MaxiHome, MaxiShop from Maybank

MALAYAN Banking Bhd (Maybank) (1155) has launched two new mortgage packages that will fix interest rates in the first few years of buying a house or commercial property.

This means that borrowers will not have to worry about swings in the base lending rate initially, and they can better plan their cash flows.

The new MaxiHome and MaxiShop fixed-rate packages will fix rates for the first few years, running for as long as 10 years.

"These two exclusive packages are offered from January 1 2010 to June 30 2010," Lim Hong Tat, Maybank's senior executive vice-president and head of consumer banking said in a statement.
The fixed-rate interest for the first three-year tenure for MaxiHome is 3.75 per cent, 4.85 per cent for the first five-year tenure and 5.88 per cent for the first 10-year tenure.

There are also other benefits for these packages. Among them, borrowers have the option to pay half of the original loan and defer the rest of the payment until the end of the loan period.

They could also choose to pay just the interest in the first five years or extend the repayment period to 40 years.

"The interest rate-based fixed years tenure will give them peace of mind against interest increase to provide them with better financial planning and cash flow management," Lim added.

The new Maxi Mortgages will be introduced at the iProperty.com Expo, to be held at the Mid Valley Exhibition Centre from January 1-3.

Maybank is the main sponsor and exclusive financier for the exhibition.