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SP Setia offers to SEAL the deal with new loan scheme SP Setia offers to SEAL the deal with new loan scheme
Share this on WhatsAppProperty big-gun SP Setia Bhd has launched a new differential sum loan scheme it says will help buyers secure sufficient financing... SP Setia offers to SEAL the deal with new loan scheme
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Property big-gun SP Setia Bhd has launched a new differential sum loan scheme it says will help buyers secure sufficient financing while enjoying low interest rates and a flexi repayment tenure.

Unveiled today, the company said its Setia Express Advance Loan (SEAL) scheme addresses the needs of many prospective home buyers who are now facing difficulties in securing a sufficient margin of financing to make a property purchase.

SEAL offers interest rates as low as 5.5% per annum and up to 30% of the intended property purchase price. It enables eligible purchasers of completed S P Setia properties to bridge the financing gap between purchase price and purchaser’s end financing loan amount.

SP Setia said this provides them with a convenient and hassle-free solution.

To provide further financial flexibility, SEAL also offers a 36-month repayment period. No penalty charge will be imposed on buyers if they choose to settle their loan amounts earlier.

S P Setia president and chief executive officer Dato’ CJ Khor said the campaign represents another innovation by S P Setia in response to market challenges and sentiment.

“Being unable to secure sufficient margin of financing is often akin to not securing financing at all as the nett effect is largely the same. Buyers will be stuck. Many will just have to forget about owning a property and this impacts the property market,” said Khor.

“SEAL helps buyers bridge this gap while providing them with a measure of comfort and assurance,” he added.

With SEAL’s three-year tenure, Khor said buyers will have more time and options to arrange for alternative financing should they wish, such as accessing their Employees Provident Fund (EPF) savings or to unlock other assets to fund the differential sum.

From L-R: Dianne Chan, General Manager; Datuk Wong Tuck Wai, Deputy President & COO; Dato’ Khor Chap Jen, President & CEO; Choy Kah Yew, Executive Vice President & CFO

“The scheme is useful not just for first-time buyers but also those who wish to upgrade to a new home but need some time to sell off their current property. Or those who need some time to encash some profit from their other investments,” said Khor.

To be eligible for the SEAL scheme, purchasers must first sign the Sale & Purchase Agreement

(SPA), pay the 10% down payment and receive a Letter of Offer for their end financing loan from their respective financial institutions.

SEAL is one of many innovative campaigns rolled out by SP Setia in recent years. Other notable endeavours include the 5:95 Campaign in 2009; Triple A Campaign and Jet Set with Setia in 2015; and The Citizen Setia Programme, Triple A Gold Campaign, 10:90 Campaign and the Setia Back to No. 1 Celebration lucky draw which took place last year.

According to the marketing team, those who wish to find out more about how SEAL works and the range of SP Setia properties it applies to can contact 1-300-13-2255 or walk into your closest S P Setia’s sales galleries to ask for assistance.

Property 360 Online

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