• Affin Bank Home Loan

    Affin Bank Home Loan

    Affin Bank Berhad (AFFINBANK) is a wholly-owned subsidiary of Affin Holdings Berhad which is listed on the Bursa Malaysia. It commenced operations in January 2001 following a merger between the former Perwira Affin Bank Berhad and BSN Commercial (M) Berhad in August 2000. In June 2005, it merged with the former Affin-ACF Finance Berhad.


    You’re probably eligible for an Affin Bank Home Loan if you are

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    Affin Bank Home Loan Minimum Age

    At least 18 years old

     Affin Bank Home Loan Maximum Age

    Less than 70 years old

    Affin Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    Affin Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your Affin Bank Home Loan amount eligibility is based on these factors

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    Affin Bank Home Loan Minimum Salary

    Instalment limited to about 50%
    of monthly income

    Affin Bank Home Loan Maximum Loan to property value

    Loan capped @ 90% of property value + 5% MRTA

    Affin Bank Home Loan EMI

    Instalments of other loans lower
    your eligibility


    Increase your eligible Affin Bank Home Loan amount by these steps

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    Affin Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Affin Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 35 years

    Affin Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an Affin Bank Home Loan

    • 1. Photocopy of NRIC
    • 2. Booking Receipt from Developer (for under construction properties)
    • 3. A copy of valuation report obtained from Bank’s approved panel of valuers (if required).
    • 4. To substantiate additional income documents (if applicable)
    • 5. Documentation for salaried applicants:
      • Latest 3 months pay slips/ salary vouchers
      • Latest EPF Statement
      • Latest 6 months commission statements where commission is credited
      • Letter from employer to confirm on applicant’s income
    • 6. Documentation for self-employed applicants:

      • Latest Borang B supported by tax payment receipt or E-Filing supported by acknowledgement.
      • Latest 6 months business account statements (Sole Proprietorship/ Partnership)
      • Latest 6 months personal account statements (Limited Company/ Sdn Bhd)
      • Latest Profit & Loss account or Management account.

    Affin Bank Home Loan Interest RatesUpdated on 05 Dec 2016

    Affin Bank Home Loan Details
    Margin of Finance Up to 90% + 5% MRTA
    Tenor 35 years
    Guarantor Requirement No Guarantee Required

    Affin Bank Home Loan Malaysia

    The most attractive factor of Affin Bank home loans is that it is designed whilst keeping in mind the needs and financial status of its customers. This ensures that there is a home loan plan to cater to all kinds of customer needs. There are home loan packages which have a flexible loan option to accommodate the other financial needs of the customer, as also a specific loan package for people who are investing in their first home. Affin Bank extends home loans to people of all nationalities. Getting a loan approved from Affin Bank is quite easy, while applying for one is free of cost.

    Features of Affin Bank Home Loan

    The main features of Affin Bank Home loans include:

    • Home loans can be availed at a fixed or floating or a mixture of fixed and floating interest rate.
    • Usually, banks require collateral to be submitted as security against a home loan. This collateral can either pertain to the property that is being funded by this home loan or to any other property owned by the borrower.
    • Repayment of home loans is made via monthly loan installments.
    • Prepayments are allowed which are either free or are charged a penalty fee, depending upon the lending institution.
    • Home loans are usually long-term in nature with tenures ranging between 5-35 years.
    • Up to 90% of the property value can be availed as home loan.
    • Payment of processing fees, stamp duty and other such charges may be required.
    • Interest rate on home loan depends upon the bank and the customer generally has a choice of fixed, variable or a combination of fixed and variable rate of interest.
    • Affin Bank offer Flexi Home Loans which come with a loan account coupled with an overdraft account. This can be used to deposit additional amounts in times of surplus and hence lowering the principal and thereby the corresponding overall interest amount. This facility can also be used for withdrawing excess cash in times of need.

    Affin Bank Housing Loan Interest Rates

    The interest rates computed for the calculation of home loan EMI are floating and rates are reduced based on early timely loan payments. The term of the loan can up to 35 years for repayment and 95% + 5% MRTA margin can be used for the home loan.

    Types of Loans Available in Affin Bank Home Loans

    There are a variety of home and property loans available from Affin Bank. Here they are with their salient features:

    • Home Solution Plus:

      This home loan package ensures that the customer is able to save more on the mortgage as the interest on the amount availed is calculated on a daily basis. This home loan package also allows the consumers to pay more than the installment amount that is required to be paid every month. This is a perfect home loan choice for people who are planning to buy properties that have a value of more than RM 200,000. This is a flexi package and is best for customers who might have other financial debts and mortgages.

    • Home Flexi Plus:

      Since interest is calculated on a daily basis per the Affin Bank Home Loans, customers can save more money. This loan package allows the customers to pay in excess than their monthly installment to reduce the number of installments. It also provides the customers with an overdraft facility which extends up to 70% of the loan amount.

    • Home Assist Plus:

      Herein, the interest is calculated on a daily basis and ensures more saving for the customers. There is also a facility to pay excess amount per month such that the number of installments can be reduced. This loan amount is extended only for buying properties which have a value between RM 100,000 & RM 200,000. This is a flexi loan option and is beneficial for people who might have other liabilities.

    • My First Home Scheme:

      This home loan package is solely for people who are investing in their first home. Only a person who is a Malaysian citizen, is 35 years or below and has a monthly income of RM 5,000 or below can avail of this loan.

    How to Apply For Affin Bank Home Loan

    You can apply for the home loan online but you have to keep in mind the following eligibility criterias and documentation before you apply for the loan. Loan application can also be done in the bank branch nearest to you:

    Eligibility

    • They should be 18 to 70 years of age
    • Minimum income required is based on the package and as long as it is met the individual is eligible.
    • They should be a salaried or self-employed individual with regular source of income.

    Documentation

    Following are some of the documents that you might be required to submit while applying for this Affin Bank Home Loan -

    • Photocopy of NRIC
    • Booking Receipt from Developer (for under construction properties)
    • A copy of valuation report obtained from Bank’s approved panel of valuers (if required).
    • To substantiate additional income documents (if applicable)
    • Documentation for salaried applicants:
      • Latest 3 months pay slips/ salary vouchers
      • Latest EPF Statement
      • Latest 6 months commission statements where commission is credited
      • Letter from employer to confirm on applicant’s income
    • Documentation for self-employed applicants:
      • Latest Borang B supported by tax payment receipt or E-Filing supported by acknowledgement.
      • Latest 6 months business account statements (Sole Proprietorship/ Partnership)
      • Latest 6 months personal account statements (Limited Company/ Sdn Bhd)
      • Latest Profit & Loss account or Management account.

    FAQS on Affin Bank home Loans

    1. What other things should I know about Flexi Home Loan Packages?

      The flexi home loan packages allow the customers to pay more than the monthly designated amount to reduce the interest. But, to avail this facility, the customer needs a linked bank account. He/she also needs to render an account maintenance fee as well as a redrawal fee of RM 25.

    2. What is the rate of Interest for the Home Loan?

      The rate of interest on Affin Bank home loans is 4.75% and loans are provided for a maximum period of 35 years. The margin of finance for first time home buyers who are availing the My First Home Scheme is 100%. On the other hand, the margin of finance for the other home loan packages is 90% financing and 5% earmarked for the MRTA policy which is Mortgage Reducing Term Assurance.

    3. Who is eligible for Affin Bank Home Loan?

      Any person who is 21 years or above and is planning to buy a property which has a minimum value of RM 100,000 is eligible to apply for an Affin Bank Home Loan regardless of his/her nationality. In case of Home Solution Plus package, the value of the property should be RM 200,000. Also, My First Home Loan Scheme is available only to Malaysian citizens who are below 35 years of age and have a monthly income of less than RM 5000.

    4. What are the documents required for availing the Home Loan?

      When applying for a home loan, Affin Bank asks the customers to submit some documents as per the category to which they belong. The documentation for salaried as well as self employed individuals vary slightly. Speaking in common, the documents required for processing home loan application include address proof and id proof, pay slips / proof of income and job, bank statements and all property related documents.

    5. What are the different ways to repay the home loan?

      Here are a few ways in which one can repay the home loan borrowed from Affin Bank:

      • Online Transfer Transferring the loan installment by online transfer.
      • MEPS One can also pay the loan amount at any of the 5000 MEPS ATMs in the country.
      • Phone Banking Instruct the bank to deduct the amount from your account to pay the loan.
      • Interbank GIRO Loan can be paid by interbank GIRO by transferring the funds from the branch of the other bank or through their website.
    6. Does the bank give pre-closure facility for home loans?

      Affin Bank gives its customers a lock in period of 5 years. This is the highest lock in period given by any bank in Malaysia and this means that these loans are a perfect option for people who are planning to invest in a house for a long term and do not have any intention to sell it for 5 years. If the consumers who availed these home loans want to settle the loan amount within the first 3 years, they have to pay an early settlement penalty of 5% on the outstanding amount. On the other hand, for the next two years an additional 3% penalty would also have to be paid on the outstanding amount.

    How to Calculate Loan Installment for Affin Bank Home Loan

    The home loan installment calculator hosted at bbazaar.my, is a good tool to lend that rudimentary information that is good to have before availing loan for your dream house. Using this installment calculator is easy and quick; you need to feed in some important parameters like your desired loan amount, loan tenure and the rate of interest and then finally click the ‘calculate’ button to know the corresponding monthly installment for your Affin Bank home loan. This online loan installment calculator also furnishes an amortization table which is essentially a representation of your loan’s subsequent installments and the outstanding loan balance and interest at various points of your loan tenure.

    Other Products offered by Affin Bank:

    Apart from offering Home Loan, Affin Bank offers other products and services which include:

    News About Affin Bank Home Loan

    • Affin Bank’s new branch in Tabuan Jaya.

      Affin Bank recently opened its 6th branch called Kuching branch in Tabuan Jaya. This expanded the network of the branch by making it to 108 branches across the world. The newly opened branch offers a wide range of Islamic and conventional banking products and services to customers including deposit accounts, remittance services etc. The opening of this new branch is a part of the bank’s transformation initiatives to improve its visibility and accessibility to all customers. Tabuan Jaya is a highly populated place, and it is expected that the bank would be able to provide services to a considerable number of crowd and cater to their banking needs.

      16th June 2016

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