Who doesn't dream of owning a house of their own? While in a perfect world, everybody would have enough in their pockets to build their dream house. However, since we don't live in a perfect world, that's not the scenario. Getting a home loan from a good financial organization is a huge challenge. AIA Home Loan is a wise choice if you are looking for some financial help. If you are buying a new home or if you want to switch the home loan that you are already have with any other financial organization to AIA, then this could be what you are looking for.
You’re probably eligible for an AIA Bank Home Loan if you are
At least 21 years old
Less than 70 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your AIA Bank Home Loan amount eligibility is based on these factors
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 90% for both new purchase and refinance cases, subject to income & other eligibility
Instalments of other loans lower
Increase your eligible AIA 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 AIA Bank Home Loan
- 1. Applicant(s) Identity Card(s).
- 2. Title Deed.
- 3. Income Tax (last 3 years- Borang B/BE/E-filing with tax receipt/ cash pay-in slip/ cheque pay-in slip with clearance proof) (where applicable).
- 4. Sale & Purchase Agreement/Booking Receipt
- 5. Documentation for salaried applicants:
- Payslips (last 3-6 months), (12 months for variable income)
- EPF statement (last 12 months)
- Bank's Savings Account or Current Account statements (last 6 months) where salary was credited
- Employment confirmation Letter (if current employment is less than 6 months)
- 6. Documentation for self-employed applicants:
- Business Registration / Form 24 & 49
- Business Current Account Bank statements (last 12 months)
- Personal Savings & Current Account Bank statements (last 12 months)
- Financial Statements (last 3 years) with latest Company Profile
AIA Bank Home Loan DetailsUpdated on 22 Aug 2017
|Margin of Finance||Up to 90% for both new purchase and refinance cases, subject to income & other eligibility|
|Guarantor Requirement||Guarantee Required|
Features and Benefits of AIA Home Loan
The following are the features and benefits of AIA Home Loan:
- Fixed interest rates: You will not have to worry about your mortgage payments even if the interest rates in the market rise because this product has a fixed rate of interest throughout the loan tenure.
- Flexible repayment options: You have the option to pay more towards the repayment of your loan. This helps you in saving more in the future as the interest on your loan is calculated on a daily basis.
- Margin of finance: MOF is up to 80% for refinance cases and 90% for any new purchase.
- Loan Tenure: The minimum loan tenure is 5 years while the maximum is up to 35 years of age or 70 years of age, whichever comes first.
- Minimum loan amount: The minimum loan value is RM100,000.
Types of AIA Home Loans Schemes
There is only one type of home loan package offered by AIA Homes Loans:
- AIA Fixed Rate Home Loan: This product frees you of worries related to mortgage payments as the interest rates remain fixed irrespective of ups and downs in the market. You get the liberty to have flexible payment options.
|Financing amount||A minimum of RM100,000|
|Financing tenure||A minimum of 5 years and a maximum of up to 35 years or 70 years of age, whichever comes earlier.|
|Age requirement||18 years and above|
|Margin of financing||Up to 80% for refinance cases and 90% for any new purchase.|
|Financing Interest||4.99% p.a.|
Fees and Charges:
The following fees and charges will be applicable:
|Early settlement fee||Will be decided according to the terms of agreement with the issuer|
|Late penalty fee||1% p.a. of the balance amount|
|Redemption letter fee||RM53 per request|
|Letter for EPF withdrawal fee||RM21 per request|
The following are the eligibility criteria for AIA Home Loan:
You can apply for a home loan if you are above the age of 18 years and below 70 years. The loan tenure will end when you are 70 years old. The minimum annual income requirement is RM24,000. You can be a Malaysian citizen or a permanent citizen of Malaysia. Foreigners staying in Malaysia are also eligible for this loan. You should have a good credit history. The nature of your employment is important.
How to apply for AIA Home Loan?
- By phone:
You can call 1300-88-1899 and the home loan planner will guide you through the process.
You can provide all your information online and the bank representative will get in touch with you.
- Face to face:
You can walk into the nearest AIA Bank branch and apply for the home loan.
The following are the documents required to apply for a home loan at AIA:
- For salaried employee
- Copy of NRIC (both sides on one page)
- Latest 1 year income tax form BE, EA and EPF statement
- Latest 3 months salary slips and/or 6 months commission statement and 3 months bank account statement
- Sales & Purchase Agreement/deposit receipt
- Copy of Property title (for completed properties)
- For self employed
- Copy of NRIC (both side on one page)
- Latest 6 months personal and company bank account statement
- Copy of property title (for completed properties)
- Form 24 & 49 and company registration form
- Latest 2 years audited account
- Latest 1 year income tax form B
AIA Home loans FAQs
- Will I get an auto debit facility to deduct my monthly installment?
A: Yes, you can make your monthly installment payment through Maybank2u.com. You can also visit one of the AIA nationwide Service Centre to pay your monthly installment.
- How will I get to know if my application has been approved or rejected by AIA?
A: If your loan application gets approved, you will get a letter of offer. Following this, the bank's lawyer will gear up the necessary loan documents for the processing of loan.
- Will I be allowed to get my own lawyers to preside with the bank's lawyer during the processing of the loan?
A: Yes, you are free to appoint a lawyer of your own but the AIA will have to take a call on the legal firm.
- How long does it generally take to complete the documentation for loan?
A: It takes around two to six months to complete the loan documentation. It depends on the type of property that you are going to buy. The lawyer will make you sign the document once it is prepared.
- What kind of installments will I have to pay?
A: The value of the installments will depend on the amount borrowed, the interest rate, and the loan period.
- Does AIA Fixed Rate Home Loan have any lock period?
A: Yes, AIA Fixed Rate Home Loan's lock period is 5 years. But, you will not have to pay any penalty if you settle the full amount by cash gathered from the sale of property or EPF.
- What kind of property must I possess? Will it be applicable for under construction properties?
A: AIA finances all kinds of residential properties subject to the profile of the developer and the location of the project. Yes, the property can be under construction. You will have to check with the bank officials to get a clearer picture about this.