Maybank offers 0% interest for first RM100,000 staff housing loan, effective July 1

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KUALA LUMPUR (April 28): In a move to enhance staff benefits and further assist employees in fulfilling their financial needs, Malayan Banking Bhd (Maybank) today announced it will be offering 0% interest for the first RM100,000 of staff housing loans for selected categories.

In a statement today, Maybank said the special interest rate housing loans, effective July 1, will be applicable for new and existing loans of its employees in Malaysia who have a basic salary of up to RM3,000 per month.

Maybank Group chief human capital officer Nora Abd Manaf said the new scheme was part of the group’s ongoing review of staff benefits to ensure they are adapted to employee needs, as well as in line with emerging market and industry trends.

“As an organisation committed to our mission of humanising financial services, we are constantly looking for meaningful ways to reward and support our employees, especially those who are more impacted by the rising cost of living.

“We believe the new housing loan rate will provide those eligible with significant relief and mitigate the concerns that they have with regards to their accessibility to affordable housing, especially in the more urban areas,” she said.

She added employees will continue to enjoy subsidised interest rates for home financing for amounts in excess of RM100,000, which currently stand at 3% for non-clerical and 3.5% for all other grades.

Nora said that Maybank has been spearheading many pioneering human capital initiatives over the years, to ensure it offers employee benefits that are among the best in class. Recently, the group announced an extended maternity leave policy of up to one year and sabbatical leave for employees. 

“We believe that our value proposition to employees supports the development of a committed and dedicated workforce, which has consistently shown engagement levels at par or well above global best.

“Maybank will continue to look at innovative ways to enhance our employee benefits in keeping with changing trends in the workplace today,” she added.

Shares of Maybank closed 4 sen or 0.4% higher at RM9.58 today, for a market capitalisation of RM97.85 billion.