Home Loan BYTES FROM OUR KITCHEN

Affin BNM Target Lending To Priority Sector Housing Loan

Affin BNM Target Lending To Priority Sector Housing Loan is an affordable loan scheme, which is particularly for the lower and middle income earners. Under this facility, you can get a loan which is up to 90% of the purchase price of the property. Read further to learn more about this scheme.

Margin of Financing Up to 90% open market value or sales and purchase price.
Type of Financing Term loan.
Loan Tenure Up to 35 years or 65 years of age.
Interest Rate Base rate + 1.61% on monthly rest.
Loan Amount Up to 95% purchase price (inclusive of 5% of MRTA).

Features and Benefits

  • Get up to 90% of the finance margin and 5% of Mortgage Reducing Term Assurance (MRTA)/Mortgage Reducing Term Takaful (MRTT) with this loan scheme.
  • Get this loan facility for completed residential properties or residential properties under construction.
  • This financing facility is available for properties with values from RM35,000 to RM250,000 for Peninsular Malaysia and from RM35,000 to RM300,000 for Sabah and Sarawak.

Fees and Charges

Processing Fee
  • For loan amount up to RM30,000: RM50.
  • For loan amount from RM30,001 to RM100,000: RM100.
  • For loan amount above RM100,000: RM200.
Redraw Fee RM25 per transaction.
Stamp Duty As per the Stamp Duty Act 1949 (revised 1989).
Letter of Confirmation for EPF Withdrawal RM20 (with or without the photocopies of documents).
Late Payment Charges 1% p.a. on the amount in arrears.

Eligibility

Age Requirement 18 years and above.
Other Criteria
  • Fixed monthly income earners or self-employed individuals.
  • The property must be owner-occupied.

Required Documents

Salaried Professionals
  • Latest 3 months’ salary slips or salary vouchers.
  • Latest pension fund statement for pensioners.
  • Latest 6 months’ commission statements for commission earners.
  • Latest EPF statement.
  • EA Form or Borang B supported by tax payment receipt or e-filing supported by acknowledgement.
  • Latest 3 months’ bank account statement showing credited salary/pension information.
  • Latest 6 months’ commission statement showing commission credited information.
  • Letter from employer confirming applicant's income.
Self-employed Professionals
  • Latest Borang B supported by tax payment receipt or e-filing supported by acknowledgement.
  • Latest 6 months’ business account statements for sole proprietorship/partnership.
  • Latest 6 months’ personal account statements for limited company/Sdn Bhd.
  • Latest management account or profit and loss account.
Other Supporting Documents
  • Unencumbered fixed deposit certificates.
  • Tenancy agreement or rental income receipts.
  • Director’s fee as reflected in the audited profit and loss account.
  • Other deposits/investments/unit trust.
  • Sales vouchers for agro-based sectors.
Additional Documents
  • 1 NRIC copy.
  • Sale and purchase agreement.
  • Booking receipt from the developer for properties under construction.
  • A copy of the valuation report obtained from the bank’s approved panel of valuers, if required.
  • To substantiate additional income documents, if applicable.

How to Apply

Online Application
  • Visit Affin Bank’s official site.
  • Go to the specific page for ‘Affin BNM Target Lending To Priority Sector Housing Loan’.
  • Click on ‘Apply Now’.
  • Fill in the form provided with your details.
  • Submit the contact form.
  • A bank representative will contact you.
Offline Application
  • Visit the nearest Affin Bank branch.
  • Express your interest to apply for Affin BNM Target Lending To Priority Sector Housing Loan.
  • Fill in the application form provided by the bank representative.
  • Submit the application form along with the mandatory documents.
Or
  • Visit Affin Bank’s official site.
  • Go to the specific page for ‘Affin BNM Target Lending To Priority Sector Housing Loan’.
  • Download the application form provided on the page.
  • Fill in the form.
  • Submit the form along with the mandatory documents to the nearest Affin Bank branch.

This is a low-cost financing solution, which is ideal for lower and middle income earners. You get finance margin of up to 95%, which can be used to acquire completed properties or properties under construction. It is recommended to read the product disclosure sheet and terms and conditions of the loan facility signing up.

FAQs

Q. If I settle my loan within 3 years, how much will I be charged?

A. You will be charged an early settlement fee of 2% on the original loan amount if redeemed within the 3-year retention period, subject to retention period and penalty amount imposed in Letter of Offer.

Q. Will the property be considered owner-occupied if I cannot occupy it due to job requirements?

A. The house will be considered owner-occupied, provided it is occupied by the applicant's immediate family.

Q. What is the lock-in period of this loan?

A. The lock-in period for this facility is 5 years from the date of loan disbursement.

Q. Can I opt out of the MRTA/MRTT financing?

A. No. MRTA/MRTT is compulsory with this loan.

Q. Apart from MRTA, does the loan come with any other packages?

A. Yes. You can opt for any of the following packages:

  • Personal Accident (PA).
  • Home contents insurance.
  • Fire insurance.
  • Householder insurance.
  • Credit Level Term Assurance (CLTA).
  • Mortgage Level Term Takaful (MLTT).

Q. I am married. Am I eligible to get more than one priority sector housing loan?

A. No. Married couples are eligible to apply only for one housing loan at the prescribed rate.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.