AmBank is a leading bank in Malaysia that provides an extensive range of banking solutions. The bank specialises in offering excellent products and services including deposits, cards, loans, insurance, wealth management solutions, priority banking, small business banking, etc.
AmBank offers an assortment of loans for different purposes. The loans offered by the bank include ASB financing, personal loans, car loans, home loans, etc.
If you have been planning to buy your own house, you should definitely go for a home loan provided by AmBank. The loan will allow you to make repayments comfortably without much stress.
You’re probably eligible for an Ambank Bank Home Loan if you are
At least 18 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your Ambank Bank Home Loan amount eligibility is based on these factors
Installment limited to about 50%
of monthly income
Loan capped @ Up to 90% + 5% MRTT
Installments of other loans lower
Increase your eligible Ambank 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 30 years
Alternatively add your parents
Documentation needed to apply for an AM Bank Home Loan
- 1. NRIC photocopy.
- 2. NRIC photocopy.
- 3. EA form/ EPF statement (last 2 years).
- 4. Sales & Purchase Agreement/ Booking receipt from developer.
- 5. Documentation for self-employed applicants:
- Business registration A&D
- Last 3 months bank statement
AmBank Home Loan Interest RatesUpdated on 24 Oct 2017
|Margin of Finance||Up to 95%|
|Guarantor Requirement||No Guarantee Required|
Features and benefits of AmBank home loan
Let us take a look at the key features and benefits of this loan:
- Suitable home loan plan: Depending on your income and financial condition, AmBank will give you an appropriate home loan plan.
- Term loan and overdraft option: The AmBank home loan is offered with a blend of a term loan and an overdraft.
- Additional repayments: When you take a home loan from AmBank, you can make additional repayments in order to minimise the interest that you have to pay.
- Choice to make repayments: You can choose how you want to repay your loan amount. You can decide the repayment installment amounts and the repayment periods for each installments.
- Home protection plans: All home loans offered by AmBank come with excellent home protection plans.
- High margin of financing: An AmBank home loan is offered with a high margin of financing of up to 95%. This comprises the MRTA.
- Variable interest rates and fixed interest rates: While repaying your AmBank home loan, you can enjoy a blend of both variable and fixed interest rates.
Types of AmBank home loans schemes
Let us now take a look at types of home loans offered by AmBank:
- AmBank Home Loan: With this loan product, you can withdraw additional cash whenever you face an emergency. You will get an AmBank MasterCard, Visa, or CARz credit card.
- AmBank Home Link: This product offered by AmBank enables you to connect your home loan from AmBank to your AmBank current account. This will help you enjoy savings on your interest. This can also reduce your home loan period. You will get a joined account where you will receive a consolidated statement for each month. This will allow you to check your account transactions efficiently. You can also withdraw cash from this account through a chequebook or by visiting an ATM.
- AmBank Property Loan: This loan helps you in buying a commercial property. You can go for a redraw facility with this card. If you want to minimise your principle unsettled amount, you can make repay extra amounts through monthly installments. You can get up to 85% as your margin of financing for this property loan. The bank offers this product even to non-individuals for purchasing residential spaces.
- AmBank Property Link: AmBank allows you to connect your commercial property loan to your current account. Your property loan principal account will be paid with the credit balance of your current account. The margin of financing is up to 85% for this product. This consists of the MRTA.
- AmBank Home/Property Financing-i: This financing product offered by AmBank follows the Shariah contract of Islamic banking principles. It follows the rules of Tawarruq. You will get financing for buying a house or a property based on the variable rates. Under this, the profit will be assessed according to variable rates. The margin of financing is up to 95%. This comprises Mortgage Reducing Term Takaful (MRTT).
- AmBank My First Home Scheme: This is a loan that helps you to buy a residential space based on a variable rate. Your house will have to be pledged as a collateral.
- AmBank Home Loan PR1MA (SPEF): With this, you will be able to buy a PR1MA residential property and is based on a variable rate. You will need to give the house as a collateral.
- AmBank Overdraft Facility: You will get a revolving facility and you can repay it according to a deferred payment system.
The interest rates for the home loan schemes offered by AmBank depend on the prevailing Base Rate (BR). The BR is depends on the benchmark cost of funds (COF) of AmBank and the statutory reserve requirement (SRR) cost which is fixed by Bank Negara Malaysia (BNM).
The prevailing Base Lending Rate or Base Financing Rate is 6.65% p.a.
The prevailing Base Rate is 3.80% p.a.
Fees and charges
These are the fees and charges for all the AmBank home loans:
|Late payment fee||1% p.a. of the unsettled amount|
|Stamp duty||According to the Stamp Act 1949 (Revised 1989)|
|Early termination fee||2% of principal loan amount|
|Modification of loan product||RM530|
|Transfer of property’s share (Administrative fee)||RM530|
Fees for AmBank Home Link
|Monthly fee||RM10.60 (Includes GST)|
|Minimum account opening fee||RM100|
Fees for AmBank Home Loan PR1MA (SPEF)
|Processing fee||RM212 (Includes GST)|
|EPF RF fee||RM53|
Fees for AmBank Property Link
|Monthly fee||RM21.20 (Includes GST)|
|Minimum account opening fee||RM200|
Let us take a look at the eligibility criteria required to apply for a home loan from AmBank:
- You will have to be at least 18 years old and not more than 60 years old.
- You will have to be a Malaysian citizen or a Permanent Resident or an expatriate or an employee with a work permit in Malaysia.
How to apply for AmBank home loan
You can apply for a home loan from AmBank by submitting an online form with your details. You will have to give your name, contact number, email ID, and IC No. or Passport No. After your form is reviewed, a reliable representative will call you from the bank to give you support. You may also visit an AmBank branch to complete the application process.
How to make monthly installments payments
You can make your monthly installment payments through online payments through fund transfers or deduction of funds from bank account. You can register on AmBank’s e-Banking services to choose from multiple payment modes.
These are the documents that you will have to submit:
- Most recent salary slips for 3 months
- Most recent EPF statement
- Bank statements for the most recent 3 months
- Your NRIC or Passport or Employment Pass or Work Permit
How to Calculate Loan Installment for AmBank Home Loan?
A simple and convenient AmBank home loan installment calculator is hosted on bankbazaar.my. This home loan installment calculator requires users to feed-in certain loan-specific parameters like desired home loan amount, loan tenure and profit rate and processes this raw data to yield the amount of monthly installment applicable for your home loan. Knowing the installment amount before availing home loan is beneficial since it helps in better financial planning. By adjusting parameters like loan amount and loan tenure in the home loan installment calculator, you can find out the most optimum value of monthly installment which suits your pocket, perfectly.
- What is the AmBank My First Home Scheme?
AmBank My First Home Scheme is a financing option that was introduced by the government to support people who earn a particular income range to own their first homes. You will have to pledge this house as a collateral.
- Do I have to pay disbursement fees for procuring an AmBank home loan?
Yes. These fees include registration fees and other charges.
- What is the lock-in period for AmBank Home Loan and AmBank Property Loan?
The lock-in period for these 2 loan products is 3 years.
- When I take AmBank Home Link, how do I make bigger savings?
When you have higher amounts in your AmBank current account, you will earn higher savings.
- Under the AmBank Home Loan PR1MA (SPEF), what are the choices available?
With this product, you can go for Without Employees Provident Fund (EPF) Ring Fencing (RF) or With EPF RF is subject to EPF approval.
- Under the My First Home Scheme, is there any guarantee by CAGAMAS SRP BERHAD?
Yes, the first 10% of your loan will be guaranteed by CAGAMAS SRP BERHAD (National Mortgage Corporation).
- Do I have to pay a Professional Legal Fee while applying for any home loan from AmBank?
Yes, you will have to pay a Professional Legal Fee. It is the fee given to the solicitor as he or she will create the financing agreement.
Other Products offered by AmBank:
Apart from offering Home Loan,AmBank offers other products and services which include: