• Home Loan Interest Rates 2018

    There are a number of banks and financial institutions that offer you multiple housing loan packages. These loan schemes come with a high range of financing, i.e., up to 100% of the property’s valuation, along competitive interest rates.

    Housing Loan Interst Rates

    Types of Housing Loans

    • Instalment Loan: With a conventional instalment loan, you are required to make repayment to the lending bank or financial institution in the form of pre-decided instalment plan. You are required to pay the monthly instalment of the loan during the tenure of the facility.
    • Revolving Loan: A revolving loan facility allows you to make repayments anytime during the tenure. It also allows you to redraw from the loan amount according to your requirement at any time during the loan tenure. You can make repayments and withdraw funds from the facility any time during the loan term.
    • Overdraft Loan: An overdraft loan allows you to have an extension on the loan account. You can use up more funds than that in your loan account with an overdraft loan. However, the interest rates may get higher in such cases.

    Top Banks’ Housing Loan Interest Rates

    Bank/Financial Institution Maximum Home Loan Amount Interest Rates/Profit Rates Maximum Available Repayment Tenure
    HSBC HomeSmart RM5 million (Base rate + 1.11)% p.a. 35 years
    Current base rate = 3.89% p.a.
    Standard Chartered MortgageOne 90% of the property’s valuation. Pegged to a base rate of 3.77% p.a. 30 years
    Hong Leong MortgagePlus Housing Loan 90% of the property’s valuation. Base rate = 4.03% p.a. 35 years
    Base lending rate = 7.04% p.a.
    Alliance Bank Conventional Home Loan 95% of the property’s valuation (including MRTA*). (Base rate + 0.77)% p.a. 35 years
    Base rate = 4.07% p.a.
    Maybank MaxiHome 95% of the property’s valuation (including MRTA). (BLR + 1.75)% p.a. 35 years
    Base lending rate (BLR) = 6.90% p.a.
    AmBank Home Link 95% of the property’s valuation (including MRTA). Pegged to a base rate of 4.10% p.a. 35 years
    KFH Ijarah Muntahiah Bi Al-Tamik Asset Acquisition Financing-i 95% of the property’s valuation (including MRTA). Pegged to a base rate of 3.65% p.a. 35 years
    RHB My1 Full Flexi Home Loan 95% of the property’s valuation (including MRTA). (Base rate + 1.00)% p.a. 35 years
    Base rate = 3.65% p.a.
    BSN MyHome-i 95% of the property’s valuation (including MRTA). Pegged to a base rate of 4.10% p.a. 35 years
    Public Islamic Bank ABBA House Financing-i 90% of the property’s valuation. Pegged to a base rate of 3.77% p.a. 35 years

    *MRTA = Mortgage Reducing Term Assurance

    Home Loan Interest Calculator

    Your home loan repayment instalment amount depends upon the total loan amount disbursed, tenure of the loan, and the prevailing interest rates offered by the bank. You can calculate your monthly repayment instalment by using home loan calculator.

    Home Loan for Foreigners

    There are some home loan schemes that offer loans to foreigners in Malaysia. Let’s take a look at the available home loan choices for foreigners:

    Bank/Financial Institution Maximum Home Loan Amount Interest Rates/Profit Rates Maximum Available Repayment Tenure
    Al-Rajhi Malaysia My Second Home 80% of the property’s valuation. Pegged to a base rate of 4.35% p.a. 35 years
    Maybank MaxiHome 95% of the property’s valuation (including MRTA). (BLR + 1.75)% p.a. 35 years

    FAQs

    Q. I’m a Singaporean citizen working in Malaysia. What are the documents I need to present at the time of a home loan application?

    A. You need to present the following set of documents:

    • Latest valid passport and working permit or employment pass
    • Income documents
    • Property’s valuation report

    Q. How long does a home loan process take for approval?

    A. A home loan approval process may take up to 7 working days. It may vary from bank to bank and application to application. Once the bank verifies the information provided, it will start the approval process.

    Q. Can I get a home loan on a joint basis with my spouse?

    A. Yes, you can apply for a loan on a joint basis. In such a case, you need to provide your spouse’s NRIC and income documents to the bank.

    Q. What if I miss the monthly deadline of my repayment installment?

    A. In such cases, you will be charged with a late payment fee of 1% that will be calculated on a daily basis.

    Q. What are the charges I have to bear with a home loan?

    A. A home loan comes with a one-time processing fee of up to RM212. There are a number of banks that do not charge you with a processing fee for your loan.

    A home loan can help you purchase a house in case you are short of funds. Such loans come with a high margin of financing and competitive interest rate range. It is recommended that you explore all the loan packages available and check the interest rates associated with them before opting for a loan scheme.

    Compare Home Loans in Malaysia
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