• RHB Home Loan

    RHB Home Loan

    RHB is a well-known provider of home loans in Malaysia. RHB offers home loans at competitive interest rates and with great flexibility of payments and loan tenure. Whether you want to buy a new home or an old one or you wish to renovate your house, RHB is the ideal choice to get your housing finance from.

    You’re probably eligible for an RHB Bank Home Loan if you are

    RHB Bank Home Loan Minimum Age

    At least 21 years old

    RHB Bank Home Loan Maximum Age

    Less than 70 years old

    RHB Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    RHB Bank Home Loan Minimum Income

    Earn more than the minimum
    income required

    Your RHB Bank Home Loan amount eligibility is based on these factors

    RHB Bank Home Loan Minimum Salary

    Instalment limited to about 50%
    of monthly income

    RHB Bank Home Loan Maximum Loan to property value

    Loan capped @ Up to 90% + 5% MRTA

    RHB Bank Home Loan EMI

    Instalments of other loans lower
    your eligibility

    Increase your eligible RHB Bank Home Loan amount by these steps

    RHB Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    RHB Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 35 years

    RHB Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents

    Documentation needed to apply for an RHB Home Loan

    • 1. NRIC photocopy.
    • 2. Sales & Purchase Agreement / Booking receipt.
    • 3. Documentation for salaried applicants:
      • Latest 3 months salary slip
      • Latest 3 months salary crediting statement
    • 4. Documentation for self-employed applicants:
      • Sole Proprietor & Partnership – Borang A & D
      • Private Limited – Form 24 & 49
      • Latest Form B + Tax payment receipt
      • Latest 6 months current account statement

    RHB Bank Home Loan Interest RatesUpdated on 25 Oct 2016

    RHB Bank Home Loan Details
    Margin of Finance Up to 90% + 5% MRTA
    Tenor 35 years
    Guarantor Requirement Guarantee Required

    RHB Bank is the fourth largest banking institute in Malaysia with a regional presence in over 9 countries. They specialize in commercial banking and group retail banking. Not only do they offer personal banking services but have a dedicated services for investment banking. RHB has now grown in Malaysia to include 14 Islamic banking branches along with 196 conventional banking branches which puts a total of 210 branches across the nation.

    RHB Housing Loan

    RHB offers home loans to customers keeping in mind their financial constraints. The home loans have flexible payment terms that allow customers to either make advance payments on their monthly instalments when they come across spare cash and also redraw the money paid towards instalments when other more pressing expenses arise

    Features of the RHB Home Loan

    The minimum loan tenure is 5 months and the maximum tenure is 35 years or till the borrower attains the age of 70

    The loan has no redraw fees

    The minimum loan amount available s RM 30,000

    The loan margin provides up to 90% finance and 5% for MRTA

    The late penalty fee is 1% of the outstanding amount

    There is no processing fees

    Early settlement of the loan attracts a fee which is the higher of 3% if done within first three years or RM 5000

    The home loans from RHB require an MRTT and Fire Insurance policy

    The loans from RHB can be cancelled after receiving the approval letter at a cost of 1% of the loan amount

    RHB Home Loan Interest Rates

    The interest rates charged by RHB on their home loans is a floating interest rate and is offered at competitive rates. For loan amount availed ranging from RM 100000 to RM 500000 the interest rate charged is 4.65% p.a.

    Types of Home Loans available from RHB

    RHB offers 2 types of home loans to their customers whose salient features are given below

    My1 First Home Loan: The My1 First home loan is designed for first time home buyers and is eligible for individuals up to the age of 40. If it is a single borrower, the gross household income should not exceed RM 5000 per month and loan amounts for up to RM 100000 can be availed. The property value for this loan should not exceed RM 500000 and the owners should reside in the property purchased.

    My1 Full Flexi Home Loan: This plan provides a minimum loan amount of RM 30,000 and has 90% finance margin with 5% dedicated for MRTT. This loan requires an MRTT and fire insurance policy. It offers customers a chance to save on interest if they pay more for new purchase and refinancing and also provides shorter tenures with the minimum tenure being only 5 years.

    How to apply for RHB Home Loans

    RHB home loans are easy to acquire with the whole process being hassle free. One can find the application forms along with the list of documents required online on their website. Alternatively, one can apply for the loans at their nearest RHB branch along with the supporting documents required but need to meet certain eligibility criteria for the loan to be successfully processed and approved.

    Eligibility Criteria

    The minimum Annual income of the applicant needs to be at least RM 18000 and for the My1 First Home Loan, the minimum household income for individual borrowers should not exceed RM 5000 per month and for joint borrowers the household income should not exceed RM 10,000 per month

    The minimum age of the applicant should be at least 18 years as at last birthday and the maximum permissible age for an applicant is 70 years of age as at last birthday. The My1 First Home loan requires the applicant to not exceed 40 years of age

    The applicant needs to be a Malaysian citizen to avail the My1 First Home Loan and can be a joint applicants, resident or non-resident for the My1 full flexi home loan

    Documents Required

    If the applicant is salaried, then they would require a copy of their identity card or NRIC, the copy of their latest pay slips dating back 3 months, a copy of the salary crediting statement dating back 3 months, the copy of their latest EPF statement along with Form B and tax payment receipts

    For self-employed applicants, a copy o their NRIC, a copy of their business registration certificate, the latest form b and tax payment receipts along with a bank statement dating back 6 months

    How to Calculate Loan Installment for RHB Home Loan?

    Calculating your RHB home loan monthly installment is not a difficult and time-consuming task anymore. Just login to bbazaar.my and use the home loan installment calculator which takes in a few input parameters and furnishes your home loan installment. Parameters like home loan amount, loan tenure, rate of interest and processing fee are taken by the online calculator and this data is processed to yield the home loan installment amount for RHB home loan customers. These parameters can be varied until customers reach the installment amount that seems most pocket-friendly to them. Using this online calculator is a good way to plan your monthly budget even ahead of availing your home finance.

    RHB Housing Loan F.A.Qs

    Q) What is the interest rate attached to a home loan from RHB?

    A) The interest rates are a variable interest rate that is attached to the base rate. This interest rate structure provides for flexible mortgage payment terms wherein one can make additional payments on their monthly instalments to reduce the loan principle and thereby save up on interest

    Q) What insurance policy is compulsory for this loan?

    A) The fire insurance policy is a must for this loan with an annual premium payment and for loan amounts under RM 100,000 an MRTA policy is compulsory. The MRTA policy is recommended but optional for loan amounts higher than RM 100,000

    Q) What are the penalties involved if one misses the monthly payment instalment?

    A) Missed payments attract a late fee of 1% of the outstanding amount, however if one finds themselves unable to pay the monthly instalments time and again, it is advised to reach out to the bank to check if other financing structures ca be provided

    Other Products offered by RHB:

    Apart from offering Home Loan,RHB offers other products and services which include:

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