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HSBC Ideal Home Plan

  • icon Interest Rate
    Interest Rate
  • icon New Base Rate
    New Base Rate
    2.39 %
  • icon Loan Type
    Loan Type
    Flexi Loan
  • icon Lock in Period
    Lock in Period
    None

icon New Base Rate Home Loan Calculator

RM
year(s)
Interest Rate
You Pay
RM /mth

What's so great about HSBC Ideal Home Plan?

  • Flexible Home Loan package

  • Transactional flexibility of a Current Account

icon Eligibility

Loan Tenure: Up to 35 Years
Margin of Finance: 90%
Suitable for: Completed homes, under-construction properties

Review by iMoney

  • HSBC offers two home financing packages for different individual investment needs The basic Ideal Home Plan is especially suited to first time home buyers of a property worth up to RM100,000 in Peninsular Malaysia or RM120,000 in East Malaysia and comes with regular systematic repayments. The Ideal Home Plan package is not available for refinancing. You can pay back your HSBC home loan via ATM or online transfer. Acquire an insurance policy is essential when you sign up for any HSBC home loan. This will protect you from any unexpected events. Therefore, standard fire insurance and MRTA would be highly recommended when you take up HSBC home loan.

    With the Home Smart package HSBC also features a more flexible home loan product that allows you to deposit any extra cash as well as withdraw extra payments whenever you need. Via this HSBC home loan product, you can pay more than your instalments in order to reduce your total tenure and relatively reduce interest payment. You may also opt for the HSBC HomeSmart with Step-Up feature that starts with lower initial monthly instalments and gradually rise to match your income.

    Similar to its counterpart, this HSBC home loan allows you to pay for your monthly instalments through several channels such as online transfer or ATM. It is always highly recommended that you take up fire insurance and the MRTA/MRTT alongside with HSBC home loan products. HSBC Home Loan products have a 5-year lock in period, which is amongst an average lock-in period when compared to other banks’ home loan products.

    In case of an early full redemption you can expect to pay up to 5% on your outstanding loan amount as a penalty fee. On the other hand, you will be charged by 1% p.a. for late penalty fee. Thus, comprehensive financial planning and self-discipline are imperative if you have decided to take up HSBC home loan. The features of HSBC home loan packages include a margin of financing of up to 90% and a loan tenure of up to 35 years (in accordance to the latest ruling by Bank Negara Malaysia) or until the borrower reaches the age of 65, whichever is earlier. With both HSBC home loan packages you can get Takaful Products for complete home and personal protection.

  • HSBC offers two different home loan products with distinctive features, the basic Home Plan and the flexible Home Smart package. The table below summarises the key features of both packages.

    Product Key Features Is this a flexi package?
    Ideal Home Plan
    • Regular, systematic repayments
    • No monthly fee and set-up cost
    • Interest is calculated monthly
    No
    Home Smart
    • Flexible features to let you rearrange life's priorities anytime
    • Daily interest calculation
    • Easy withdrawal of excess payments
    Yes
  • Flexi home packages allow borrowers to make extra repayments every month in order to reduce their monthly interest charges. These packages come with requirements, fees and conditions that should be considered alongside their benefits.

     Home Smart
    Flexi type Full-flexi
    Is a linked bank account required? No
    Account Maintenance Fees RM10 per month
    Redrawal Fees No
  • Borrowers must be aged 18 and above.

  • If you have applied for an HSBC Home Loan, you will be asked to provide some supporting documents in order for the bank to process your application. These documents are listed below:

    • Application Form
    • NRIC / Identity Card
    • Copy of Sales and Purchase or Booking Receipt or Letter of Offer from Developer
    • Copy of Individual Title Deed
    • Property Valuation Report (for completed properties)
    • Latest 3 consecutive months of salary slips / vouchers
    • Latest 6 consecutive months of commission statement
    • Latest EPF statements (with 3 consecutive months or more transaction history)
    • Latest EA form
    • Latest 6 months Bank Statement
    • Letter of Confirmation of Employment and Remuneration
  • You can use the HSBC home loan calculator to calculate your monthly repayments, based on your desired property value and loan amount. Once you are ready to apply, you can make a free enquiry through iMoney, and we will call you back. Applying for a home loan with iMoney is absolutely free of charge. If you are not sure whether this home loan by HSBC is your best option, click here to compare other home loans in Malaysia.

  • HSBC has a big network of branches in Malaysia which makes it very convenient to make repayments. The following methods can be used for repaying HSBC home loans.

    Online Transfer
    : Transfer funds from your HSBC Savings or Checking accounts to make your payments online

    MEPS
    : Pay your loans at any of the MEPS ATMs (over 5,000) nationwide

    Interbank GIRO
    : Pay your loans through the Interbank GIRO fund transfer at the participating bank's branch or through online banking

    Standing Instruction Facility
    : Automatic deduction from your bank account every month

    HSBC ATMs
    : Transfer funds from your HSBC Savings or Checking accounts to make your payment at all HSBC branches

    Express Payment machine
    : Make a check or cash deposit at HSBC branches

    Payment by mail
    : Mail to HSBC with your check and statement enclosed in an envelope

    Phone Banking
    : Issue instructions to have your bank account deducted to pay for your home loan with your T-PIN