Land & General Bhd (L&G) has launched the 'HELLO' campaign in collaboration with Affin Bank Bhd to provide homebuyers with a financing solution that allows them to own their dream home with lower monthly instalments the first five years.
The campaign, powered by Affin's Home Step Fast/-i mortgage product launched in 2021, offers marginal financing of up to 90 per cent plus five per cent for L&G's current projects, including Astoria Ampang, Damansara Seresta, and SenaParc.
The three projects' combined gross development value (GDV) is more than RM1.5 billion.
L&G's managing director Low Gay Teck said the financing solution offered by Affin Bank compliments the projects as the properties range from RM500,000 to RM1 million.
"I believe this financing product is very innovative, and it's very helpful to first-time homebuyers. Products like this, where the bank offers to eligible customers to pay interest only for the first five years, are currently practised in many countries. We take the lead to promote this kind of product in Malaysia," he said at the launch today.
Damansara Seresta in Bandar Sri Damansara has 452 condominium units spread across two towers, ranging from 1,291 sq ft to 3,165 sq ft. The project is 60 per cent sold and is scheduled to be completed by the end of the year.
Astoria Ampang, located on Jalan Ampang in Kuala Lumpur, comprises four 46-story blocks that house a total of 1,012 serviced apartments. The built-up areas range from 560 to 1,505 square feet. The project was completed in 2020 with a 90 per cent take-up rate.
Sena Parc is a township in Negeri Sembilan's Senawang. The first phase consists of 533 double-storey terraced houses and super linked homes, with 90 per cent of them already sold. The second phase includes terraced houses, and 40 per cent has been taken up since its soft-launched a few weeks ago.
According to Affin Bank's mortgage business managing director Jessie Wong, homebuyers can save on advance payments with the financing options.
Wong said that this product is appropriate for people with limited cash flow when purchasing a new home.
This kind of loan structure is suitable for those thinking of buying a bigger property, upgrading their existing property, and for investment purposes, she said.
Wong said the financing solution is applicable for both completed and under-construction residential properties priced at RM200,000 and above.
According to her, the bank is also targeting properties priced at RM500,000.