Home Loan BYTES FROM OUR KITCHEN

Public bank MORE Plan

Public bank MORE Plan is a financing solution for those who want to get additional funds for anything - from investing in a new venture to buying a new property. There are two plans under this scheme - MORE Plan and HomeSave Package. Read further to understand more about this loan facility.

Type of Financing Semi-Flexi
Interest Rate Base Rate + 0.83%

Available Financing Packages:

  • If you choose the MORE Plan financing package, you should pay the loan amount in equal instalments.
  • As far as the HomeSave Package is concerned, you should have your loan linked to your current account. Your current account balance will be used to pay off the outstanding loan amount, thereby securing interest savings.

Features and Benefits

  • Under this loan scheme, interest rates are calculated on daily rest, giving you more savings.
  • If you have a Public Bank credit card, the annual fees will be waived for the card throughout your loan tenure.
  • Enjoy the flexibility of an overdraft facility with the MORE Plan.
  • Redraw facility is also available in this scheme.

Fees and Charges

Processing Fee Loan amount of RM30,000 or less: RM50. Loan amount of RM30,001 to RM100,00: RM100. Loan amount of RM100,000 and above: RM200.
Early Repayment Fee Loan amount of RM200,000 or less: 3% of the approved loan amount. Loan amount of more than RM200,000: 2% of the approved loan amount.
Stamp Duty As per the Stamp Act 1949.
Late Payment Charges 1% p.a. on the monthly arrears.
Disbursement Fee Fees for registration of charge and other related charges.

Documents Required

Application type Documents Required
Employed Professionals
  • Pay slips (last 3 to 6 months).
  • Latest EA Statement.
  • Latest EPF Statement.
  • Latest tax receipts/tax returns.
  • Employment confirmation letter from the employer.
  • Bank statement (last 3 to 6 months).
  • Contractual bonus payment slips (last 2 years).
  • Non-contractual bonus (latest 3 years).
Self-employed Professionals
  • Tax receipt/tax return (last 1 year).
  • Bank account statement (last 6 months).

How to Apply

Online Application
  • Visit the bank’s official website.
  • Open the Public Bank MORE Plan page.
  • Click on the ‘Apply Now’ button.
  • Fill out the application form provided.
  • Upload mandatory documents.
  • Submit the form online.
Offline Application
  • Visit the bank’s nearest branch.
  • Request for the application form.
  • Fill out the application form.
  • Submit the application form along with the supporting documents.

With this loan scheme, you can choose the financing package that suits your requirements the best. You can also save up on interest as the interest rates are calculated on daily rest. Go through the Product Disclosure Sheet and Terms and Conditions before signing up for the facility.

FAQs

Q. Will I need to take insurance coverage along with the loan?

A. It is highly recommended to take up insurance coverage with an insurance company approved by Public Bank.

Q. What does the Base Rate include?

A. The Base Rate includes Public Bank's benchmark cost of funds (COF) and the Statutory Reserve Requirement (SRR) cost imposed by the central bank.

Q. How much can I withdraw using the redraw facility?

A. You can withdraw an approved amount of RM100,000 or more.

Q. Do I have to pay fees for the overdraft facility?

A. Yes. You will have to pay RM10 every 6 months if your credit balance is before RM1,000.

Q. What if my loan tenure extends after I retire?

A. You will have to let the bank know how you will be repaying the rest of the amount.

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