HSBC Amanah HomeSmart-i

Having a home financing package that gives you the flexibility to adapt makes a big difference. Based on the principle of Diminishing Musharakah, HSBC Amanah's HomeSmart-i gives you more control in your life and the flexibility to adapt to different priorities that may arise in the future.


Features

• Freedom to make withdrawals on excess payments anytime without notice or charges.

• Banking convenience via ATM, cheque book and online banking.

• Save on lease rental rate paid and shorten your financing tenure by consolidating your deposits, including salary and savings into your HomeSmart-i account.


Refinancing

Refinance your existing conventional home loan with HomeSmart-i to possibly reduce your monthly payments, free up cash for other priorities or to enjoy greater flexibility in managing your cash flow. On top of that, you can also enjoy fee waiver on stamp duty*.


Protection for you & Your loved ones

HSBC Amanah distribute Takaful Mortgage Protector or Takaful Mortgage Protector Plus to protect you and your family from home financing burden should the unexpected happen. Complete your protection with Homeowner Takaful Scheme and enjoy peace of mind.

*This is dependent on fulfilment of certain conditions, namely the financing amount granted and its tenure, monthly income and savings and/or idle funds that can be maintained by the individual(s) in the HomeSmart-i account.


Eligibility

• Individuals aged between 18 years and 60 years

• Residents and Non-Residents


Documents Required

• A photocopy of identity card or passport

• Your latest 3 months' salary slip

• Your latest income tax return form (Form B/BE) or EA form or latest EPF statement not exceeding 12 months old

• If new salaried employees (at least 3 months in service), Letter of Appointment or Confirmation letter from employer stating salary/allowances

• Sale and Purchase Agreement / deposit or booking receipt/letter of offer from the housing developer

• A photocopy of the land title (if any)

• The latest bank statements dating back six months (compulsory in the absence of salary slips and/or EA Form) showing salary / payment credited to the account

• If you are self-employed, you need to provide your business registration documents, latest 6 months bank statements, latest financial statements and other supporting documents to support your income


Frequently Ask Questions (FAQs)


1. What is Diminishing Musharakah?

The Customer and the Bank will be in a partnership to purchase a property. The Banks share of the property will diminish over time during the tenure, while the Customers share of the property will increase at the same time as a result from the monthly payments to the bank. Ultimately, the Bank will transfer the full ownership of the property to the Customer at the end of the facility or upon early settlement by the Customer, whichever is earlier.


2. How does daily profit calculation help me own my home faster?

As profit is calculated daily, any excess amount you•ve deposited in your account be it from your salary, savings or even your bonus, the longer it is in the account, you are actually benefiting towards reducing the total payments for your home financing.


3. Who can apply for HomeSmart-i?

This product is open to all i.e residents and non-residents aged 18 and above. (Up to 35 years of financing or until age 65, whichever is earlier)


4. What are the Benefits of Refinancing?

You can refinance with HomeSmart-i from a conventional home loan and enjoy these benefits:

 - 100% stamp duty waiver* (For outstanding principal balance only)
 - Possibly reduce monthly payments
 - Free up cash for other priorities
 - Enjoy greater flexibility in managing cash flow

*Stamp duty fee waiver will only be applicable upon switching your existing conventional home loan to HomeSmart-i (For outstanding principal balance only).


NOTE: Please be advised that the product mentioned above may change from time to time, as the market and industry evolve.

For further information, please call HSBC Bank Customer Service Center Tel: 1300 88 1388 (+603 8321 5400 call from overseas), or visit the nearest HSBC Bank branch today.

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