RHB launches overseas property financing for Malaysians

• The group said it targets Malaysian real estate investors planning to purchase residential properties, specifically in Australia and the United Kingdom (UK). The financing is offered to Malaysians who are neither permanent residents nor citizens of the UK and Australia, and who plan to purchase prime housing located within 30km of Melbourne or Sydney’s Central Business District and in London (Zones 1-3), UK.

KUALA LUMPUR (July 25): RHB Banking Group has launched the RHB Overseas Property Financing, a ringgit-denominated, full-flexi housing financing as part of the bank’s premier proposition.

In a statement on Friday, the group said it targets Malaysian real estate investors planning to purchase residential properties, specifically in Australia and the United Kingdom (UK).

The financing is offered to Malaysians who are neither permanent residents nor citizens of the UK and Australia, and who plan to purchase prime housing located within 30km of Melbourne or Sydney’s Central Business District and in London (Zones 1-3), UK.

RHB Banking Group managing director of group community banking Jeffrey Ng Eow Oo said the bank’s overseas property financing complements its clients’ aspirations to tap into new growth opportunities, diversify their wealth portfolio and gain access to a new home in an attractive destination.

“We are here to provide the right expertise to our clients for their real estate investment ambitions,” he added.

The property locations covered are expected to expand, based on the property market outlook and clients’ real estate portfolio aspirations, to include other major cities in Australia and outer zones of London, the statement said.

Clients can opt for early financing release during the construction period to manage foreign exchange risk as per Bank Negara Malaysia’s regulations for investment in foreign currency assets.

The Malaysian ringgit financing will then be converted into foreign currency and deposited into RHB’s interest-bearing multi-currency account.

This fund will be earmarked as interim security. It will be remitted to the overseas solicitor as part of the payment process when the property is completed.

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