Sunway Offers Up To 88% Financing To Home Buyers
Sunway Bhd caused quite a stir when it announced that it was offering up to 88% financing to home buyers under a unique ownership campaign as the developer seeks to boost sales.
Sunway’s managing director for its property development division for Malaysia and Singapore, Sarena Cheah said under the Sunway Property Certainty Campaign, the company would offer financing from internally generated funds as an option for buyers who are unable to secure financing from banks.
Under the scheme, buyers will have the option to apply for loans with commercial banks or with Sunway.
The financing options come under three packages, which includes: guaranteed loan, deferred payment and voluntary exit plan.
The guaranteed loan is offered on a first-come, first-served basis for Sunway’s launched and on-sale projects and is subject to certain criteria.
For the deferred payment option, homebuyers will have to put down an initial down payment of as low as 3%, and pay the remaining amount after a period of 12 or 24 months.
Meanwhile, the voluntary exit plan option will allow purchasers to terminate their sale and purchase agreement if they lose their employment.
At the press conference on Wednesday, Cheah emphasised that the group was not competing with banks and it was not a gimmick. “We are just coming in to help during these uncertain times,” she said.
“We are still seeing demand for good and well-located properties in the market, but stricter lending (policies) imposed by banks meant that some buyers were unable to obtain the financing needed to complete their home purchases,” she said.
The campaign will end on 30 September this year.