existing mortgage obligation.
Features
Tenor: Maximum tenor of 10 years
MyHome Equity is the process of freeing up surplus funds, which would have remained part of the dormant value of a property. It is defined as a process that allows the customer to release cash from his property as one lump sum or in installments.
Features
Tenor: Maximum tenor of 7 years
To meet temporary expense commitment with use of a line of credit secured by a residential collateral.
Features
Obligor Exposure : Based on affordability (No single obligor shall access more than 70% of FSV of collateral)
Interest rate: 25% P.A
Tenure: 1 year
Security/Collateral : Residential collateral where FSV > Value of loan + 1 year interest pyt
Repayment Structure : Monthly repayment of interest and principal
This is for existing customers who find it difficult to meet short term expenses as a result of commitments on mortgage loans. The loans does not necessarily need to have been issued by ASO ab initio.
Features
Obligor Exposure : Based on affordability: Max 33% of net monthly income
Interest rate: 30% P.A
Tenure: 1 month
Security/Collateral : Mortgage or savings customers who are required to domicile their salary or business accounts with ASO
Repayment Structure : Monthly repayment of interest and principal
