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||
Borrowers are allowed to make additional monthly home loan repayments through the flexi home packages to reduce the monthly interest charges that their home loan will incur. A borrower should consider the benefits together with the requirements, fees and conditions that come with these packages.
|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.
You will need to provide some supporting documents for your Affin Bank mortgage in order to allow the bank to process your home loan application. These documents are listed below:
Affin Bank home loan calculator can be used to calculate your monthly loan repayments to determine a suitable loan amount for your desired property value. Once you have identified the suitable amount, you can make a free enquiry through iMoney and our mortgage consultants will call you back. Home loan application with iMoney is totally free.
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: