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  • Home Loan BYTES FROM OUR KITCHEN

    Affin Home Solutions Plus

    Affin Home Solutions Plus is a home loan facility that helps you purchase a new or sub-sale residential property. You can make excess payments above your monthly instalment and redraw the excess payment if you need. The article gives you more details about the loan scheme.

    Loan Type Flexible.
    Lock-in Period 3 years.
    Margin of Finance Up to 95% (includes mortgage reducing term assurance).
    Interest Rate Up to BR + 0.81%.
    Loan Tenure 35 years or up to an age of 70 years, whichever is earlier.

    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

    • Manage your cash flow with the flexible nature of the loan.
    • Save on the interest payments as the interest is calculated on a daily basis.
    • Enjoy a low interest rate of BR + 0.81%.
    • Get a repayment tenure as long as 35 years or up to an age of 70 years, whichever is higher.
    • Get a finance margin of up to 90% of the property value and 5% for the mortgage reducing term assurance (MRTA).
    • Refinance your current home loan under the scheme.

    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 Requirement

    Nationality Malaysians and non-Malaysians.
    Age Requirement 18 years and above.
    Property Value Above 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

    Online Method
    • Visit the bank’s website.
    • Open the Affin Home Solutions 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.
    Offline Method 1
    • Download the Affin Home Solutions Plus application form available on the website.
    • Print the form and fill up relevant information.
    • Attach the necessary documents and submit the same 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 Solutions Plus scheme gives you the flexibility of making additional payments and withdrawing it if you need some emergency cash. You can strengthen your home loan with an MRTA coverage to handle the outstanding balance in case of any unfortunate events. It is recommended to do your research about the product and then apply for the loan.

    FAQs

    Q. What should I do if I am unable to make my monthly payments?

    A. If you are unable to make payments due to some financial issues, you can contact the bank and request for an alternate payment schedule that works out for you.

    Q. What happens if my loan is labelled as a non-performing loan?

    A. If your loan is labelled as a non-performing loan, then the bank may update the interest rate to BR + 6.35% p.a.

    Q. Should I pay any fee to redraw the money?

    A. Yes. You have to pay a redraw fee of RM25 per transaction.

    Q. Is it mandatory to buy MRTA?

    A. Though it is not mandatory, the bank highly encourages you to buy MRTA. It provides coverage in case of death, critical illness, and permanent disability. The policy guarantees to pay off the outstanding balance of the loan in case of an unfortunate event.

    Q. What is the minimum amount I can redraw?

    A. You can redraw a minimum of RM3,000 and in multiples of RM1,000.

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