iMoney Home Loan Calculator
Looking for a housing loan, but not sure what you are getting yourself into? Now you can easily calculate monthly repayments, interest charges, and other details on your own, using our home loan calculator for Malaysia. Choose from Malaysia’s major banks and get repayment details based on up-to-date interest rates.
Update: Base Lending Rate (BLR) now updated to Base Rate (BR).
Using iMoney's Mortgage Calculator
Simple steps to using our housing loan calculator for Malaysia:
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Insert your loan amount
- Remember that for best estimation purposes, the loan amount should be equivalent to 90% of the desired property value. - Choose a loan term
- With a maximum of 35 years. - Choose a bank
- Choose a bank you are familiar with, or the bank that offers you the best rates. - Calculation happens automatically
- It is that simple! - If you would like to know more, choose our advanced options to proceed.
- If you foresee future income increments, or will likely have spare cash, see how much you can save in terms of time and money when you put in larger repayments.
- If you are satisfied with the bank that you picked, click “Apply Now” to proceed with your application and we will aid you with the rest.
Frequently Asked Questions
Update: As of 2nd January 2015, Base Lending Rate (BLR) has been updated to Base Rate (BR) to reflect the recent changes made by Bank Negara Malaysia, and subsequently by major local banks.
What Is A Housing Loan?
- To purchase the desired property
- To benefit from a lower interest rate compared to the interest rate charged on the existing loan, or to withdraw some cash for personal use (refinance)
- To put your own property as a collateral for additional cash (remortgage)
How Do Home Loans in Malaysia Work?
By taking a mortgage from a financial institution in Malaysia, you agree to make monthly instalments inclusive of the interest rate charged for a period of time (loan duration). Interest calculation is done based on the oustanding loan amount to the bank each month.
Almost all housing loans in Malaysia is tied to the Base Rate (BR). The interest rate charged on your home loan is usually a percentage above the Base Rate, whereby a 'BR + 0.3%' (BR = 4.00%) will yield an interest rate on loan of 4.3%.
How Do I Choose A Bank?
Choosing the right bank could be difficult because each bank has its own merits. Here are some tips to choosing the right bank:
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Interest rates
Lower interest rates always mean lower monthly repayment. A 0.1% difference in interest rates per year can save you thousands in interest over 30 years. -
Bank features matter
If you are ready to increase your monthly repayments in the future, then choose a bank that offers flexi housing loans. If you are likely to refinance, then choose a loan with a shorter lock-in period. -
Convenience
Pick a bank that allows you to conveniently pay for your home financing. Whether it is a bank with a branch next to your home or office, or a bank that allows you to pay using internet banking facilities.
Planning To Increase Your Monthly Repayments?
If you are expecting an increase in salary, or are generally a good money saver, you would have considered increasing your monthly repayments in the future. Flexi home loans (semi-flexi and full-flexi) allow you to easily make additional repayments towards the loan for your house.
Putting in additional monthly repayments – whether as a lump sum payment or an increase in regular repayment amounts – can help you save on interest paid, and reduce the tenure of your loan. For a 30 year home financing, increasing your monthly repayments by just RM100 can save you over RM1,000 a year in interest.
Using The Housing Loan Calculator for Malaysia
iMoney's home loan calculator for Malaysia is designed in such a way that you will be able to easily calculate your monthly repayment through 3 simple steps:
- Insert your loan amount
- Insert your loan tenure
- Choose your bank
To make the calculator even more powerful and personalized, it also has the advanced options to allow you to to fill in your "Year of Birth". This will show you the total amount you will need to pay, how much of that is in interest, time taken to repay and how old will you be.
What happens if you increase your monthly payment? How much will you save? Our mortgage calculator for Malaysia helps you calculate that all in a matter of seconds.
Applying For A Home Loan
Once you have a good idea of which bank you should take a loan with, and are comfortable with your monthly repayments, you can apply for a mortgage with iMoney, and we will take care of the rest.
If you want a quick comparison of all housing loans across all banks, visit our Home Loan Comparison Page
Got questions about home loans? Ask in the comment box below.
