• Home Loan BYTES FROM OUR KITCHEN

    Affin Bank Home Loan

    Affin Bank offers an array of benefits to its customers. The loan schemes that offer financing, refinancing and term loan services can be used by customers for various purposes ranging from construction to renovation of their residential properties. The home loan schemes by Affin Bank provide various perks to applicants that include redrawing of excess payment, daily computation of interest and great margins on finance, etc.

    Quick Reads

    Housing Loan Schemes by Affin Bank

    Interest/Profit Rates

    Product Loan Tenure Interest Rate
    Affin Home Solutions Plus Up to 35 years or when age of borrower reaches 70 years, whichever is earlier Interest Rate= BR + 0.81%
    Affin Home Flexi Plus Up to 35 years or when age of borrower reaches 70 years, whichever is earlier Term Loan= BR+0.76% p.a.; Overdraft= BR + 1.76% p.a.
    Affin Home Build Up to 30 years (for land financing)/ 35 years (for housing loan) or when age of borrower reaches 65 years (for land financing)/ 70 years (for housing), whichever is earlier For Land Financing: BR + 2.11% p.a. monthly rest for whole tenure; For Housing Loan: BR + 1.11% p.a. daily rest for whole tenure
    Home Assist Plus Up to 35 years or when age of borrower reaches 70 years, whichever is earlier BR + 0.96% p.a. for whole tenure
    Housing Guarantee Scheme by SJKP Up to 35 years or when age of borrower reaches 65 years, whichever is earlier BR + 3.11% p.a. for whole tenure
    My First Home Scheme (Skim Rumah Pertamaku) Up to 35 years or when age of borrower reaches 65 years, whichever is earlier BR + 1.01% p.a. for whole tenure
    BNM Target Lending To Priority Sector Housing Loan Up to 35 years or when age of borrower reaches 65 years, whichever is earlier BR + 1.61% p.a. for whole tenure

    Fees & Charges:

    Affin Bank Home Loan Fees and Charges
    Stamp Duties As per the Stamp Duty Act 1949 (revised in 1989)
    Redraw Fee RM26.50 (inclusive of 6% GST)
    Early Settlement Fee 2% on original loan amount if redeemed within 3 years retention period
    Legal Fees, Disbursement Fees, Valuation Fees and Miscellaneous Charges Depends on product package offerings

    Types Of Affin Bank Home Loans

    • Affin Home Solutions Plus: The home loan is granted for a property worth RM200,000 and above, with a margin of finance (MOF) of up to 95%. The loan scheme offers more flexibility on repayments and savings on the interest to a customer. A customer can save on overall interest costs as the scheme operates on the basis of daily computation of interest. The scheme also provides flexibility of redrawing excess payment. The loan is offered with tenures of up to 35 years or until the borrower turns 70 years of age, whichever is earlier.
    • Affin Home Flexi Plus: In this home loan scheme, a minimum loan amount of RM100,000 is offered against the minimum property value of RM200,000. The Affin Home Flexi Plus is a home loan package that offers a mixture of term loan and overdraft financing. It also provides full overdraft for financing, refinancing and sub sale of completed or under construction residential properties. The loan is offered on daily computation interest basis. A customer can obtain an overdraft of up to 50% of the total financing amount for a loan valued less than RM500,000. For a loan beyond RM500,000, an overdraft of up to 70% is available.
    • Affin Home Assist Plus: The loan is offered to individuals for residential properties valued between RM100,000 and RM200,000. The Affin Home Assist Plus can be used for financing, refinancing and sub sale of a completed property below RM200,000. Other features of the home loan also include daily computation of interest and redrawing facility.
    • Affin Home Build: This home loan scheme caters to new as well as sub sale financing and refinancing. The scheme is applicable for both residential land purchase and construction of a house. The minimum amount for this scheme is RM500,000 whereas a customer can get a maximum loan of RM5 million.
    • Housing Guarantee Scheme by SJKP: This is a special home loan scheme offered by Syarikat Jaminan Kredit Perumahan Berhad (SJKP). Exclusively catering to Malaysian citizens who self-employed or fixed income earners, the scheme deals with medium-to-low-cost residential properties and does not offer refinancing. A home loan of up to RM300,000 is offered to the applicant who earns at least RM1,000 each month.
    • My First Home Scheme (Skim Rumah Pertamaku): Catering to anyone who is looking to purchase his/her first home, the My First Home Scheme offers 100% financing without any deposit or down payments. The scheme caters mainly to the young adult working professional who earns a monthly income of less than RM5,000. The financing tenure of 35 years or until the borrower attains 65 years of their age, whichever is earlier. Joint applicants with combined monthly income of RM10,000 can also obtain the loan scheme.
    • BNM Target Lending To Priority Sector Housing Loan: The scheme offers loans for residential properties which are not worth more than RM250,000 in Peninsular Malaysia region and worth a maximum RM300,000 in the Sabah and Sarawak regions of Malaysia. This is a low cost home loan for the applicants of middle to lower income group who will have only one and self-residing house at any point of time. The margin of finance that an applicant will be provided with is up to 90%. Plus the borrower can add up 5% as mortgage reducing term assurance (MRTA).

    Features & Benefits

    • The Affin Bank home loans are ideal for managing finances for home construction and beautification as it offers different schemes to the customers from varied economical background.
    • The bank provides flexible options with its flexi packages that permits a combination of term financing as well as overdraft financing.
    • A customer can save on overall interest costs as the Affin Bank Home Loan schemes come with the facility of daily computation of interest.
    • A customer can redraw on the excess payment made if needed.
    • The margin of interest for the home loan schemes offered by the Affin Bank is high and it ranges from 85% to 100% depending on the scheme that has been applied for.
    • The bank offers loan packages for different property values beginning from RM100,000 and above.
    • A customer can obtain the tenure based on the loan amount applied for and his/her age. Usually, the bank offers tenures of 30-35 years or a tenure which ends when the borrower attains 70 years of age.
    • Affin Bank provides home loan schemes to customers of diverse backgrounds ranging from lower income level to medium income level.
    • The Affin Extra Plus and Affin Credit Plus offer options of term loans and overdraft that are granted for the purpose of financing unencumbered properties to existing customers who have clean repayment records.
    • Though not mandatory, Affin Bank recommends the customers to take MRTA i.e. Mortgage Reducing Term Assurance, for the protection of the customer and is/her family.

    *BR= Base Rate (It is a Reference Rate introduced by Bank Negara Malaysia and it is applicable for both conventional loans and Islamic loans.)

    Eligibility Criteria

    A customer is required to fulfill the following criteria to be eligible to get a home loan from Affin Bank:

    Nationality Criterion Malaysian citizen
    Age Criteria
    • Minimum age: 18 years
    • Maximum age: 65 to 70 years (depending on the scheme)
    Income Criteria Minimum RM1,000 per month (for Housing Guarantee Scheme by SJKP)

    Documents Required

    • For Salaried Applicant:
      • Latest 3 months payslips/ salary vouchers.
      • For pensioners, latest pension fund statement.
      • For commission earners, latest 6 months commission statements
      • EA Form or Borang B supported by tax payment receipt or E-Filing supported by acknowledgement.
      • Latest statement of EPF
      • Latest 3 months bank account statements where salary or pension is credited.
      • Latest 6 months commission statements where commission is credited.
      • Validation letter from employer confirming the applicant’s income.
    • For Self-employed Applicant:
      • Latest Borang B supported by tax payment receipt or E-Filing supported by an acknowledgement.
      • Latest 6 months business account statements (Sole Proprietorship/Partnership).
      • Latest 6 months personal account statements (Limited Company/Sdn Bhd).
      • Latest Profit and Loss account or Management account.
    • Other Acceptable Supporting Income Documents:
      • Rental Income Receipts or Tenancy Agreement
      • Unencumbered Fixed Deposits Certificates
      • Director’s Fee as shown in audited Profit and Loss account
      • Other Deposits/Investments/Unit Trust
      • Sales vouchers (for agro-based sector)
    • Additional Documents Required:
      • A copy of NRIC (Malaysian identity card).
      • Sale and purchase agreement OR
      • Booking receipt from the developer (for properties under construction).
      • A copy of valuation report obtained from Bank’s approved panel of valuers (if required).
      • Additional income documents (if applicable).

    How To Apply

    The home loan application process for Affin Bank takes place through following methods:

    Offline Application: A customer can apply for a home loan scheme by visiting the nearest Affin Bank Islamic branch. He/she needs to fill the provided application form and submit the required documents along with it to complete the application process.

    Telephonic Application: A customer can put up a request for a home loan to the call centre by calling on 03-5522 3000. The customer care executives will then carry the application process forward.

    Affin Bank House Loan Repayment

    The repayment is done on a monthly basis until the end of the tenure through the channels mentioned below:

    • Monthly Instalments: As per the amount decided by the bank until the end of the tenure.
    • Advance Payment: Any payment that is in excess of the monthly instalment with no prior notice is defined as advance payment. This Advance Payment is used to set-off future instalments. It will not reduce the loan outstanding, but a customer can enjoy savings on daily interest charged.
    • Prepayment: The repayment in multiple of RM1,000 and in excess to the monthly instalment with a prior notice of 1 month is known as prepayment. A prepayment will reduce the loan outstanding.
    • Any Extra Charges For Early Payment: 2% on original loan amount if redeemed within 3 years of retention period.

    Affin Bank Home Loan Refinance

    Affin Home Build, Affin Business Solution Plus, Affin Home Assist Plus and Affin Home Flexi Plus are the home loan schemes from Affin Bank that offer refinancing to a customer.

    Contact Number

    To know his/her application status, a customer can contact the customer service department on the hotline number: 03-20559000.

    FAQ's

    Q. Where do I update my changed contact details?

    A. If there is a change in residential or contact details, a customer should immediately inform Affin Bank with a letter carrying the updated contact details.

    Q. Can the interest rate change midway through my home loan tenure?

    A. Yes, as per the variations in Reference Rate and resultantly in the BR (Base Rate), the interest rate might change.

    Q. What is the minimum redraw amount?

    A. A customer can withdraw for a minimum of RM3,000 and in multiples of RM1,000 and it should be credited to current or savings account.

    Q. Is takaful (insurance) coverage compulsory?

    A. For home loans, the insurance coverage is not mandatory to the customer but it is an encouraged practice asked to be followed by a bank.

    Q. Are there any early settlement charges involved?

    A. A customer has to pay 2% on his/her financing amount if the loan is fully repaid within 3 years of retention period.

    Q. How are the tenures different for land purchases and house construction if I am obtaining the Affin Home Build loan scheme?

    A. The tenures offered for purchasing or residential land and construction of house differ. For a residential land purchase, a borrower can obtain a tenure of up to 30 years or until maximum of 65 years of his/her age, whichever is earlier between the two and for house construction, a tenure of up to 35 years or up to 70 years old of an applicant’s age, whichever is earlier can be obtained.

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