New Products Add Value to Term Loans - The Star
30th May 2004

by Wong Li Za
BANK loans and feng shui don't normally come together. However, under Southern Bank Berhad's "SBB Adds Extra Value" campaign launched on March 4 under its consumer banking division, the two will go hand in hand.

The campaign offers a host of products and incentives such as the Affordability Home Loans, Unit Trust, Bancassurance (insurance plans), Overdraft and Term Loan.

SBB executive vice president of consumer banking Tom Van Tighem said these new products were designed to meet customers' needs at different stages of their lives, be it buying a new house, planning for a child's education or saving for retirement.

Among the latest products launched is the term loan facility, SBB Loan HI, which is applicable for financing and refinancing of shop offices and shop houses that are either still under mortgage or fully paid-off. Interest rates start from BLR + 0% for the first year.

The term loan is also available for the purchase of commercial properties under construction with a first year 4% interest rate and a margin of finance of up to 85% of the property value.

"The product was designed for people who have paid off their properties, who want to use their equity to invest, buy a second property for their children or invest in their children's education. It's for people who have acquired some wealth and want to get more wealth," said Van Tighem.

The term loan can also be combined with an overdraft facility.

It also allows customers to determine the prepayment amount over and above the monthly loan repayments, and there is no penalty incurred for early prepayment.

"People may want to pay down their loan when they have the opportunity, such as if they receive a windfall," said Van Tighem.

To attract customers, the bank is offering all applicants who sign up for the term loan between May 1 and June 30, 2004 an opportunity to attend an exclusive feng Shut talk by Grand Master Yap Cheng Hai. The date of the talk titled "An SBB Afternoon with Grand Master Yap Cheng Hai" will be announced later.

"We saw that feng shui had a lot of value to people," said Van Tighem, when asked why it was chosen as an incentive.

"It's all part of how we add value over and above our product to customers."

Yap, 78, opened his own feng shui academy, called the Yap Cheng Hai Academy, in Wisma Hang Sam, Jalan Hang Lekir, KL on May 15.

Reputed to be one of only five feng shui Grand Masters in the world, he has taught the subject in various countries, including England, Germany, Greece, Australia, the United States, Saudi Arabia and Turkey.

He also professes to have over 3,000 students in 35 countries, of which 90% are Europeans and 90% are also women.

Why mainly women, one may ask?

"It's very simple. Every lady is concerned about her family. She wants harmony in the house, a husband with good income and good school results, for her children. She also does not want her husband to have a second Wife!" quipped Yap.

He also noted that Europeans generally wished for harmony in their lives while the Chinese asked more for wealth.

"But if there is no money in the house, the children will not get to study and there's no food in the house. How will there be harmony?" he reasoned. "So (in that sense), money is still the first thing needed for harmony."

Yap said feng shui is about good health, wealth, a good relationship between husband and wife, and children who are healthy and who do well in studies.

"Good luck is not just about money but an overall well-being. If there is money but no health, one cannot enjoy his wealth," said Yap, who began to learn feng shui at the age of 20 from books and feng shui masters from Hong Kong and Taiwan.

"And I am still learning," he admitted.

Yap cautioned that feng shui could be misused by "lousy" teachers and advised that people check the past records of feng shui masters before seeking their counsel.

Yap also has one thing to say to the sceptics. "Try it. If it does not work, then throw it away. There's no harm doing it," he said, adding that feng shui has nothing to do with religion but is an environmental science.