Home Improvement Loan Scheme (HILS)
What is HILS?
It is an additional loan facility for the sole purpose of home improvements and related expenditure.
Who Can Apply?
Application for HILS is open for existing officers from the State Government or Statutory Body whose subsidized main loan is already now with Borneo Housing Mortgage Finance Berhad.
New loan application to be subsidized by the State Government/Statutory Bodies can also apply for the HILS loan provided the house is completed with Occupancy Certificate (OC) issued.
What are the Conditions?
Loan amount of RM10,000.00 up to RM50,000.00. Home Improvement Loan to be approved + balance outstanding does not exceed 70% of the valuation of your property.
Net take home pay inclusive of HILS repayment should not be less than RM700.00 (RM800.00 for joint applicant).
Head of department/employer are agreeable to the deduction of salary.
If existing loan account is already with us, the account must not be in arrears.
If Title Deed is available, remaining leasehold must be at least more than 20 years.
Maximum repayment period of not exceeding 10 years, remaining original loan period or not exceeding the age of 55 whichever is the minimum.
Automatic Term Assurance which ensures HILS loan can be fully paid should anything happen to you:
The premium is paid annually through Borneo Housing Mortgage Finance Berhad’s insurer.
What are the Benefits?
To minimize each outlay, Borneo Housing Mortgage Finance Berhad will pay the premium upfront and the installment will be included in your repayment with us.
24 hours approval for those who qualify and meet our Terms and Condition.
What are the Rates and Fees?
For a limited period only, Borneo Housing Mortgage Finance Berhad is offering to absorb the loan processing fee, charges incurred for printed legal documents and legal fees for loan documentation.
You only need to pay stamp duties and registration fees for the loan documentation.
Interest rate currently is 8% p.a. on monthly rest. The rate is subject to change from time to time.
Monthly Repayment Scale
To include payment of interest and repayment of capital but excludes interest accumulated from release of advance to commencement of monthly repayment.
* The Company reserves the right to vary the above information, terms & conditions from time to time without assigning any reason whatsoever.