L&G and Affin launch easy home ownership campaign

TheEdge Mon, Apr 25, 2022 01:32pm - 3 weeks View Original


KUALA LUMPUR (April 25): Land & General Bhd (L&G) on Monday (April 25) launched an easy home ownership campaign with Affin Bank Bhd for its ongoing projects, namely Astoria Ampang in Jalan Ampang and Damansara Seresta in Bandar Sri Damansara, Kuala Lumpur, as well as Sena Parc in Senawang, Negeri Sembilan.

At Monday's signing ceremony between L&G and Affin Bank, Astoria Ampang, Damansara Seresta and Sena Parc are the latest participating projects of Affin Bank’s Home Step Fast/-i mortgage product.

Launched in 2021, Home Step Fast/-i is an innovative mortgage product that helps homebuyers own their dream house with lower monthly instalment for the first five years. Some of the special features of the product include margin of finance up to 90% + 5% (MRTA/CLTA/CRTA, legal and documentation cost, stamping and valuation fee); loan/financing tenure up to 30 years or age of 70; and no lock-in period or early settlement fee. The product is applicable to both completed and under-construction participating residential properties.

“With this mortgage product, purchasers are able to enjoy savings on advance payment because they only need to pay the bank interest in the first five years from vacant possession. The principal payment only kicks in from the sixth year onward. It is suitable for upgraders or homebuyers who have tight cash flow at the moment,” said Affin Bank managing director of mortgage business Jessie Wong during the signing ceremony held on Monday in Damansara Seresta sales gallery in Bandar Sri Damansara, Kuala Lumpur.

Damansara Seresta offers 452 freehold condominium units spread over two towers. There are six unit layouts with built-up size ranging from 1,291 sq ft to 3,165 sq ft. The project is 60% sold and slated for completion by the end of this year.

Astoria Ampang comprises four 46-storey blocks that house a total of 1,012 units of leasehold serviced apartments. The built-up sizes range from 560 sq ft to 1,505 sq ft. The project is completed and handed over in 2020 with 90% take-up rate.

Meanwhile, Sena Parc is a township development located in Senawang, Negeri Sembilan. The first phase, which consists of 533 double-storey terraced houses and super linked houses, was handed over to buyers in 2020. Some 90% of the units were taken up. The second phase, which consists of terraced houses, was soft launched a few weeks ago and has a 40% take-up so far.  

“Home Step Fast/-i is a product that is suitable for our ongoing projects, which [are] priced between RM500,000 to RM1 million. With the step-up financing feature, homebuyers who have tight cash flow now are given five years from the day of the project VP (vacant possession) to slowly build up their financial capability. It is a good product to make homeownership easier, I believe with this financing scheme, it will push up our projects’ sales further,” said L&G managing director Low Gay Teck in his welcome speech.

Also at the signing ceremony were Affin Bank director of mortgage sales head Edward Cheah, director and head of strategic alliance of mortgage business Kelvin Chin, vice president of product development of mortgage business Jordan Ng, as well as L&G head of sales and marketing Stanley Chew.

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