• Checklist for applying Home Loan in Malaysia

    A home loan application is a lengthy process as it involves a number of stages right from making an application to submitting the documents that are mandatory to acquire a loan facility. The requirements are different for applicants from different age groups, education and employment background. A bank representative might not come in handy every time you have a doubt about the documentation and proofs required to complete the procedure.

    If you are looking for a home loan or house financing for a brand new residential apartment that you have your eyes on, here is the complete checklist that will get you through the home loan application process.

    Documents Required for Home Loan Application

    The documents required for making a home financing application are different for applicants of each age group and income bracket. Here is the distribution done as per the salary status of the applicant:

    Documents Required For a Salaried Employee:

    • NRIC (National Registration Identity Card Number) Copy or Malaysian Identity Card (one copy)
    • Booking receipt of the property (1 copy)
    • Vendor Sale and Purchase Agreement or title copy or new Sale and Purchase Agreement
    • A copy of the land title
    • Latest salary slips for 3 months (for a basic salary earner)
    • Latest salary slips for 6 months (for basic salary plus commission earner)
    • Latest EA Form or employment letter from the employer
    • Latest Form B or BE with an acknowledged payment receipt (for income tax details)
    • Latest EPF statement or KWSP statement
    • Education certificates (if requested and as applicable)
    • Fixed deposit statement (for credit assessment) (if requested)
    • Any other document as requested by the bank or financial institute

    Documents Required for a Self-employed Applicant:

    • NRIC (National Registration Identity Card Number) Copy or Malaysian Identity Card (one copy)
    • Booking receipt for the property (1 copy)
    • Vendor sale and purchase agreement or title copy or new sales and purchase agreement
    • Fixed deposit statement (for credit assessment) (if requested)
    • Education certificates (if requested and as applicable)

    As per the company status (Sole proprietor and partnership or Sdn Bhd company):

    • Form 24 and 49
    • Memorandum or article
    • Latest account of profit and loss (as requested)
    • Company’s profile
    • Business registration certificate
    • Latest 6 months’ bank statements of the company
    • Latest pay slips for 3 months (if the applicant is the director of the company)
    • Latest personal bank statements for 3 months (to tally the pay slips)
    • Latest EA Form or employment letter (if applicable)
    • Latest EPF statement or KWSP statement
    • Latest Form B or BE with a payment receipt acknowledgment (if applicable; for income tax details)
    • Form A and Form D
    • Any other document as requested by the bank or financial institute

    Documents Required for a Guarantor:

    A guarantor also needs to show the below listed documents along with the applicant:

    • NRIC (National Registration Identity Card Number) Copy or Malaysian Identity Card (one copy)
    • Latest salary slips for 3 months (for a basic salary earner)
    • Latest salary slips for 6 months (for basic salary plus commission earner)
    • Latest EA Form or employment letter from the employer
    • Latest Form B or BE with an acknowledged payment receipt (for income tax details)
    • Latest EPF statement or KWSP statement
    • Education certificates (if requested and as applicable)
    • Any other document as requested by the bank or financial institute

    Documents Required for a Joint Applicant:

    If you are applying for the home loan scheme with a joint applicant, he/she is also required to submit the following document proof while signing the agreement:

    • A copy of NRIC (National Registration Identity Card Number) or Malaysian Identity Card (one copy)
    • Proof of relationship with the applicant (as applicable)
    • Address proof (if requested)
    • Latest salary slips for 3 months (for a basic salary earner)
    • Latest salary slips for 6 months (for basic salary plus commission earner)
    • Latest EA Form or employment letter from the employer
    • Latest Form B or BE with an acknowledged payment receipt (for income tax details)
    • Latest EPF statement or KWSP statement
    • Education certificates (if requested and as applicable)
    • Any other document as requested by the bank or financial institute

    Documents Required for Malaysians Working Overseas (Salaried Employees)

    • Copy of NRIC or Malaysian Identity Card
    • Working permit (if any)
    • Booking receipt for the property (1 copy)
    • Vendor Sale and Purchase agreement or title copy or new sales and purchase agreement
    • A copy of the land title
    • Latest salary slips for 3 months (for a basic salary earner)
    • Latest salary slips for 6 months (for basic salary plus commission earner)
    • Latest EA Form or employment letter from the employee
    • Latest Form B or BE with an acknowledged payment receipt or income tax declaration form with payment receipt (for income tax details)
    • Latest EPF statement or KWSP statement or CPF statement
    • Education certificates (if requested and as applicable)
    • Fixed deposit statement (for credit assessment) (if requested)
    • Credit Bureau Singapore Report (applicable for the candidates working in Singapore)
    • Any other document as requested by the bank or finance institute

    Documents required for Malaysians Working Overseas (Self-employed Individuals)

    • Copy of NRIC or Malaysian Identity Card
    • Working permit (if any)
    • Booking receipt for the property (1 copy)
    • Vendor Sale and Purchase agreement or title copy or new sales and purchase agreement
    • Latest Personal bank statements for 6 months
    • Latest profit and loss statements (if applicable)
    • Business registration certificate (if applicable)
    • Latest deposit statements; for example, fixed deposit, ASB or bonds (if any)
    • Any other document as requested by the bank or financial institute

    Documents Required for a Foreign Applicant Working in Malaysia (Salaried Employee)

    • A copy of his/her identity card or passport
    • Working Permit (if any) or PR card with validity of minimum 6 months and above
    • Property booking receipt
    • A copy of the Sales and Purchase Agreement or title
    • Latest salary slips for minimum 3 months
    • Latest bank statements for minimum 3 months
    • Employment or validation letter by the employer or the latest KWSP statement
    • Latest income tax declaration form with payment acknowledgement receipt
    • Deposit statement such as fixed deposit, ASB or other bonds (if applicable)

    Documents Required for a Foreign Applicant Working in Malaysia (self-employed applicant)

    • A copy of his/her valid identity card or passport
    • Working Permit (if any) or PR card with validity of minimum 6 months and above
    • Property booking receipt
    • A copy of the Sales and Purchase Agreement or title
    • Latest personal bank statements for minimum 6 months
    • Employment or validation letter by the employer or the latest KWSP statement
    • Latest income tax declaration form with payment acknowledgement receipt
    • Deposit statement such as fixed deposit, ASB or other bonds (if applicable)
    • Latest income tax declaration form with payment receipt acknowledgement (preferably 2 years)
    • Business registration certificate (to show ownership of the company)
    • Latest valid profit and loss statement
    • Memorandum of Article and Company Profile (as requested)
    • Form 24, 49

    Other Things to be Checked for Home Loan Application

    Along with the checklist for the documents required for home loan application, you should also consider the following guidelines while undergoing the procedure:

    • You should analyse your borrowing purpose.
    • You should go to the official website of the bank and compare loans with a home loan calculator for an estimation.
    • Check service charges and fees offered by different banks for different schemes in the market.
    • Check if you have filled your application form thoroughly.
    • Arrange all your property documents and income documents accurately.

    Eligibility Criteria for a Home Loan Application

    While applying for home loan in Malaysia, a customer has to consider the following eligibility criteria:

    • Minimum entry age is fixed at 18 years for most banks while maximum entry age can range between 65 years and 75 years.
    • Income criteria rests solely on the bank’s discretion.
    • A Malaysian citizen or a foreigner can apply for home loans in Malaysia provided the applicant has a valid document as income, citizenship, residential, and age proofs.

    Find all the Eligibility details

    With all your documents in place you can get your application approved in a much quicker way. However, document requirements may vary from bank to bank. Hence, it is advised to read the fine print carefully of the concerned bank to avoid any confusion.

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