When one the key ingredients of a good housing finance product it the application and approval process involved. It is understood that the approval has a lot at stake hence it takes time to evaluate an applicant’s financial portfolio for a home loan, but at least the application should be as easy as possible. AIA Home Loans give you exactly that. Not only are you allowed to apply online, but the documentation is also easy unless after receiving the application, the bank requests for some more documentation. But the benefits do not end there. This home loan gives you the protection against increasing interest rates. They offer financing for under construction as well as projects that are completed. They have also a very long tenure for comfortable loan payment system for the borrowers with a maximum loan repayment time of 30 years. But that does not mean you have to be stuck with the loan repayment even if you can pay up the loan earlier. In fact they also have the facility to make prepayments to save you some trouble in the future.
Surprisingly this bank offers home loans to not only Malaysian citizen, but Singaporean citizens residing in Malaysia as well as long as they are over the age of 18 years. The loan amount for housing finance in AIA starts from RM 100,000 along with a zero moving cost feature. To make things easier and give you more clarity on this well soughted housing loan, read on.
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 28 Oct 2016
|Margin of Finance||Up to 90% for both new purchase and refinance cases, subject to income & other eligibility|
|Guarantor Requirement||Guarantee Required|
Features of AIA home loan
Listed below are the general features of AIA home loan.
- Offers fixed rate so that you are protected against increasing interest rates
- Offers financing for completed and under construction properties
- Flexible loan tenure that goes up to 30 years
- Offers prepayment option on the loan
- The plan also offers refinance for properties
- Hassle free application process
- Malaysian residents and Singaporean nationals above the age of 18 are eligible for the loan
- Minimum loan finance offered is RM100,000
- Offers a zero moving cost feature
- Offers the flexibility of making additional payments on the loan
- Easy documentation
- Can be applied for online
Why choose AIA Home Loan?
There are several reasons as to why one should choose AIA home loan. The loan plan not only offers finances for completed properties but also offers finance for lands, apartments,condominiums and townhouses. It also offers finance for under construction property developed by certain developers. The plan offers flexible tenure options that go up to 30 years thus making loan repayment easy for its customers. The loan option also offers many value added features and a zero cost moving feature where in the customer doesn’t have to pay for legal fees, stamp duty, disbursement fees for loan documents.
Who is eligible for an AIA home loan?
Any person who is a Malaysian citizen or a permanent resident of Malaysia and is 18 years or above is eligible to apply for an AIA home loan. This loan can also be availed by nationals of Singapore. Married couples can also apply for this loan, jointly.
AIA home loans are the best way to make your dreams of owning a home come true.
How to Calculate Loan Installment for AIA Bank Home Loan?
An online installment calculator is a tool that is used to calculate the exact loan repayments based on data input by the user. Bbazaar.my hosts the online AIA Bank home loan installment calculator that takes as input desired loan amount, rate of interest, processing fee and loan tenure and processes this raw data to yield the monthly home loan installment. An amortization table is also obtained as a result of this processing; this table depicts the repayment schedule over the whole loan period. It also shows the exact amount of principal as well as the interest that come together to make the monthly installment. Using this installment calculator is beneficial since it lends that first-level information that can help customers plan their finances even before availing a home loan.
AIA Home Loan interest rates
Listed below is interest rate for AIA home loan.
|Package||Rate of Interest|
|Package 1||4.99% p.a.|
|Package 2||5.39% p.a. with zero moving cost|
|Package 3||4.39% p.a. for 2 years 5.15% p.a. after 2 years|
How to apply for AIA Home Loan?
One can apply for the loan online from the comfort of their house through the bank’s official website or on third party financial websites. There is also the option of visiting one of the bank’s branches and applying for the loan physically though usually applying online is the most prefered way due to convenience.
What is the BLR and lending rate for AIA home loans and how often does it change?
Markets fluctuate based on various factors. This makes it hard to predict base lending rates. Based on the statistics of the past 32 years, the average BLR has been 7.87% and the average lending rate is 9.35%.
What is the minimum loan amount extended under an AIA Home loan?
AIA extends a minimum home loan of RM 100,000.
FAQ's on AIA Home Loan
- What is the tenure period offered on the loan?
The bank offers a tenure period of up to 35 years on the home loan.
- What is the benefit of a fixed rate loan?
A fixed rate loan protects the customer from increasing interest rates in the future.
- What is the minimum loan amount offered?
The minimum loan financed is RM100,000
- Does AIA home loan offer finance for properties under construction?
Yes, AIA home loan offers finance for properties under construction.
- Does the bank finance commercial properties?
The bank currently offers finance only for residential properties.