Your Dream Home with Ban 4 Residences II - Promotions

Your Dream Home with Ban 4 Residences II

Turn your dreams of owning the ideal home into reality with Daiecharm Contractors Sdn Bhd.

Seize the opportunity with our special Home Ownership Loan promotions available from now to 1 July 2024.

Terms & Conditions
Your Dream Home with Ban 4 Residences II (this “Promotion”) Terms and Conditions

1. Promotion Period
1.1 This Promotion is valid from 1 April 2024 to 1 July 2024, both dates inclusive, or such other date(s) as may be determined by Baiduri Bank Sendirian Berhad (“the Bank”) at its discretion (the “Promotion Period”).

2. Eligibility
2.1 This Promotion is offered to new and existing individual customers of the Bank who are applying for a Home Ownership Loan to purchase the residential property currently under construction titled ‘Ban 4 Residences II’ listed by Board of Baluers and Estate Agents (BoVEA) Certified Real Estate Agents Board of Valuers and Estate Agents (BoVEA) Certified Real Estate Agents and fulfill the following criteria during the Promotion Period ("Eligible Applicants"):

2.1.1 Brunei Citizens or Permanent Residents who are salaried, excluding self-employed individuals; or

2.1.2 Eligible Foreigners with their salary assigned to the Bank.

2.2 For the purpose of this Promotion, Eligible Foreigners are defined as:

2.2.1 Foreigners born in Brunei Darussalam and are applying for Brunei Citizenship or Brunei Permanent Residency; or

2.2.2 Foreigners working in Brunei and married to a Brunei Citizen; or

2.2.3 Foreigners earning a director or partnership fee in Brunei Darussalam.

2.3 For the avoidance of doubt, applicants who are Brunei Citizens or Brunei Permanent Residents are not required to assign their salary to the Bank to be eligible for this Promotion.

2.4 Eligible Foreigners must maintain their salary with the Bank throughout the duration of the Home Ownership Loan.

2.5 To be eligible for this Promotion, the Home Ownership Loan must have a minimum tenure of ten (10) years and a minimum loan amount of BND200,000.

2.6 The approval of the Home Ownership Loan application is subject to full satisfaction of the Bank’s criteria including the Bank’s credit assessment and documentation requirements.

2.7 Employees of the Bank, Baiduri Finance Berhad and Baiduri Capital Sendirian Berhad are not eligible to participate in this Promotion.

3. Promotion Mechanics
3.1 Eligible Applicants will be entitled to select one of the offers below:

Type of spending
No. of monthly draw chances
No. of monthly draw chances
Offer
A
B
C
D
Promotional Effective Interest Rate (“EIR”)¹
4.0%
4.25%
5.0%
5.5%
Subsidy
None
5%, capped at BND 12,000.00
None
5%, capped at BND 12,000.00
Financing for associated costs
5%, capped at BND 12,000.00
None
5%, capped at BND 12,000.00

Loan-to-Value (“LTV”)²
Up to 95%
Up to 90%
Up to 85%
Up to 80%
Processing fee
Waived
¹EIR is floating and linked to the Base Lending Rate ("BLR"). For the avoidance of doubt, the BLR is currently at 5.5% and subject to changes at the Bank's discretion.
²LTV refers to the loan amount against the Open Market Value (OMV) of the property.

3.2 The subsidy or financing for associated costs granted under this Promotion shall be used for the payment of fees including but not limited to:

3,2.1 Preparation of legal documentation including Sales and Purchase Agreement

3,2.2 Fire insurance for the first year of purchase only

3,2.3 Mortgage Reducing Term Assurance (“MRTA”)

3,2.4 Valuation reports

3,2.5 Stamp duty for Memorandum of Charge

3.3 For the avoidance of doubt, any balance of the unutilised subsidy amount after the payment of the abovementioned fees will not be released to the successful applicants. In the event the approved loan is partially or fully settled before its maturity date, the Bank reserves the right to recover the whole subsidy granted under this Promotion. Any unutilised financing amount for associated costs will be credited into the customer’s account with the Bank.

3.4 The legal documentation including Sales and Purchase Agreement for this Promotion will be prepared by Abrahams, Davidson Co.

3.5 Upon the approval of the loan application and signing of the Facility Offer Letter (“FOL”) by the successful applicant, the loan amount will be disbursed to the successful applicant's Bank account within fourteen (14) working days of the date of signing of the FOL.

3.6 In the event that the applicant cancels their application after it is approved and/or before it is disbursed, the applicant will be liable to pay all fees and costs in connection with the loan processing and repay an amount equivalent to the subsidy they may have received, or it may be debited without notice from their account with the Bank.

4. General
4.1 This Promotion is governed by the Bank’s terms and conditions on the related products and any other documents forming the banking agreement.

4.2 The Bank may, at any time and without prior notice or liability to any party, suspend or terminate this Promotion or vary these terms and conditions.

4.3 This Promotion is not valid with other offers, privileges or promotions unless stated otherwise.

4.4 The Bank reserves the right to determine at its sole and absolute discretion all matters arising out of or in connection with this Promotion. Its determination of all matters relating to this Promotion shall be final and conclusive, and no correspondence will be entertained.

4.5 By participating in this Promotion, Eligible Applicants:
Agree to be bound by these terms and conditions;
Consent to their personal data being collected, processed, and used by the Bank in accordance with the Group Privacy Policy, which may be viewed at https://www.baiduri.com.bn/legal-notice/privacy-policy; and
Consent to their personal data being collected, processed, and used by the Bank for the purposes of this Promotion and for marketing and promotional activities conducted by the Bank.

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