Flexible home loans

Flexible home loans
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Now that you have found the perfect housing estate to buy your home, shopping for a home loan will be the next task.
UNITED Overseas Bank (M) Bhd’s current home loan package deals are the UOB Flexi Mortgage Home Loan and the UOB iNTELLIGENT Home Loan.

Both offer up to 95% financing (inclusive of Mortgage Reducing Term Assurance), making that house you have been eyeing much more affordable.

The UOB Flexi Mortgage Home Loan is designed to help you save on interest and own your house sooner.

It works by letting you pay more to reduce your outstanding balance, which leads to less interest and a shorter loan tenure. Or, you can opt to service just the interest and pay the principal amount whenever you desire. In short, you have the flexibility to decide how much you want to save.

A unique feature of the UOB Flexi Mortgage Home Loan lies in the automatic conversion of your housing loan facility to an overdraft line once the outstanding balance reaches 70% of your property value. This means you get to enjoy an overdraft facility at term loan interest rate, which is lower.

As for the UOB iNTELLIGENT Home Loan package, it is structured to grow with your changing needs.

With the prepayment option, you have the choice to prepay an additional amount on top of your regular instalment, whether it is on a monthly, fortnightly, weekly or daily basis. By doing so, you effectively shorten your loan term and save on daily rest interest. So the more you pay, the more you save on interest.

Another interesting feature of both loan package deals is the flexibility of withdrawing your prepaid amount at any time you wish, which allows you access to extra cash for renovations or other needs.

Plus, UOB allows a longer loan period of up to 40 years or until the borrower reaches the age of 70, whichever is earlier. Thus, customers have the flexibility in deciding their loan tenure and ultimately the affordability of their home – stretch the tenure longer to enjoy lower instalments, or opt for higher instalments for a shorter tenure.

On top of that, there is no "moving cost" or processing fees such as stamp duty and legal fees to be charged.