ING Home Loan FAQ
Below are some of the frequently asked question regarding ING Home Loan, please do not hesitate to contact us
for any other questions which was not listed in ING Home Loan FAQ:
ING Fixed Rate Home Loan Products and Features
Q : What is the ING Fixed Rate Home Loan all about?
A : It is an easier financial solution with ING. The hassle-free fixed rate home loan is truly fixed for the whole duration of the
loan.
Q : What do you mean by Fixed Rate?
A : : It means that the interest rate on the home loan will not change over the duration of the loan.
Q : What interest rate is applicable?
A : The interest rate is dependent on the type of property, location, construction risk and whether fees are borne by the customer. For latest
offer, please contact us for more details.
Q : What are the key benefit(s) of ING Fixed Rate Home Loan?
A : You may enjoy the following key benefit(s) when you own a Fixed Rate Home Loan
Flexibility
# Pay more whenever you want to; notice not required
# No penalty for early settlement (not including refinancing)
Peace of Mind
# No need to worry about rising interest rates
# Enjoy monthly repayments that stay constant
# Your home loan payments end the day they are supposed to, not a day more
# Save even more on interest (based on Daily Rest calculation)
Shelter For Life
# Protect your family from the burden of repaying your loan should something happen to you
General Information
Q : Is ING Fixed Rate Home Loan a special "package" for agents / policyholders?
A : No. It is available to all who are eligible. The applicant need not be a policyholder/agent to qualify.
Q : Is there a minimum loan amount (RM)? Please clarify.
A : Minimum loan amount (RM) for each application is currently RM100,000. The minimum open market value of the property to be financed must be at
least RM125,000.
Q : What is the margin of finance?
A :
Completed & Under construction
Landed properties ie.terrace house, bungalows, etc. Up to 90%* (completed) Up to 90%* (under construction)
Non landed properties ie. Condos, apartments, etc. Up to 90%* (completed) Up to 80%* (under construction)
* Subject to fulfilment of credit underwriting guidelines
Q : How many years can I borrow?
A : You can take a maximum of 30 years or up to age 65, whichever is earlier. If there is more than one applicant, the average age of the
applicants servicing the loan will be taken for consideration.
Q : What is the installment like?
A : It is dependent upon the loan amount, loan tenure and interest rate. Use our Home Loan calculator to help you and get an indication on the
minimum repayments before you decide to proceed.
Q : What type of property must I have? Is it applicable for uncompleted properties?
A : We are able to finance all types of residential properties subject to the project location and developer profile. The property may be
completed or even under construction (as per ING's project list). Please contact us for more details.
Q : I am interested in a property that is outside the Klang Valley/Selangor. Is it eligible under ING
Home Loan?
A : Yes, ING Fixed Rate Home Loan will finance residential properties in Klang Valley and all major towns in Malaysia including Ipoh, Penang,
Seremban, Malacca, Johor Bahru, Kuching and Kota Kinabalu.
Q : Do I need to purchase any insurance?
A : As part of the loan requirement, you are required to take up either an ING's Group Mortgage Decreasing Term Assurance (MDTA) or an ING Life
policy that matches the loan amount. In addition, the property should be protected by ING's Houseowners Insurance.
Q : Can I finance my MRTA?
A : Yes, you may include the MRTA premium amount as part of the total package subject to the maximum margin of financing.
Q : Can I finance my shop lot?
A : ING Mortgage is not open for commercial loan submission at the moment. However, financing of commercial properties will be available soon,
please contact us for more details.
Q : Is there any lock in period for ING Fixed Rate Home Loan?
A : Yes, the lock in period for ING Fixed Rate Home Loan is 5 years. However, there will be no penalty if you fully settle the loan by own cash,
EPF or due to sale of property.
Q : What is Mortgage Reducing Term Assurance (MRTA)?
A : The ING Mortgage Reducing Term Assurance (MRTA) is a policy that pays off the outstanding principal loan in the unfortunate event of death or
total permanent disability. The policy would protect your family from the burden of repaying your loan should something happen to you. MRTA is a
single premium policy and the premium is payable prior to the loan released.
Q : What is the premium for the MRTA?
A : It is dependent upon the loan amount, loan tenure, construction period and interest rate, age and health condition of the
applicant(s).
Q : Tell me more about the life policy.
A : You may take up ING's life or term policy that covers death and total permanent disability. The policy must be absolutely assigned to ING and
at least match the loan amount, loan term and construction period.
Q : What is Fire insurance policy?
A : ING Fire insurance Policy protects your home from fire and other perils. You may also choose to insure the household contents under our
Householder's Insurance available at competitive rates.
Q : Do you require a valuation report for my property?
A : A valuation report is required if you have bought a completed property. The Valuer will be appointed from the list of panel Valuers by
ING.
Q : Why is it necessary to have a valuation report for my property?
A : The valuation report is necessary to help ascertain that the Open Market Value of the said property is not less than the loan
amount.
Q : Who will bear the cost for the valuation report?
A : The valuation fee for this service depends on the value of your property and it will be borne by you. ING will only bear the fee if a Zero
Entry Cost package is selected. Please refer to Fee Quotes schedule.
Application Information
Q : How do I qualify?
A : As a general guide, the installment amount must be within 50% of your monthly income, not a bankrupt or currently sued by any other
party.
Q : What documents do I need to submit together with my application?
A : To ensure fast approval, please submit the following documents:
For salaried employee
# Copy of NRIC (both sides on one page)
# Latest 1 year income tax form BE, EA and EPF statement
# Latest 3 months salary slips and/or 6 months commission statement and 3 months personal bank account statement
# Sale & Purchase Agreement/deposit receipt
# Copy of property title (for completed properties)
For self employed
# Copy of NRIC (both sides on one page)
# Latest 6 months personal and company bank account statement
# Copy of property title (for completed properties)
# Form 24 & 49 and company registration form
# Latest 2 years audited account
# Latest 1 year income tax form B
Q : How do I know my home loan application had been approved by ING?
A : Upon acceptance of the loan application, you will receive a letter of offer and the bank? lawyer will prepare the necessary loan
documentation for disbursement of loan.
Q : What is included in loan documentation fee under Zero Entry Cost package?
A : For Zero Entry Cost package, the loan documentation fee shall include professional fees, stamp duty (for loan document), disbursement,
discharge of charge (for refinancing cases) as well as valuation report fee.
Q : How much is the loan processing fee?
A : This is waived for all loan applications.
Q : What about legal fees?
A : You have a choice of paying all legal fees and charges incurred for the loan documentation or allowing ING to pay. Should ING bear the legal
fees and charges incurred for the loan documentation including the valuation report fee, the Zero Entry Cost package would be
applicable.
Q : Can I appoint my own lawyers to attend to the loan documentation?
A : The lawyers must be those within the ING Mortgage Division's panel of lawyers to handle the loan documentation. You may appoint your own
lawyers but the legal firm is subject to ING's approval.
Q : How much would be the loan documentation fee?
A : The lawyer will advise you accordingly with regards to legal fees and other charges imposed by the respective government authorities.
Specifically, the charges are professional fees, land search fees, valuation fees and stamp duties, which will be incurred in the course of
preparing the loan agreement. Please refer to Fee Quotes schedule.
Q : How long would it take to complete the loan documentation?
A : The time taken to complete the loan agreement will be between three to six months, depending on the type of property that you have purchased.
Your lawyer will notify you to sign and execute the agreement once it is ready.
Managing your home loan
Q : Can I remit my monthly installment via online if I own the ING Fixed Rate Home Loan?
A : Yes, You can make your monthly installment via Maybank2u.com or visit any of our ING nationwide Service Centre to make your
payment.
Q : Can I sign up auto debit to deduct my monthly installment?
A : Yes, You can sign up auto debit to deduct your monthly installment via Public Bank or Malayan Banking Bhd.
Q : How long would it take for the bank to approve my auto debit application?
A : The banks will take approximately one (1) month to process the application. Therefore, you are required to remit your monthly installment
first until you receive a confirmation letter from ING Mortgage advising you the bank auto debit commencement date.
Q : Can I make prepayment on top of my monthly installment if I own the ING Fixed Rate Home
Loan?
A : Yes, you can make extra payments (anytime & no early notice required) when you have additional cash like year end bonus, salary increment
or investment? profit; to save you more from interest costs, which is daily-rest (more savings on interest compared to monthly rest interest rate
calculation).
Q : What happens if I am having difficulties in meeting my home loan monthly installment?
A : If you have any difficulties meeting your repayments, please contact us and we will help you and discuss with you regarding your
circumstances and options available.
Refinancing
Q : What is refinancing? Could you please explain in a nutshell the meaning of refinancing and what it entails.
A : Generally, Malaysians refer to ?efinancing?as fully repaying their existing loan with funds from another loan secured by the same property as
the first loan.
Q : How does refinancing work?
A : You have an existing housing loan with another financial institution. We are able to extend a loan of up to 90% based on the property's open
market value to you. Firstly, to settle all outstanding amount with the said financial institution, and thereafter, the balance (if any) will be
given to you for renovation, children's education, family holiday, etc.
Q : Why and when should I refinance?
A : You should only consider refinancing upon exploring with your existing financier on your home loan needs. Refinancing can be considered if
you are looking to meet the following objectives:
# to reduce monthly home instalment
# to reduce interest rate or cost of borrowing
# to change the term to maturity or extending the repayment period
# to reduce risk (eg. refinancing from a floating rate to fixed rate home loan)
# to raise additional fund which can be used for various reasons ie. pay off borrowing bearing higher interest rate, pay off short term
debt, etc
# to improve overall cash flow budgeting
Q : What are the prons and cons if I refinance my home loan?
A :
Pros
You may receive more favourable loan terms and conditions in terms of. interest rates, prepayment conditions, etc, as compared to your first
loan.
Cons
You may need to incur additional costs to perfect the loan agreement and to settle the stamp duty. If these costs are already covered by the
financier, the loan will usually be imposed with a higher interest rate. Additionally, fresh terms may also be imposed in a refinancing
arrangement for example lock in period will start all over again. Additionally, fresh terms may also be imposed in a refinancing arrangement for
example lock in period will start all over again.
Q : What should I look out for when refinancing my home loan? (e.g. interest rates, loan periods, etc)
What are the terms and conditions that I should be aware of before opting to refinance/while choosing a home loan?
A : You should be aware of the cost that you will need to incur to complete the whole refinancing process. This includes any fees or penalties
that your existing financier may impose upon exiting from your current loan contract. In addition, a responsible financial institution that
offers professional advice and excellent customer service is also a key consideration because you and your existing financier will be
establishing and engaging in a long term relationship for the whole duration of your loan tenure.
Q : When is a good time for me to refinance my home loan?
A : You can refinance anytime as long as you have a valid reason to do so. However before you do so, you must ensure your needs are matched
accordingly with the new home loan offer and ensure the up front, ongoing and refinancing cost is properly calculated.
Q : What are the steps to take when I refinance my home loan?
A :
(a) Know what you want
Do a basic financial plan for yourself. Some of the elements that are important to include in this financial plan are the exact time period you
want to complete paying off your housing loan. In addition, be certain how much interest will be incurred for the entire duration of the
loan.
(b) Product search and product suitability
Know the different types of home loans available in the market. Some home loans are based on fixed interest rate while some are based on floating
interest rate. Understand how each type can help you achieve your financial plan. It is good to know to what extend of certainty each type of
home loan help you achieve your financial plan.
(c) Loan application
Submit your housing loan application for the financier to assess.
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