Affin Bank is a top bank in Malaysia that offers excellent banking solutions. The primary types of services provided by the bank include business banking, consumer banking, and investor relations services. Some of the products offered under the Affin Bank’s consumer banking section include deposits, cards, hire purchase, loans, remittance, insurance, etc.
You can take a home loan from the bank to fund your home buying process.
You’re probably eligible for an Affin Bank Home Loan if you are
At least 18 years old
Less than 70 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your Affin Bank Home Loan amount eligibility is based on these factors
Instalment limited to about 50%
of monthly income
Loan capped @ 90% of property value + 5% MRTA
Instalments of other loans lower
Increase your eligible Affin Bank Home Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 35 years
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 20 Nov 2017
|Margin of Finance||Up to 90% + 5% MRTA|
|Guarantor Requirement||No Guarantee Required|
Features and benefits of Affin Bank home loan
These are some of the features and benefits of this loan:
- You can get a term loan as well as overdraft financing with a home loan from Affin.
- The bank offers loans for both refinancing and sub sale of a fully constructed house.
- You can take a specific loan product to construct a house from scratch.
- The interest rates for the home loan product are very affordable. The interest is calculated on a daily basis and hence, you can earn great savings on the interest.
- You will be allowed to make your installment payments in advance.
- You will generally get up to 90% as a margin of finance.
- Typically, you will have to repay your home loan within 35 years or before you turn 70, whichever is earlier.
Types of Affin Bank home loans schemes
These are the types of home loans offered by Affin Bank:
- AFFIN Home Solutions Plus: With this product, you can buy a house and enjoy a redrawing option with it. If you want to your installments in excess, you may do so. The interest will be computed every day.
- AFFIN Home Flexi Plus: This product provides you with overdraft financing and term loan. You may also go for a complete overdraft to refinance, finance, or sub sell a house or an office property if the value of the space is at least RM200,000. The minimum loan amount is RM100,000 and the overdraft facility will be RM50,000.
- AFFIN Home Assist Plus: You can use this loan for houses and properties that cost lesser than RM200,000. The margin of finance for this product is 85%.
- AFFIN Home Build: This loan helps you to finance and refinance living as well as commercial spaces. The minimum loan amount is RM500,000 and the maximum loan amount is RM5,000,000.
- AFFIN My First Home Scheme (Skim Rumah Pertamaku): This scheme enables an individual to buy the first house. This loan option was introduced by the Government of Malaysia. The minimum value of the house should be RM100,000 and the maximum value should be RM500,000.
- AFFIN Invest Plus: This loan allows a limited company to buy and refinance a residential or a commercial space. This loan can be used only for investments.
- AFFIN Housing Guarantee Scheme by SJKP: Here, Syarikat Jaminan Kredit Perumahan Berhad (SJKP) will be the guarantor for the home loan that is offered to an individual.
These are the different interest rates for the home loan schemes offered by Affin Bank:
|AFFIN Home Solutions Plus||BR + 0.81% p.a.|
|AFFIN Home Flexi Plus||BR + 0.76% p.a.|
|AFFIN Home Assist Plus||BR + 1.51% p.a|
|AFFIN Home Build||BR + 1.11% p.a.|
|AFFIN My First Home Scheme (Skim Rumah Pertamaku)||BR + 1.01% p.a.|
|AFFIN Invest Plus||BR+ 0.91% p.a.|
|AFFIN Housing Guarantee Scheme by SJKP||BR + 3.11% p.a.|
Fees and charges
These are the fees and charges for the home loans:
|Stamp duties||According to the Stamp Duty Act 1949 (revised 1989)|
|Early settlement penalty||2 or 3% of original loan amount|
|Late payment fee||BR + 4.35% p.a.|
These are the eligibility criteria that will have to be followed while applying for this loan:
- You will have to be at least 18 years old.
- You can be a Malaysian or a Non-Malaysian.
- You can be a fixed income earner or a self-employed individual.
How to apply for a home loan from Affin Bank
You will first have to download the application form for a home loan from the bank’s website. You will then have to submit it at any Affin Bank branch. You can also apply by meeting a representative at a branch. You may also call the bank at 03-5522 3000 for support.
How to make monthly installments payments
You can pay your monthly installments by registering for the bank’s online banking platform.
These are the documents that you will have to submit while applying for a home loan from Affin Bank:
- Most recent payslip for 3 months (For pensioners)
- Most recent commission statements for 6 months (For people who earn commission)
- Most recent Borang B (For self-employed people)
- Most recent EPF statement
- Copy of NRIC
- Receipt of booking provided by property developer or Sale and Purchase agreement
- Under the AFFIN Home Flexi Plus, what is the overdraft portion for home financing?
For loan amounts below RM500,000, the highest overdraft portion is 50% of the complete financing amount. If your loan amount is RM500,000 or below, your overdraft portion will be 70% of total financing amount.
- Under AFFIN Invest Plus, what are the criteria that a company should meet to be eligible for this term loan?
In order to apply for this term loan, your company will have to be incorporated in Malaysia. Also, it should be a property investment company with a special or single purpose.
- Is there a lock-in period for subsale financing?
No, you will not get a lock-in period for subsale financing.
- What kind of businesses can apply for AFFIN Biz Solution Plus?
AFFIN Biz Solution Plus can be taken by an individual, a partnership, and a sole proprietary concern. A private limited and voluntary organization will not be able to apply for this loan option.
- What category of individuals does the Affin Housing Guarantee Scheme by SJKP intend to help?
The Affin Housing Guarantee Scheme by SJKP intends to help self-employed and fixed income Malaysians to buy a house for their own job.
- What is the penalty amount for loan retention?
The penalty amount for loan retention is usually 2% or 3% of the actual loan amount.
- Under the AFFIN Home Flexi Plus, can I redraw my additional payments?
Yes, you can redraw your additional repayments only for term loans.
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