Answers to FAQ about “EZ Pay”

★ Question: What is EZ Pay?

Answer: EZ Pay is where customers with medium or long-term personal mortgages may apply to only make interest payments in installments over a certain period of time. They will then repay both the principal and interest in installments after the expiration of the agreed period.

★ Question: What are the benefits of EZ Pay?

Answer: Customers are required to make only interest payments within a certain period of time. This will significantly reduce the burden of repayments at particular stages.

★ Question: How long is the EZ Pay term?

Answer: The maximum term of EZ Pay when making only interest payments, rather than principal repayments, is three years. The term cannot exceed half of the total remaining loan tenure.

★ Question: What kinds of customers does EZ Pay suit?

Answer: EZ Pay is designed in consideration of the income growth curve and career development trajectory of the customer. The product can significantly reduce the burden of loan repayments during a certain period of time and release substantial cash flows. It is especially suitable for young white collar employees just starting their careers, people planning to get married, people whose children are studying and other people who might be faced with financial pressures at particular stages in their lives.

★ Question: How is the loan amount of EZ Pay determined?

Answer: When a personal mortgage customer applies for EZ Pay, the loan amount (or balance) at the time the loan is applied for, or when the repayment method is changed, must meet the following requirements: if a house is mortgaged, the loan amount (or balance) should not exceed 60% of the net value of the mortgaged property; if a commercial property or residential and commercial property is mortgaged, the loan amount (or balance) should not exceed 40% of the net value of the mortgaged property.

★ Question: What loan varieties is EZ Pay applicable to?

Answer: EZ Pay is applicable to newly and previously granted by IB medium and long-term personal mortgages, including personal new housing loans, personal pre-owned housing loans, personal new commercial property loans, personal pre-owned commercial property loans and personal residential and commercial property loans. Medium and long-term loans refer to loans with a tenure of more than one year.

★ Question: Are there any restrictions on the applicants for EZ Pay?

Answer: IB's new or previous customers that satisfy certain credit conditions will be able to apply for EZ Pay. Provided that the IB branch concerned allows mortgage refinancing without transaction, clients that have taken out a personal mortgage from another bank may transfer their loan to IB and adopt the EZ Pay method of repayment.

★ Question: Are the application procedures of EZ Pay complicated?

Answer: The application and approval process is quick and easy. New customers can select EZ Pay as their method of repayment when signing the loan agreement. Existing customers can simply put in a request to change the original method of repayment to EZ Pay.

★ Question: What if customers are unclear about the new repayment schedule after EZ Pay expires?

Answer: There is no need to worry. After the expiration of the EZ Pay term, IB will re-calculate the monthly repayment amount according to the remaining unpaid principal and the remaining loan term, and will duly inform customers of the new repayment schedule.

Before the due date of repayments IB also reminds customers by SMS to provide detailed repayment information. Our considerate services will set your mind at ease.

Once EZ Pay expires, customers are required to repay the principal and interest every month according to the new repayment schedule to maintain a sound credit history.

(The above information is provided for reference only and specific handling requirements are subject to the provisions of local IB branches. Please consult your local IB outlet for details before going through relevant application procedures. )