Maybank Home Loan
Maybank offers a range of affordable home loan packages to its varied customer base for the purpose of buying a new home and refinancing as well. Read on to know more about the different home loan schemes offered by the bank.
Housing Loan Schemes by Maybank
Profit Rate is pegged to the Base Rate plus Spread. The current Base Rate is 3.25% p.a. effective 29 January 2018.
The indicative Effective Rate is 4.60% p.a. (RM350,000 housing loan for 30 years).
||Maximum age: Up to 75 years
||As per the bank’s discretion
Fees & Charges
The following are the fees and charges that are applicable:
||As per the Stamp Duty Act of 1949.
|Legal & Disbursement
||Includes solicitor fees, registration charges and bankruptcy search.
- RM50 to RM200 + GST depending on the loan amount applied.
- RM200 + GST for MaxiHome Flexi loan.
|Processing Fee on Redraw of Advance Payments
||RM25 + GST.
||RM10 + GST per request.
||RM5 + GST (only for MaxiHome/MaxiPlan Flexi).
||1% p.a. is charged on the unused overdraft facility granted when the limit is in excess of RM250,000.
||RM50 + GST per request.
Types Of Maybank Home Loans
- MaxiHome Flexi Loan: This loan helps to integrate the applicant’s home loan and deposit account. As a result, any savings in the Flexi loan account of the applicant reduces the outstanding amount of the home loan. It thus gives additional payment flexibility to you. With the Flexi loan, you can pay more into the loan account anytime to save on the interest and withdraw the excess payment at anytime. This does not incur any additional charges.
- Maybank’s Trade up Mortgage Loan: This is a short-term secured loan that is received against the mortgage of an existing property. It is done to bridge the temporary financial crunch.
- MaxiHome: MaxiHome is a flexible home loan that offers myriad packages to suit your needs. You have the flexibility to choose either a term loan, an overdraft or a combination of both. Moreover, you also get to enjoy longer repayment tenure of up to 35 years or until 70 years (whichever is earlier). All Malaysian citizens, permanent residents, and joint applicants can apply for this loan.
- Maybank Overseas Mortgage Loan Scheme: This scheme allows you to buy properties in Melbourne and London with a local mortgage. Under this scheme, the bank helps you to finance your residential property locally. Under this scheme, you need not worry about the fluctuating foreign exchange rates during the monthly repayment time.
- PR1MA Home Financing: PR1MA Homes are specially designed for middle-income households and are priced between RM100,000 and RM400,000. Malaysians who earn a monthly salary between RM2,500 and RM15,000 can apply for this financing facility.
- MaxiPlan: This loan is for individuals and small businesses like subsale, refinancing, remortgage, etc. This loan has a high margin of financing of up to 85%. Malaysian citizens, non-residents, and joint applicants can apply for this loan.
- Maybank London Residential Home Financing: If you need to finance your latest investment property purchase or refinance your property in London, then you can opt for this term loan. This loan facility offers competitive rates, cross-border lending as well as flexible repayment options. This loan has a high finance margin of up to 80%. High net-worth (HNW) clients who have an existing relationship with Maybank Group can apply for this loan.
Features & Benefits
- This home loan gives flexibility of loan repayments for up to 35 years.
- Easy payment of instalment via multiple channels like Maybank branches, ATMs, phone banking, and online.
- Loans are offered at competitive rates allowing for easier repayment.
- The loan has a high margin of financing varying from 80% to 90% of the cost of the property.
- MaxiHome Flexi Loan provides you free personal accident coverage of up to RM50,000 and free medical expense cover of up to RM3,000. The minimum credit balance is RM1,000.
- You are free to deposit any amount of money any time.
- You can also withdraw the extra payment anytime without any additional charges.
How To Apply
- Offline Application: You can visit the nearest Maybank branch and collect the application form for the home loan. You must submit the duly-filled form along with the necessary documents to the customer service desk.
- Online Application: You can download the application form from the official website of the bank. You must submit the duly-filled form online or at the nearest Maybank branch along with the supporting documents to process your home loan application.
If you wish to calculate your monthly instalments, then you can use the home loan calculator on the official website of Maybank. You can obtain the value of the monthly payment after filling up the mandatory fields like financing amount, loan tenure, interest rate and profit rate etc.
Maybank Home Loan for Foreigners
Foreigners can apply for this loan as well. For example, non-residents can apply for MaxiHome and MaxiPlan home loan types.
Maybank Home Loan Refinance
You can refinance your home loan with MaxiHome and can enjoy great savings. You can get a top up facility on your redemption sum for home renovation, children's expenses, etc.
You can call the Customer Care hotline number at 1-300 88 6688 or 603-7844 3696 (overseas) if you have any queries or comments.
Q. How long does it take to process my home loan application?
A. It usually takes up to 7 working days to process your home loan application.
Q. Where do I update my contact details?
A. You must inform the bank if there are any changes in your contact details to ensure that all future correspondences reach you on time. To update your contact details, you may provide a written notification to the bank or visit the nearest branch.
Q. Where can I make the payments or withdraw the excess made?
A. You can make the payments or withdraw the excess in any of the following:
- Maybank branches
- Pay through cheques
- Maybank official website
Q. What happens if I settle the loan fully before its maturity?
A. An exit penalty of up to 3% of the approved loan amount if you decide to settle the loan within 3 years or more from the full loan disbursement.
Q. What happens if I do not qualify for a home loan?
A. If you do not qualify for a home loan, the bank may give you a choice to change the loan amount or the repayment tenure, or may simply cancel your loan application. Generally, the reason for disqualification is the loan amount, that is, if the requested amount exceeds the limit which you are eligible for.