OSK Property Partners RHB Bank To Extend RHB Home And Renovation Loan
KUALA LUMPUR, Aug 22 (Bernama) – OSK Property Holdings Bhd has partnered with RHB Bank Bhd to extend the RHB Home and Renovation Loan to eligible purchasers of selected under-construction landed properties developed by OSK Property.
The property arm of OSK Group said in a statement that the collaboration marked RHB’s first property-developer partnership for the solution, which was previously available to eligible purchasers of completed and subsale properties.
It said the solution will now enable purchasers of selected under-construction landed homes priced at RM300,000 and above at OSK Yarra Park and OSK Taman Lang Aman in Sungai Petani, Kedah and OSK Iringan Bayu in Seremban, Negeri Sembilan to apply for and package their housing and renovation loans together at the point of property purchase.
“This allows eligible purchasers to plan their overall homeownership and renovation funding needs upfront, instead of arranging separate renovation funding only after their homes are completed.
“The renovation loan will subsequently be disbursed progressively for approved renovation works after the property is completed and the applicable requirements have been fulfilled, subject to RHB’s credit assessment and terms and conditions,” it said.
OSK Property said the solution provides an additional loan margin of up to 30 per cent of the lower of the property’s selling price or latest market value, comprising the renovation loan and, where applicable, Mortgage Reducing Term Assurance (MRTA), Credit Life Term Assurance (CLTA) and Finance Entry Cost (FEC), on top of a housing loan margin of up to 90 per cent.
The company added that the tenure is up to 35 years or until the customer reaches 70 years old, whichever is earlier.
OSK Property chief executive officer Chu Wai Lune said the collaboration offers eligible purchasers a more seamless financing option that supports both home purchase and renovation needs in one journey.
“We are also encouraged that RHB has chosen OSK Property as its first property-developer partner for this solution, which we see as a strong reflection of its confidence in the quality, value and standards of the homes we deliver.
“This partnership reflects our shared commitment to making the homeownership experience more practical, accessible and meaningful for customers,” he said.
Meanwhile, RHB Bank managing director, Group Community Banking, Jeffrey Ng Eow Oo said the collaboration enables eligible purchasers to have both their housing and renovation loan requirements assessed and packaged upfront when purchasing the property, providing greater clarity and convenience in planning the overall cost of homeownership.
“While the renovation loan will only be disbursed after the property is completed and the relevant requirements have been fulfilled, packaging both components upfront enables customers to plan ahead from the point of purchase.
“This allows RHB to support them more seamlessly, from purchasing their property to transforming it into a home that reflects their needs and aspirations, resulting in a holistic customer experience,” he said.
According to OSK Property, the collaboration forms part of its continued efforts to enhance the customer journey through practical lifestyle and homeownership solutions and reinforces the company’s focus on creating long-term value for purchasers by connecting quality homes with value-added offerings that support modern living.
-- BERNAMA