Shah Alam, April 20 - In response to market challenges, SP Setia Bhd has launched its Setia Express Advance Loan (SEAL), a differential sum loan scheme which offers interest rates as low as 5.5% per annum and up to 30% of the intended property purchase.
SEAL enables eligible purchasers of completed SP Setia properties to bridge the financing gap between purchase price and purchaser’s end financing loan amount.
This provides them with a convenient and hassle-free solution while buyers can confidently secure their desired home.
In providing further financial flexibility, SEAL offers a 36-month repayment period and no penalty charge will be imposed on buyers, should they choose to settle their loan amounts earlier.
“Being unable to secure sufficient margin of financing is often akin to not securing financing at all as the net effect is largely the same.
“Buyers will be stuck and many will just have to forget about owning a property, which in turn impacts the property market.
“SEAL helps buyers bridge this gap while providing them with a measure of comfort and assurance,” said SP Setia Bhd president and CEO Datuk Khor Chap Jen.
He added that with SEAL’s three-year tenure, buyers will have more time and options to arrange for alternative financing, such as accessing their Employees Provident Fund (EPF) savings or to unlock other assets to fund the differential sum.
In order to be eligible for SEAL, the purchaser must have signed the sale and purchase agreement (SPA), paid the 10% down payment, as well as accepted the letter of offer for their end financing loan from their respective financial institution.