Public Bank is one of the leading banks in Malaysia with a huge number of network branches and self-service terminals in Malaysia. The bank offers offer a wide range of financial products and services which include Personal Banking, Insurance , Investments, Credit Cards, Deposits, Remittance and Loans to name a few.
Public Bank in Malaysia offers Public Bank MORE Plan. This is a kind of personal loan offered by the bank to help you renovate and refurbish your home without facing any financial difficulty. The amount received from a Public Bank MORE Plan loan can be used for funding your children’s educations.
There are many banks in Malaysia that offer Renovation Loans to help you renovate your home. Mostly, banks offer these loans to existing home loan borrowers and first time property buyers.
Public Bank MORE Plan
The Public Bank More Loan comes with a lot of attractive features. Mentioned below are the main features of Public Bank More Loan:
- The loan comes with attractive rates of interest.
- Get free credit Public Bank Credit Cards with your Public Bank MORE Plan Loan.
- Cash withdrawal facility is available.
- Overdraft services are available.
- It is a Semi-Flexi Loan
- It is a conventional term loan.
- You can repay your loan within a tenure of 40 years.
- The scheme charges floating rates of interest.
- Get finance up to 90% of your home finance.
- A 5 year lock-in period is applicable.
- Public Bank takes at least 30 days to approve your home renovation loan.
- You can withdraw cash from your loan account. A minimum amount of RM50 will be charged for each withdrawal.
- Fire Insurance policy is compulsory with this loan.
Benefits of Public Bank MORE Plan
A borrower can enjoy the following benefits with a Public Bank MORE Loan:
- The amount received from a Public Bank MORE Loan can be used for home renovation and other personal contingencies.
- You get higher amounts to renovate your home.
- Easy processing and quick disbursal.
- Hassle-free loan application procedure. Get a loan with minimal documentation.
- You can make extra payments to reduce you’re your principal as well as interest component.
- The loan can be repaid by paying fixed monthly EMIs and without paying any monthly fees.
Public Bank request you to submit the following documents to process your home renovation loan application:
- A filled and complete application form.
- A copy of Booking Receipts/ SPA/ Letter from the Developer
- Proof of identity ( A copy of latest valid passport and Visa / Work Permit/ Employment pass )
- Copy of NRIC (front and back)
Besides, a salaried employee needs to submit the following documents:
- Last 3 to 6 consecutive months’ salary slips
- Last EA From
- EPF Statement of latest 1 year/ last Tax Returns and Tax Receipts/ Employment Letter/ Last 3 months’ Bank Statement or Saving Passbook. (Any of the aforesaid documents will do)
A self-employed needs to submit the following documents:
- Tax Returns and Tax Receipts of the last year.
- Business Registration Certificate including Form 24 and Form 49
- Bank statements of last 6 months
The eligibility conditions for Public Bank MORE Plan include:
- Minimum age is 21 years.
- Maximum age is 70 years.
- Minimum salary needs to be RM24000
- Any nationality can apply for Public Bank MORE Plan.
Fees & Charges
The following fees and charges are applicable for Public Bank MORE Plan which you can use as Renovation Loan:
|Late Penalty Fee||1% of the outstanding amount.|
|Redemption letter fees||RM53.00 per request|
|Letter for EPF Withdrawal Fee||RM21.20 per request|
The above-mentioned fees and charges charged by Public Bank are subject to change from time to time. The bank may change these charges without giving any further notification to the borrower.
So, don’t worry about renovating your home in Malaysia. Opt for a Public Bank More Plan Loan and get your home renovated and refurbished as per your choice.