The home renovation loan offered by Alliance Bank is a kind of personal loan which you can use for accomplishing a wide variety of tasks. Starting from renovating your house to spend for other personal things in life, you can use the amount received as renovation loan. The home renovation loan offered by Alliance Bank is included under the Alliance Bank Home Complete Personal Loan.
Alliance Bank Malaysia is one of the leading banking groups in Malaysia. It offers customized banking products and services to customers. Consumer banking, Islamic banking, Investment banking, Business banking and Stockbroking businesses and Asset management are some of the services and products offered by this bank.
Usually, Alliance Bank Home Renovation Loan is offered to first time home buyers. However, under certain conditions, the second time home buyers can also avail this loan. Home Renovation Loans are offered to borrowers of the same bank. The Allianz Bank Renovation Loan is not a standalone product. It is a personal loan joined with mortgage financing. It is a kind of additional facility enjoyed by the borrowers and comes with the home loan package. The scheme offers loan up to RM150, 000 for renovating and refurbishing your home.
Alliance Bank Home Complete Personal Loan
The Allianz Bank Home Complete Personal Loan comes with a number of attractive feature. Listed below are the main features of Allianz Bank Home Complete Personal Loan:
- It requires no guarantor or collateral.
- Flexible loan tenure. The loan can be paid within a period of 10 years.
- You can use up to RM 150 of your loan amount for home renovation and meet other emergency purposes.
- It is a term loan.
- Interest is charged on reducing balance.
- Only a single borrower can apply for this loan. It does not include provision for co-application.
Benefits of Alliance Bank Complete Personal Loan.
Borrowers can enjoy the following benefits by opting for a home renovation loan form Alliance Bank Malaysia:
- You can enjoy attractive rates of interest and receive higher amount.
- The scheme comes with additional benefits for refurbishing and renovating your house.
- Easy and hassle-free loan application process.
- Fast processing and quick disbursal.
Different banks may ask for different documents for processing Home Renovation Loan. The Alliance Bank may ask you to submit the following documents:
- A filled application form.
- Proof of address.
- Proof of identity.
- Property ownership certificate.
Eligibility conditions for Alliance Bank Complete Personal Loan.
The eligibility conditions for Alliance Bank Complete Personal Loan include:
- Minimum age is 21 years.
- Maximum age needs to be 55 years.
- Minimum monthly income needs to be RM3, 000.
Fees & Charges
The interest rates charged by the bank on home renovation loan ranges between BR + 3.85% and BR + 4.35%. However, these rates are subject to change from time to time without giving prior notification to borrowers.
Thus, you can easily renovate your home by opting for a home renovation loan offered by Alliance Bank. It is a kind of debt instrument or home refinance scheme offered by banks to help you refurbish your home. Apart from Alliance Bank, there are many banks in Malaysia that offer home renovation loans under their personal banking section.