Hong Leong Bank Launches Financing Facility for Solar Power System for Homes

KUALA LUMPUR, Malaysia, Dec. 16, 2021 /PRNewswire/ — Hong Leong Bank and Hong Leong Islamic Bank ("HLB" or the "Bank") have introduced HLB Solar Plus Loan/Financing-i, a new green energy financing facility for home owners to seamlessly apply for financing of solar power energy systems together with their home loan/financing application.

HLB partners ERS Energy and Solaroo Systems for its new green energy financing facility
HLB partners ERS Energy and Solaroo Systems for its new green energy financing facility

Open to both new and existing HLB Home Loan/Financing-i customers with residential homes either under-construction or completed, the HLB Solar Plus Loan/Financing-i, offers a margin of financing up to 105% on the property value, with flexible financing options starting from RM15,000 up to RM60,000 for a three-to-ten-year tenure, or up to the age of 70 of the main borrower upon maturity of the loan, whichever is earlier.

As a start, the Bank has partnered with solar powered energy system specialists ERS Energy and Solaroo Systems to provide a comprehensive one-stop installation, commissioning, operations and maintenance services to its customers.

Domenic Fuda, Group Managing Director and CEO of HLB shared, the HLB Solar Plus Loan/Financing-i is another initiative from the Bank to support Malaysia’s target of increasing the installed capacity for renewable energy to 31% by 2025 and 40% by 2035.

"We believe that financial institutions are critical components in helping steer the transition towards sustainable sources of energy. Renewable energy has significant growth potential to support the country’s low carbon economy agenda, as well as long-term advantages for households with energy cost savings, cushioning against future rise in energy costs and reducing carbon footprint," said Fuda.

Charles Sik, HLB’s Managing Director of Personal Financial Services said, "Although the solar power energy market for residential homes in Malaysia is still nascent, we are getting a lot of interest especially from new home buyers who are keen on the renewable energy lifestyle for their new homes. This new financing facility aims to meet this demand by easing the financing process where customers with homes under construction or completed, can apply for solar panel financing together with their mortgage application, unlike conventional methods of only offering solar panel financing for completed homes. It also helps homeowners spread the cost of both purchasing and installing the solar panel over the course of several years, and enjoy a reduction in their monthly electricity bills of 50% to 80% depending on the installed capacity."

For more information, please visit https://www.hlb.com.my/en/personal-banking/loans/property-loan/solar-plus.html or https://www.hlisb.com.my/en/personal-i/consumer-financing-i/solar-plus-financing-i.html

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