Home Loan BYTES FROM OUR KITCHEN

Affin Home Assist Plus

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.

Features and Benefits

  • Get a competitive loan package under the term loan facility.
  • Receive a loan amount of up to 90% of the property value.
  • Save on the total interest you pay as the interest is calculated on a daily basis.
  • Get financing on completed residential properties.
  • Make hassle-free payments for a period of 35 years or up to an age of 70 years.
  • Make payments above the monthly instalment amount whenever possible and redraw the excess payments if needed.
  • Get a range of coverage that protects you and your home, such as personal accident, home content insurance, fire insurance, and householder insurance.

Fees and Charges

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.

Eligibility Requirements

Nationality Malaysians and non-Malaysians.
Age Requirement 18 years and above.
Property Value Between RM100,000 and RM200,000.

Documents Required

Salaried Employees
  • Latest 3 months’ payslips.
  • Latest Form EA or Form B with the tax payment receipt.
  • Latest EPF statement.
  • Latest 3 months’ bank account statement to show salary being credited.
  • Letter from the employer to confirm your income.
Pensioners
  • Latest pension fund statement.
  • Latest 3 months’ bank account statement to show the pension being credited.
Commission Earners
  • Latest 6 months’ commission statements.
  • Letter from the employer to confirm your income.
Self-employed Applicants
  • Latest Form B with the tax payment receipt.
  • Latest profit & loss account.
Sole-proprietorship/Partnership:
  • Latest 6 months’ business account statement.
Limited Company/Sedan Berhad:
  • Latest 6 months’ personal account statement.
Other Income Documents, if applicable
  • Rental income receipts or tenancy agreement.
  • Unencumbered fixed deposit certificates.
  • Director’s fee as shown in audited profit & loss account.
  • Other deposits, investments, and unit trust.
  • Sales vouchers for agro-based transactions.
Mandatory Documents
  • A copy of NRIC.
  • Sale & Purchase Agreement.
  • Booking receipt from the developer (if under construction).
  • A copy of valuation report from the bank-approved panel of valuers.

How to Apply

Offline Method 1
  • Download the mortgage loan application form from the bank’s website.
  • Print the form and fill up relevant information.
  • Attach the necessary documents and submit the documentation to the branch.
Offline Method 2
  • Visit the nearest branch office.
  • Express your interest in applying for the loan.
  • Fill up the application form.
  • Attach the necessary documents.
  • Submit the documentation to the branch.
Online Method
  • Visit the bank’s website.
  • Open the AFFIN Home Assist Plus loan page.
  • Click on the “Apply Now” button.
  • Fill up the required details in the form and submit it.
  • A bank’s representative will contact you to assist you in the application process.

Conclusion

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.

FAQs

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.

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