Home Loan BYTES FROM OUR KITCHEN

Affin Home Build

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.

Features and Benefits

  • Get a financing margin of up to 80% to buy residential land and 85% for house construction.
  • The term loan facility lets you sort your expenses.
  • Receive financing of up to RM5 million.
  • Get financing on MRTA premium and entry cost.
  • Keep your home, home contents, and your family covered with the Mortgage Reducing Term Assurance (MRTA).

Fees and Charges

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.

Eligibility Requirements

Nationality Malaysians and non-Malaysians.
Age Requirement 18 years and above.

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 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 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

Online Method
  • Visit the bank’s official website.
  • Open the Affin Home Build 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.
Offline Method 1
  • Download the application form from the 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.

Conclusion

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.

FAQs

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.

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