Alliance Conventional Home Financing is a home loan plan offered to finance completed residential properties and residential properties under construction. This financing solution offers up to 90% financing margin and comes with an optional redraw facility, which can be used to make repayments and withdraw funds when you require them.
|Margin of Financing||
|Type of Financing||Term loan.|
|Loan Tenure||Up to 35 years or 70 years of age, whichever is earlier.|
|Interest Rate||Variable rate pegged to Base Rate.|
|Setup Fee||RM200 for Conventional Home Financing with redrawal facility.|
|Redraw Fee||RM50 per withdrawal.|
|Stamp Duty||As per the Stamp Duty Act 1949 (Revised 1989).|
|Late Payment Charges||1% p.a. on the amount in arrears.|
|Early Settlement Fee||2% on the approved loan amount.|
|Commitment Fee for Overdraft Facilities||1% p.a. on the unutilised portion of the overdraft facility exceeding RM250,000.|
|Age Requirement||21 years and above.|
This loan is ideal for those who are looking for schemes that provide an optional redraw facility. You can apply for a high loan amount and also get up to 70% overdraft facility under this scheme. It is advisable to go through the scheme's product disclosure sheet before applying for it.
Q. Will I be charged valuation fees for properties under construction?
A. No. Valuation fees are charged only for completed properties.
Q. What is the lock-in period for this scheme?
A. The lock-in period is 3 years from the first date of loan disbursement.
Q. Do I need to take any insurance coverage with this facility?
A. Yes. You must take fire insurance along with this scheme mandatorily. Though MRTA is optional, you are highly recommended to take it as well.
Q. How do I pay my monthly instalment?
A. You can use any of the following ways to pay your monthly instalment:
Q. Does the Base Rate differ from bank to bank?
A. The Base Rate differs from bank to bank.
Q. What are the effective lending rates?
A. The lending rates range from BR + 0.54% to BR + 1.60%.