Affin Bank Housing Loans come with a lock-in period of 5 years, which is among the longest among banks in Malaysia. You can expect an early settlement penalty equal to 5% of the outstanding loan amount if you repay your loan or refinance within the first 3 years and 3% for the subsequent 2 years. As such, Affin Bank home loans are most suited for homebuyers that do not expect to refinance or sell their property for at least 5 years.
Affin Bank offers an innovative home loan package - Home Solution Plus which provides offers a term loan or flexi loan option, depending on your other financial goals. For those looking for more cash flexibility, the Home Flexi Plus package is a combination of a home loan and overdraft financing.
For those borrowing less than RM200,000, Home Assist Plus is Affin Bank’s best package. It also participates in the My First Home Scheme, so if you are a first time home buyer that is looking to get a 100% margin-of-financing loan, you may apply with Affin Bank. The interest on all Affin Bank’s home loans are calculated on a daily rest basis.
Outside of the My First Home Scheme, Affin Bank can provide a margin of financing up to 95% - 90% financing and an extra 5% to finance your MRTA policy. To be eligible, you have to choose an MRTA policy from AXA Insurance. Applicants may borrow for a maximum loan period of 35 years (in accordance to the latest ruling by Bank Negara Malaysia) or up to age 75, whichever comes earlier.
Affin Bank comes with 4 mortgage packages to suit various individual needs in the form of Home Solution Plus, Home Flexi Plus, Home Assist Plus and My First Home Scheme. The key features of each package are highlighted by us for your comparison:
|Product||Key Features||Is this a flexi package?|
|Home Solution Plus||
||Yes (term loan option available)|
|Home Flexi Plus||
|Home Assist Plus||
||Yes, full flexi|
|My First Home Scheme||
Flexi home packages allow borrowers to make extra repayments every month in order to reduce their monthly interest charges. These packages come with requirements, fees and conditions that should be considered alongside their benefits.
|Home Solution Plus||Home Assist Plus|
|Is a linked bank account required?||Yes||Yes|
|Account Maintenance Fees||Yes||Yes|
Regardless whether you are a Malaysian citizen or not, you are eligible for this mortgage if you are at least 18 years old and looking to get a property worth at least RM100,000. For Home Solution Plus, there is a minimum property value of RM200,000 and a minimum loan amount of RM100,000.
If you have applied for an Affin Bank mortgage, you will be asked to provide some supporting documents in order for the bank to process your application. These documents are listed below:
You can use the Affin Bank home loan calculator to calculate your monthly repayments, based on your desired property value and loan amount. Once you are ready to apply, you can make a free enquiry through iMoney, and we will call you back. Applying for a home loan with iMoney is absolutely free of charge.
If you are not sure whether this home loan by Affin Bank is your best option, click here to compare other home loans in Malaysia.
Some of the ways you can repay your Affin Bank Housing Loan include: