Hong Leong Bank Loan Facility for Home Solar Power System
PETALING JAYA: Hong Leong Bank and Hong Leong Islamic Bank (HLB) have set up a green energy financing mechanism called HLB Solar Plus Loan / Financement-i allowing homeowners to install a solar power system which will save them on their monthly expenses. electricity bills.
The HLB Solar Plus-i Loan / Finance is open to new and existing HLB Housing Loan / Finance customers who wish to install solar panels in homes that are completed or under construction.
The bank offers a financing margin of up to 105% on the value of the property, with flexible financing options ranging from RM15,000 to RM60,000 for a term of three to ten years, or until age 70 years of principal the borrower at maturity of the loan, whichever comes first. To begin with, the bank has partnered with solar energy systems specialists ERS Energy and Solaroo Systems to provide its customers with comprehensive installation, commissioning, operation and maintenance services.
HLB Group Managing Director and CEO Domenic Fuda said renewable energy has significant growth potential to support the country’s low-carbon economy program, as well as long-term benefits for households by terms of energy savings, protection against future increase in energy costs and reduction in carbon footprint in the process.
“We hope that our new Green Energy Homeowner Finance Facility will go a long way in enabling homeowners to play a role in the transition to a low carbon economy,” said Fuda.
HLB’s Managing Director of Personal Financial Services Charles Sik said that while the market for solar power for residential homes is still nascent, there is a lot of interest, especially from new home buyers. who wish to embark on the renewable energy lifestyle as soon as they move into their new homes.
“The HLB Solar Plus-i loan / finance aims to meet this demand by facilitating the financing process where clients with homes under construction, as well as those that have been completed, can apply for solar panel financing at the same time as their mortgage application, unlike the methods of offering solar panel finance only for completed homes.
“This financing facility also helps homeowners spread the cost of purchasing and installing the solar panel over several years, rather than paying the full cost all at once, while still benefiting from reduced utility bills. ‘monthly electricity from 50 to 80% depending on the installed capacity,’ he added.
In February of this year, the bank launched HLB SME Solar Financing, a specially developed green energy financing mechanism for SMEs looking to install small-scale solar photovoltaic systems that offers funding amount of up to $ 1. million RM per SME client with maximum loan term. of seven years.