• Home Loan BYTES FROM OUR KITCHEN

    Public Bank Home Loan

    Owning a home is in everybody’s bucket list at certain point of his/her life. To facilitate that dream, Public Bank of Malaysia offers to its customers a variety of home loans that suit their requirements and also keep a check on the financial budget. Find below the types of home loans offered by the bank:

    Quick Reads

    Housing Loan Schemes by Public Bank

    Interest/Profit Rates

    The interest rate for the housing loan schemes depends upon the Base Rate (BR). It is calculated with the formula: BR + 0.83%.

    The interest rate will change as per the increase or decrease in the BR. The Base Rate for Public Bank currently stands at 3.77% p.a.

    Fees & Charges

    Public Bank Home Loan Fees and Charges
    Processing Fee/Facility Fee For financing up to RM30,000 = RM53 Between RM30,001 to RM100,000 = RM106 Above RM100,000 = RM212
    Stamp Duty Charges As per Stamp Duty Act 1949 (Revised in 1989)
    Early Termination Fee If the early settlement is done during the lock-in period: Loan amount of RM200,000 and less = 3% of the approved loan amount Above RM200,000 = 2% of the approved loan amount After the lock-in period: 1% p.a. on the overdue amount
    Disbursement Fee As per the bank’s discretion

    Eligibility Criteria

    A customer needs to fulfil the following eligibility criteria while applying for the home loan schemes with Public Bank:

    Nationality Criterion Malaysian citizens
    Age Criteria Minimum age: 18 years Maximum age: 70 years
    Income Criteria As per the bank’s discretion
    Public Bank housing loan

    Documents Required

    An applicant needs to provide the following documents while applying for the Public Bank Home Loan:

    • Valid copy of NRIC/Malaysian Identity Card (both front and back side)

    For Salaried Individual:

    • Latest pay slips (for 3 months)
    • Latest EA statement
    • Latest EPF statement (not more than 1 year) or
    • Latest tax return details or tax receipts or
    • Confirmation letter from the employer or
    • Latest current/savings account passbook or statement (for 3 months)
    • Contractual bonus payment slips for 2 years (if applicable)
    • Non-contractual bonus/ex-gratia/discretionary payments details for 3 years (if applicable)

    For Self-employed Individual:

    • Latest tax return/tax receipts for 1 year
    • Latest CASA statement @ 20% of average 6 months deposits (for 6 months)

    Types of Public Bank Home Loan

    5 HOME Plan: This home financing is calculated on a variable or fixed rate basis and the customers need to keep their property as security for this loan scheme. The plan comes with two different home financing packages as per the customer’s budget:

    • Equal Monthly Instalment Package: This package allows the customer to manage their finances in a better way as it provides financial flexibility through the overdraft facility.
    • HomeSave Package: A higher interest saving is achieved through this package. As the plan is linked to the customer’s current account, the credit balance in that account aids in the outstanding interest calculation, thus allowing more savings.

    MORE Plan: It is a refinancing plan over your residential property and it is also calculated on variable/fixed rate basis. Through this plan, a customer can choose to pay his/her child’s education, housing needs or can go for a long-pending holiday. MORE Plan also comes with two packages that a customer can choose from according to their needs.

    • Equal Monthly Instalment Package: The package comes with overdraft facility and provides aid in managing finances.
    • HomeSave Package: The house loan account is linked to the customer’s current account where his/her current account balance will be used to minimise the home loan outstanding for interest calculation, which will lead to interest savings.

    Features & Benefits

    • A customer can enjoy competitive interest rates on the home loan packages offered by the bank. The interest rates are calculated on the daily rest method which leads to more savings.
    • The bank provides a redraw facility for new conventional housing loan schemes if the customer gets the loan approved for at least RM100,000.
    • Under some packages, a customer can get a credit card on their home financing that comes with an annual fee waiver until the end of the loan tenure.
    • A financing tenure of up to 35 years is provided to the customer.

    How To Apply

    Offline Application: Customers can visit the nearest Public Bank branch and collect the application form. After filling all the details, the form needs to be submitted to the bank representatives with a set of mandatory documents. Applicants will be informed about the status of the application by the representatives within a few business days.

    Online Application: The Public Bank’s official website displays the forms required for various home loan schemes. Applicants can choose the scheme most suitable for them and submit the duly-filled form through the official website. They will then receive a call from the customer care representative to carry the process forward.

    Public Bank Home Loan Refinance

    A customer can opt for refinancing options through the bank’s programme called MORE Plan. The refinancing can be used for the house’s renovation, or to meet any emergency expense that may crop up.

    Contact Number

    In case of any difficulty in the application process or if customers are looking for more details about the home loan packages offered by the Public Bank, they can contact the customer care representatives on the following hotline: 1 800-22-5555.

    FAQ's

    Q. What kind of interest rates are offered by the bank?

    A. The bank offers fixed as well as variable interest rates for its home loan schemes depending on the customer’s choice.

    Q. If I choose to take an insurance coverage along with my home loan, what kind of coverage can I get?

    A. You will be provided a coverage in case of sudden death or permanent physical damage or disability due to any unforeseen event or accident etc.

    Q. What is a BR or Base Rate? Can it get altered?

    A. Base Rate is made up of two parts: benchmark cost of funds (COF) and the Statutory Reserve Requirement (SRR) cost that is imposed by Bank Negara Malaysia. The Base Rate changes as per the changes in the economic conditions of the globe. Sometimes, even local financial fluctuation can affect the Base Rate.

    Q. If I fail to make my instalments, can the bank offset them from my account?

    A. The bank holds the right to set-off any credit balance in your account maintained with it. Before setting off the balance, the bank will inform you in advance by sending 7 days prior notice.

    Q. Is taking an insurance coverage mandatory?

    A. You are instructed to take up an insurance cover with the company approved by the bank to adequately insure the property to be charged which includes flood, riot, strike and any other spiteful damages.

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