Owning a house of your own can be a tough task in today’s world. The best way you can get the house of your dreams is by getting a home loan. These loans help you build and/or buy your dream property with high financing.
The following table contains the most popular housing loans in Malaysia:
|Home Loan Package||Housing financing available||Available tenure||Interest/Profit rates||Processing fee|
|HSBC HomeSmart||Up to RM5 million.||5-35 years||(Base rate + 1.11)% p.a.||No charge.|
|KFH Ijarah Muntahiah Bi Al-Tamik Asset Acquisition Financing-i||Up to 95% of the property’s valuation including MRTA*.||Up to 35 years||Up to (Base rate + 1.59)% p.a. Current base rate = 3.65% p.a.||Up to RM500.|
|AmBank Home Link||A maximum of 95% of financing including MRTA.||Up to 35 years||Floating rate pegged to bank’s base rate.||As per the bank’s discretion.|
|Alliance Bank Conventional Home Loan||A maximum of 95% of the property’s valuation including MRTA.||Up to 35 years||Floating rate pegged to a base rate of 4.07% p.a.||RM212.|
|Maybank MaxiHome||Up to 95% of the property’s valuation including MRTA.||Up to 35 years||(Base rate + 1.35)% p.a.||RM50 to RM200 plus GST**.|
|Maybank MaxiHome Flexi Loan||Up to 90% of the property’s valuation.||Up to 35 years||(Base rate + 1.35)% p.a.||RM50 to RM200 plus GST.|
|Public Islamic Bank ABBA House Financing-i||Up to 90% of the property’s valuation.||Up to 35 years||(Base financing rate + 4)% p.a. Current base financing rate = 6.97% p.a.||RM53 to RM212 including GST.|
|RHB My1 Full Flexi Home Loan||Up to 90% of the property’s valuation.||Up to 35 years||Floating rate pegged to a base rate of 3.65% p.a.||No charge.|
|Hong Leong MortgagePlus Housing Loan||Up to 90% of the valuation of the property.||Up to 35 years||Floating rate pegged to a base rate of 4.03% p.a.||No charge.|
|BSN MyHome-i||Up to 95% of the property’s valuation including MRTA.||Up to 35 years||Up to (Base rate +3)% p.a. Current base rate = 4.10% p.a.||No charge.|
|Standard Chartered MortgageOne||Up to 90% of the price of the property.||Up to 30 years.||Floating rate pegged to a base rate of 3.77% p.a.||RM53 to RM212 including GST.|
*MRTA = Mortgage Reducing Term Assurance
**GST = Goods and Service Tax.
HSBC HomeSmart plan by HSBC provides you loan amount for your first house. The interest of the loan facility is calculated on a daily basis. Coming with no processing fee and quick approval, the home loan scheme lets you withdraw funds from excess payments paid any time during the tenure. The minimum amount obtainable via this facility is RM50,000. Whereas, the maximum loan amount you can get is 90% of the property’s valuation.
The facility also comes with a redraw facility that allows you to withdraw funds for personal use. The scheme comes with a 1-month lock-in period. You can apply for the facility if you are at least 18 years old. Your age should not be more than 65 years by the time the facility matures.
KFH Ijarah Muntahiah Bi Al-Tamik Asset Acquisition Financing-i
The loan facility is available only for buying a completed residential property. The maximum tenure available with this package is 35 years or till you’re 70 years old (whichever is earlier). The facility comes with a takaful coverage. Individuals, non-individuals, sole proprietorships, partnerships, and limited companies can apply for this loan scheme. If you plan to settle the loan amount before the term’s maturity, you are required to provide the bank with a one-month prior notice.
There’s another package offered by the bank that is designed only for individuals who want a loan for under-construction residential properties named Ijarah Mawsufah Fi Al-Zimmah Asset Acquisition Financing-i.
AmBank Home Link
AmBank Home Link provides you a high margin of financing for your residential property purchase. This package comes with a low processing time. The package lets you connect your housing loan account with your current account thus helps you save interest and reduce the tenure of repayment. You can also withdraw excess payments made on the facility any time during the tenure according to your needs.
You can access your funds using a cheque or ATM whenever you need. You can apply for the package if you are 18 years old or older at the time of application. The maximum tenure depends upon your age at the time of facility’s maturity. The maximum allowed age at the term’s maturity is 70 years.
Alliance Bank Conventional Home Loan
Alliance Bank Conventional Home Loan comes with a redraw facility that lets you deposit as well as withdraw excess funds at any time during the scheme’s tenure. This can help enhance your savings substantially. The facility doesn’t charge you with any monthly maintenance fee.
The facility can be used to obtain financing for completed as well as an under-construction residential property. The facility comes with a one-time set-up fee of RM212 and a withdrawal fee of RM50. If you decide to opt for an early settlement of the financing amount, you might require to pay an early settlement fee.
Maybank MaxiHome home loan facility comes with refinancing, re-mortgage, and redraw facility. You can choose to make the repayments for this loan package according to your repayment capacity with flexible repayment facility with this loan package. You can revise your monthly repayments according to your needs. You can apply for this loan if you’re 18 years old or older. The maximum age allowed at the time of this facility’s maturity is 70 years.
With high range of financing and flexible range of tenures to choose from, this facility also comes with a range of convenient payment options. You can make the repayment for the facility via phone banking, online at Maybank2u, ATMs, and at any Maybank counter. The facility also lets you withdraw excess funds deposited by you via the redraw facility.
Maybank MaxiHome Flexi Loan
Maybank MaxiHome Flexi Loan is a 3-in-1 account that comes with flexible repayment tenure and integrates your loan account and deposit account. This automatically reduces your home loan tenure using your flexi loan account. The facility also allows you to deposit any amount any time during the scheme’s tenure. You can also withdraw excess funds paid with no extra fees charged.
This package covers under-construction as well as completed properties. The loan scheme comes with personal accident and medical cover. You can make the repayments for the facility via ATMs, cheques, online via Maybank2u, and over-the-counter (OTC) at any Maybank branch.
Public Islamic Bank ABBA House Financing-i
The facility is based on Shariah concept of Bai Bithaman Ajil. It protects you from any increase in base rate during the term with fixed monthly instalments. The loan package comes with a redraw facility that lets you withdraw funds from any excess payments made during the tenure.
You are eligible to apply for the loan if you are at least 18 years old at the application day. You can repay for the facility via convenient payment channels like ATMs, PBe, and at any Public Islamic Bank’s branch.
RHB My1 Full Flexi Home Loan
RHB My1 Full Flexi Home Loan is a loan scheme by RHB that helps you shorten the tenure by letting you make prepayments any time you want. You can also enjoy the redraw facility with this package without any additional fee.
This facility is open for individuals, non-individuals, residents, and non-residents of Malaysia. The minimum entry age of the facility is 18 years and the minimum amount that you can apply for is RM30,000. The tenures associated with the facility are flexible and can be extended till you’re 70 years old.
Hong Leong MortgagePlus Housing Loan
Hong Leong MortgagePlus Housing Loan comes with the simplicity of managing all your loan and current account in one account. The balance in your current account can offset the loan amount and thus help you save more on interest. With flexible payment tenures, you can make extra payment without any penalties involved. You can also withdraw from the facility without incurring any penalties.
You can access your funds conveniently via ATMs, cheques, internet banking, and at any branch of Hong Leong Bank. You can apply for a minimum of RM100,000 with this package. The minimum age requirement at the time of application of the facility is 18 years.
BSN MyHome-i comes with a flexible range of tenures to choose from and a high margin of financing. The package comes with the following options:
- Loan for a completed residential property.
- Loan for an under-construction residential property.
- Loan for a bungalow and building a house.
- Mortgage refinancing.
The package is open for Malaysian individuals who are 21 years old or older. You can make the repayments for the loan via any of the following ways:
- Interbank GIRO.
- By placing standing instructions on savings account.
- At any branch of BSN nationwide.
Standard Chartered MortgageOne
Standard Chartered MortgageOne is a flexible home loan package that gives you an access to the funds whenever your require them. The loan scheme comes with flexible repayment tenures and a wide range of repayment methods.
You can also make prepayments on your loan amount in order to save on interest payable. The package is open to all individuals at a competitive rate of interest.
Before applying for a loan, make sure to check the interest rates, income requirement, loan tenure, and other details. Compare home loans offered by different lenders and apply for the one that suits your finances.
Useful Home Loan Articles
- Fixed and Variable Housing Loan Interest Rates
- Checklist for applying Home Loan in Malaysia
- Taxation process of home loans in Malaysia