The Affin Home Build scheme offers financing to buy a residential land or house construction. You can apply for a new loan, sub-sale financing or to get refinancing on an existing loan with the scheme. Read through to know more about the loan.
|Loan Margin||Land Financing: Up to 80% of the property value. Housing Loan: Up to 85% of the property value.|
|Interest Rate||Land Financing: BR + 2.11% p.a. Housing Loan: BR + 1.11% p.a.|
|Loan Tenure||Land Financing: 30 years or up to 65 years of age. Housing Loan: 35 years or up to 70 years of age.|
|Lock-in Period||5 years.|
|Minimum Loan Amount||RM500,000.|
Note: BR stands for Base Rate. BR is set to 4.10% p.a. as updated by the bank on 30 January 2018.
|Stamp Duty Fee||As per the Stamp Duty Act 1949 (Revised in 1989).|
|Redemption Statement||RM50 per request.|
|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||5% flat of the approved loan amount if settled completely within the first 3 years. 3% flat if settled completely after 3 years and before 5 years.|
|Late Payment Fee||1% p.a. of the arrear amount.|
|Nationality||Malaysians and non-Malaysians.|
|Age Requirement||18 years and above.|
|Other Income Documents, if applicable||
|Offline Method 1||
|Offline Method 2||
The Affin Home Build scheme can serve as a convenient option if you are planning to buy a residential land. You can also choose the loan if you are planning to construct a house. Read the fine print of the loan agreement to know the scheme better.
Q. Does the bank have any restrictions on the property value?
A. Yes. The value of the property must be a minimum of RM500,000.
Q. Does the bank offer financing for MRTA?
A. Yes. 5% of the approved loan amount is offered towards the MRTA premium and loan documentation.
Q. In what intervals is the interest calculated?
A. For land financing, interest calculation is done on a monthly rest. Whereas, for home construction, interest is calculated on a daily rest.
Q. What does MRTA cover?
A. Mortgage Reducing Term Assurance (MRTA) covers you against death, critical illness, and permanent disability. The policy also pays the outstanding balance of the loan amount in case of any unfortunate events mentioned earlier.
Q. How does the bank decide on the financing amount?
A. The bank considers the open market value of the property and the sale & purchase price of the property. It offers an amount equivalent to the set finance margin of the lower value among the costs.
Q. What are the available covers other than MRTA?
A. Apart from MRTA, you can purchase covers, such as mortgage reducing term takaful, personal accident, home contents insurance, fire insurance, householder insurance, and credit level term assurance/mortgage level term assurance.