Hong Leong Bank launches financing facility for installing solar power system at homes

PETALING JAYA (Dec 16): Hong Leong Bank (HLB) and Hong Leong Islamic Bank have introduced HLB Solar Plus Loan/Financing-i, a green energy financing facility where homeowners could install solar power systems, on Wednesday (Dec 15).

The HLB Solar Plus Loan/Financing-i is open to new and existing customers of HLB Solar Plus Loan/Financing-i looking to install solar panels at residential homes whether under construction or completed.  

The bank is offering 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 10-year tenure, or up to the age of 70 years old for the main borrower upon maturity of the loan, whichever is earlier. 

In a statement on Wednesday (Dec 15) HLB’s group managing director and chief executive officer Dominic Fuda said that homeowners will play a role in supporting the country’s goal towards a low carbon economy agenda. 

“We believe that financial institutions will be critical components in helping to steer the transition towards a sustainable source 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 in terms of energy cost savings, cushioning against future rise in energy costs and reducing carbon footprint in the process. We hope that our new green energy financing facility for home owners will go a long way in enabling homeowners to play a role in the transition towards a low carbon economy.” 

Charles Sik, managing director of personal financial services at HLB has commented that there has been an increasing interest in renewable energy lifestyles, especially from new home buyers. 

“Although the solar power energy market for residential homes is still nascent, we are getting a lot of interest especially from new home buyers who are keen to embark on the renewable energy lifestyle as soon as they move into their new homes.” 

“The HLB Solar Plus Loan/Financing-i aims to meet this demand by easing the financing process where customers with home sunder construction, as well as those which have been completed, can apply for solar panel financing together with their mortgage application, unlike conventional methods of only offering solar panel financing for completed homes.” 

He adds that this financing facility will assist homeowners in purchasing and installing the solar panels in a course of several years, instead of paying the full cost at one time. 

Besides the launch of HLB Solar Plus Loan/Financing-i, the group has also launched HLB SME Solar Financing in February 2021 where SMEs get to enjoy a financing amount of up to RM1 million for a maximum of seven years of loan tenure in installing small-scale solar PV systems.

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