Product Definition Product Features Target Customers
"Bi-weekly Pay" is a loan repayment method for customers with medium and long-term personal housing mortgages to make principal and interest payments on a bi-weekly basis. Bi-weekly Pay is divided into two methods: the Interest Saving Method and the Pressure Relieving Method. The main difference between the two methods lies in whether the tenure of the loan is shortened or not.
1. Save interest payments and optimize financial capacity
In the Interest Saving Bi-weekly Pay method of repayment, the tenure of the loan is shortened due to the accelerated frequency of the loan payments. This means that savings on interest payments can be maximized but the burden of loan repayment remains basically unchanged. It is suitable for customers with stable incomes and strong executive ability for financial plans.
2. Lower monthly repayments and less repayment pressure
In the Pressure Relieving Bi-weekly Pay method of repayment, the frequency of repayment is increased but the tenure of the loan remains unchanged. The amount repaid each month (total payments of two installments) is less than the original monthly repayment. It is suitable for customers faced with repayment financial pressure.
Note: the availability of the product and specific transaction requirements are subject to the regulations of local IB outlets. Please consult your local IB outlets for details before going through relevant subscription procedures.