• Home Loan BYTES FROM OUR KITCHEN

    AmBank Home Loan

    AmBank offers affordable home loans to its customers with arrange of feasible repayments tenures. Along with the home loans, the bank also offers term loan and overdraft facilities so that a customer can enjoy financial security on his/her loans.

    Quick Reads

    Interest/Profit Rates

    Loan Type Loan Tenure Interest Rate
    AmBank Home Loan Up to 35 years Capped as per Base Rate and bank’s discretion
    AmBank HomeLink Up to 35 years Capped as per Base Rate and bank’s discretion

    Fees & Charges

    AmBank Home Loan Fees and Charges
    Stamp Duties As per Stamp Duty Act 1949 (Revised in 1989)
    Disbursement Fee As per bank’s discretion (Inclusive or registration fee and other related charges)
    Early termination Fee 2% on the original loan amount
    Late Payment Fee 1% p.a. on the amount in arrears
    Professional Legal Fee As per bank’s discretion (inclusive of fees for preparation of financial agreement)
    Valuation Fee As per bank’s discretion (to make formal valuation report)

    Eligibility Criteria

    Nationality Criterion Malaysian citizen
    Age Criteria
    • Minimum age: 21 years
    • Maximum age: 70 years
    Income Criteria -

    Documents Required

    • Documents related to the Sale and Purchase Agreement with developer or Booking Receipts
    • Property Valuation Report (if any)
    • For Salaried Individual:
      • Copy of identity card or passport
      • Latest 3 months’ salary slips
      • Latest EPF Statement
      • Latest EA Form
    • For Self-employed Individual:
      • Latest 3/6 months’ current account statements
      • Business registration certification (if applicable)
      • Tax payment receipts (if applicable)

    Types Of AmBank Home Loans

    • Home Loan: It is a home loan facility calculated on the variable rate basis where a customer’s house is offered as a security for his/her financing.
    • Home Link: Through HomeLink, you can connect your current account to the home loan account to save on interest. Also, the integrated account is easy to monitor through a monthly combined statement.

    Features & Benefits

    • AmBank Home Loan comes with no extra fees and charges attached with it.
    • It also provides the option to carry out extra repayments to reduce the loan interest of a customer.
    • The excess payments made by a customer can be withdrawn at any time.
    • Furthermore, AmBank Home Loan offers the facility of term loan and overdraft.
    • AmBank Home Link is a type of home financing that can be linked with a customer’s current account.
    • Funds in current account can be used to shorten the loan tenure for AmBank Home Link customers.
    • The bank provides monthly consolidated statements to the customers of AmBank Home Link.
    • Facility of instant cash withdrawal via ATM or cheque book is provided under AmBank Home Link.
    • For both schemes, the margin of financing scales up to 95% including MRTA.
    • Fixed as well as variable interest rates are provided through the AmBank Home Loan Schemes.

    How To Apply

    The AmBank Home Loan application process is easy and can be conducted through the following ways:

    Offline Application: A customer can go to the nearest branch and request for the application form. The duly filled application form must be submitted along with the required documents to finish the application process.

    Online Application: A candidate can also apply through the official website of the bank. Candidates can click on the given tab and fill in their personal details and loan requirements in the online form. They can also submit the mandatory documents online with the application form. After finishing the process and submission of all the details, a customer will receive a phone call from a bank representative regarding the processing of their application.

    Contact Number

    In case a customer has any queries and doubts related to the home financing products offered by AmBank, he/she can contact the customer care representatives on the following hotline: 03-2178 8888. In addition, a customer can also write an email on customercare@ambankgroup.com.

    FAQ's

    Q. How is the progressive interest rate calculated?

    A. Progressive interest must be paid before actual instalment commence for any property which is under construction. It is calculated using the following formula:

    Progressive interest to be paid for the said month= Progressive amount disbursed by bank x [Current interest rate x No. days] / 365.

    Q. What is the lock-in period for the AmBank Home Loan?

    A. 3 years starting from the first disbursement.

    Q. Can I redraw the extra repayments made by me?

    A. Yes, you can always redraw your excessive repayments any time for any kind of emergency.

    Q. Can the bank set-off payments from my accounts if I fail to make the monthly instalment?

    A. The bank reserves the right to set-off your loan instalments from your current or salary account maintained with the bank against any financial loan amount.

    Q. How does legal action against my impending payments affect me?

    A. Any legal action against you will affect your credit ratings and resultantly, your credit will be more expensive and difficult to maintain.

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