RHB Banking Group has introduced a new full flexi housing loan under its Premier proposition, aimed at helping Malaysian real estate investors purchase residential properties in the UK and Australia.
The RHB Overseas Property Financing is denominated in Malaysian Ringgit (MYR) and is tailored for Malaysians who are not permanent residents or citizens of either country.
The financing applies to properties located within 30 kilometres of the central business districts of Melbourne and Sydney, as well as London’s Zones 1 to 3.
These areas cover key business centres, major cultural landmarks, and well-connected residential neighbourhoods in the UK capital, and are defined by Transport for London’s fare zone system.
The bank said the offering is part of its continued support for affluent and Premier clients seeking to grow their wealth through property investments.
Clients can opt for early release of financing during the construction phase to manage foreign exchange risk, in accordance with Bank Negara Malaysia’s regulations for investment in foreign currency assets.
The MYR funds will be converted into foreign currency and deposited into RHB’s interest-bearing Multi-Currency Account (MCA), which serves as interim security before the amount is remitted to the overseas solicitor upon property completion.
The financing includes a full flexi feature, allowing clients to make additional payments into their loan account at any time, with the flexibility to redraw those funds later without extra cost.
Jeffrey Ng Eow Oo, Managing Director, Group Community Banking, RHB Banking Group said,
“Our overseas property financing complements our clients’ aspirations to tap into new growth opportunities, diversify their wealth portfolio and gain access to a new home at an attractive destination.
We are here to provide the right expertise to our clients for their real estate investment ambitions with confidence.”
RHB also plans to expand the scope of eligible property locations in the future to include other major Australian cities and outer zones of London, depending on market outlook and client preferences.
Featured image: Edited by Fintech News Malaysia, based on image by thanyakij-12 via Freepik
