mortgage.level term
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Fixed Rate.HOME LOAN
Frequently Asked Questions
Peace of mindzero entry package & non zero entry package
Q : Is ING fixed rate Home Loan a special "package" for agents / policyholders?
Fixed rate Home Loan : No. It is available to all who are eligible. The applicant need not be a policyholder/agent to qualify.
Q : What is the ING fixed rate Home Loan all about?
Fixed rate Home Loan : It is a fixed Rate Housing Loan provided by ING Insurance Berhad. The interest rate is truly fixed for the whole duration of the loan.
Q : How can I benefit from it?
Fixed rate Home Loan : ING Fixed rate Home Loancan be used to part finance purchase of a completed or under construction residential property. You can also use ING Fixed rate Home Loanto refinance your existing housing loan from any financial institution.
Q : What margin of finance is available?
Fixed rate Home Loan :
Completed Under construction
Landed properties ie.terrace house, bungalows, etc. Up to 90% * Up to 90% *
Non landed properties ie. Condominiums, apartments, etc. Up to 90% * Up to 80% *
* Subject to fulfilment of credit underwriting guidelines
Q : How does refinancing work?
Fixed rate Home Loan : You have an existing housing loan with another financial institution. We are able to extend a loan of up to 90% of the property's open market value to firstly, 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, etc.
Q : What type of property must I have? Is it applicable for uncompleted properties?
Fixed rate Home Loan : We are able to finance all types of residential properties. The property may be completed or even under construction (as per ING’s list). Please call +6012 233 8369 for details of the under construction list.
Q : I am interested in a property that is outside the Klang Valley/Selangor. Is it eligible under ING Home Loan?
Fixed rate Home Loan : ING Fixed rate Home Loanis able to finance residential properties in selected locations in Malaysia. It is preferred that these properties are in selected areas of Klang Valley, Ipoh, Penang, Seremban, Malacca, Johor Bahru, Kuching and Kota Kinabalu.
Q : What interest rate is applicable?
Fixed rate Home Loan : The interest rate can be as low as 5.75% per annum, depending on the type of property, location, construction risk and whether fees are borne by the customer. Please call +6012 233 8369 for the latest interest rate.
Q : How do I qualify?
Fixed rate Home Loan : The general guideline is the installment must be within 50% of your monthly income.
Q : What is the installment like?
Fixed rate Home Loan : It is dependent upon the loan amount, loan tenure and interest rates.
Q : What do you mean by fixed rate?
Fixed rate Home Loan : It means that the interest rate charged on your loan will not change over the duration of the loan.
Q : How many years can I borrow?
Fixed rate Home Loan : As long as 30 years or up to age 65 on loan maturity whichever is earlier. The average age of the applicants servicing the loan is taken for applications with more than one applicant.
Q : Do I need to purchase any insurance?
Fixed rate Home Loan : As part of the loan requirement, the applicant will have to purchase ING's Group Mortgage Decreasing Term Assurance (MDTA) or the ING Life policy that matches the loan. In addition, the property must be protected by ING's Houseowners Insurance.
Q : How much is the loan processing fee?
Fixed rate Home Loan : This is waived for all loan applications.
Q : What are these two insurances?
Fixed rate Home Loan : The ING Group Mortgage Decreasing Term Assurance (MDTA) is a policy that pays off the outstanding principal loan in the unfortunate event of death or total permanent disability. This policy ensures your family will not be left to shoulder the burden of servicing the loan repayments. You only pay the premium once before the loan is released.
Our Houseowner 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 : What is the premium for the MDTA?
Fixed rate Home Loan : 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.
Fixed rate Home Loan : You may take up ING's life or term policy that covers death and total permanent disability. The policy must be absolutely assigned to us and at least match the loan amount, loan term and construction period.
Q : What about prepayment?
Fixed rate Home Loan : Prepayment in part or in whole is permitted at any time during the duration of the loan. However prepayment in whole (full settlement) as a result of refinancing before the first five years from the first disbursement of the loan is subject to a penalty of 0.35% per annum on the amount prepaid and the remaining loan term. Thereafter, no penalty is charged. Refinancing is an act of transferring your loan out of ING to another institution.
Q : Will I receive any rebate should I prepay?
Fixed rate Home Loan : There is no physical refund as "rebate" is given to the borrower in the form of reduced interest costs. After the required notice given, interest on the loan will be recalculated on the following month based on the reduced loan balance, which translates to a shorter loan period since monthly loan installments remain the same after prepayment.
Q : What about legal fees?
Fixed rate Home Loan : The applicant has 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 as well as the valuation report fee, an additional 0.4% per annum is added to the prevailing interest rate.
Q : Can I appoint my own lawyers?
Fixed rate Home Loan : The lawyers must be those within the Mortgage Division's panel of lawyers to handle the loan documentation. There is no restriction on the lawyers for the sale & purchase agreement.
Q : Is there a minimum loan sum? Please clarify.
Fixed rate Home Loan : Minimum loan sum for each application is currently RM100,000. The minimum open market value of the property to be financed must be at least RM125,000.
