The Affin Home Assist Plus scheme from Affin bank helps you get a new loan or a sub-sale financing on a residential property. It includes a fixed monthly instalment repayment scheme. With this scheme, you can protect your home from any unfortunate events through Mortgage Reducing Term Assurance (MRTA).
|Loan Type||Term Loan.|
|Finance Charges||Up to 90%.|
|Interest Rate||BR + 0.96% p.a.|
|Loan Tenure||35 years or up to an age of 70 years.|
|Lock-in Period||3 years.|
|Stamp Duty Fee||As per the Stamp Duty Act 1949 (Revised in 1989).|
|Processing Fee||Loan amount within RM30,000: RM50. Loan amount between RM30,000 and RM100,000: RM100. Loan amount above RM100,000: RM200.|
|Letter of Confirmation for EPF Withdrawal||RM20.|
|Security Document Retrieval||RM30 per request.|
|Early Settlement Penalty||2% of the approved loan amount if settled completely within the lock-in period.|
|Late Payment Fee||1% p.a. of the arrear amount.|
|Redemption Statement||RM50 per request.|
|Nationality||Malaysians and non-Malaysians.|
|Age Requirement||18 years and above.|
|Property Value||Between RM100,000 and RM200,000.|
|Other Income Documents, if applicable||
|Offline Method 1||
|Offline Method 2||
The Affin Home Assist Plus scheme offers a term loan with the flexibility of making advance payments. You can redraw the advance payments if you need cash immediately. Read the loan agreement thoroughly to know the finer details of the loan.
Q. What does an advance payment mean?
A. An advance payment is to pay an amount more than the monthly instalment amount. You don’t have to inform the bank prior to making such a payment. The money in your advance payment bucket won’t be used to reduce the outstanding balance. However, it will be used for future monthly instalment settlement.
Q. Does the interest rate change throughout the loan tenure?
A. Yes. The loan works on a floating interest rate that is pegged to a base rate. Any changes to base rate will reflect a change in the interest rate. It results in a variation in your monthly instalment amount.
Q. What does a prepayment mean?
A. If you make additional payments in the multiples of RM1,000 it is known as a prepayment. You have to inform the bank 1 month in prior to make a prepayment. The amount will be used to reduce the outstanding balance of the loan. Such a payment must be made over the counter at a branch office.
Q. Does the approved loan amount include the MRTA cost?
A. Yes. The approved loan amount includes the MRTA and entry cost.
Q. How much can I redraw from the excess payments I have made?
A. You can redraw a minimum of RM3,000 and the rest in the multiples of RM1,000 from the advance payment bucket. However, you have to maintain a minimum balance in the advance payment bucket that is equal to or greater than the monthly instalment amount.