With many prospective homeowners facing difficulty in securing sufficient margin of financing to buy homes, S P Setia today launched its Setia Express Advance Loan ("SEALâ€) - a differential sum loan scheme that offers interest rates as low as 5.5% per annum and up to 30% of the intended property purchase price.
SEAL enables eligible purchasers of completed S P Setia properties to bridge the financing gap between the 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. The campaign represents another innovative move by S P Setia in response to market challenges.
"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. Many will just have to forget about owning a property and this impacts the property market. SEAL helps buyers bridge this gap while providing them with a measure of comfort and assurance" said President and CEO of S P Setia Berhad, Dato' CJ Khor.
Dato' Khor also added that with SEAL's 3-year tenure, 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. "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" added Dato' Khor.
Over the years, S P Setia has constantly introduced various innovative campaigns for the benefit of purchasers. These include the 5:95 Campaign in 2009, Triple-A Campaign and Jet Set with Setia back in 2015; Citizen Setia Programme, Triple-A Gold Campaign, 10:90 Campaign and Setia Back to No. 1 Celebration lucky draw which took place last year.
In order to be eligible for the SEAL, the purchaser must sign the Sale & Purchase Agreement (SPA), pay the 10% down payment, accepted Letter of Offer for their end financing loan from the respective financial institution.
Purchasers who wish to find out more information about SEAL and the list of participating properties, please contact 1-300-13-2255 or walk into any of S P Setia sales galleries nearby.