Is an AIA Home Loan Right for Me
AIA offers three fixed rate home loan packages that aim to safeguard you against increasing interest rates. Fixing monthly repayments enable effective financial planning, and eliminates the financial stress that can come with fluctuations in the BR
. AIA offers you different types of fixed home loan packages to cater different individual needs.
With the AIA Home Loan Package 1 you get a fixed interest rate of 4.99% p.a. through out the loan period, while AIA Fixed Home Loan Package 2 offers a fixed interest rate of 5.39% p.a. but is a zero moving cost package which finances all legal and insurance fees so that your upfront costs are lower. The third AIA fixed home loan package offers interest rate at 4.39% p.a. for the first 2 years and 5.15% p.a. thereafter.
The minimum loan amount to be taken out with AIA is RM100,000. All home loan packages are available for financing of under-construction property, sub-sales, refinancing of unencumbered property. AIA fixed home loans also allow top up borrowing when refinancing to consolidate other debts (including car loans and unsecured debt).
AIA Home Loans come with a lock in period of 5 years and a penalty fee of up to 3.5% on your outstanding loan amount if you refinance
or complete your loan repayment within this period. However, if you sell your property within the lock-in period, the early settlement fee will not apply. This is a unique feature of AIA fixed home loans in the market, thus making AIA Home Loan especially attractive for property investors.
With an AIA home loan you can get a margin of financing of up to 90% and maximum loan tenure of up to 35 years or until the borrower is 70 years of age, whichever comes first. AIA offers MRTA, which can be financed into the loan, but only up to a margin of finance limit of 90%. This differs from most banks, which allow a margin of finance limit of 90+5% when bundled with MRTA.
AIA Home Loan Packages
AIA offers three no-frills basic home loan packages with different fixed interest rates to suit different individual property financing needs. In order for you to find out whether the AIA Home Loan is the right home loan for you, we highlighted the main product features of all three packages in the table.
Is this a flexi package?
AIA Home Loan Package 1
- Non Zero Moving Cost Package
AIA Home Loan Package 2
Zero Moving Cost Package
AIA Home Loan Package 3
4.39% p.a. (for the first 2 years)
5.15% p.a. (thereafter)
- Terms & Conditions Apply
Am I Eligible for An AIA Home Loan?
AIA home loans are open for all applicants, residents as well as non-residents who are at least 18 years old. For applicants age 23 and below, an older co-applicant is required.
What Documents Will I Need to Prepare?
Your AIA Home Loan application will need to be accompanied by some supporting documents to allow the bank to process your mortgage applications. Some of these documents are:
* Application Form
* NRIC / Identity Card
* Copy of Sales and Purchase or Booking Receipt or Letter of Offer from Developer
* Copy of Individual Title Deed
* Property Valuation Report (for completed properties)
* Latest 3 consecutive months of salary slips / vouchers
* Latest 6 consecutive months of commission statement
* Latest EPF statements (with 3 consecutive months or more transaction history)
* Latest EA form
* Latest 6 months Bank Statement
* Letter of Confirmation of Employment and Remuneration
Sounds Great! How Should I Proceed?
Our AIA home loan calculator will allow you to calculate the monthly loan repayments needed for the loan amount you wish to take for your desired property. After that, you can proceed to apply through iMoney for a free consultation.
If you are not sure whether this AIA home loan is your best option, click here
to compare other home loans in Malaysia.
Is It Easy to Repay my AIA Home Loan?
Cash or NETS
: You may pay by cash or NETS personally at the AIA Customer Service Centre
: Pay your loan via Internet Banking, if you have signed up for the Internet Banking service with any of the following banks: DBS, OCBC, UOB, Citibank, HSBC or Standard Chartered Bank.
: Pay your loans at any of the MEPS ATMs (over 5,000) nationwide
: Sign up for automatic payment from your bank account through GIRO. It is a convenient way to pay your loans.
: You may sign up for electronic payment via www.vpost.com.sg. Deductions from your bank account will be effected when vPOST receives your payment instruction.
Cheque or Bank Draft
: Cheques or bank drafts should be crossed and made payable to AIA Malaysia Private Limited.
If you are looking for other home loans, you may also consider
AmBank Home Loan
: AmBank Group provides a housing loan rate starting from Base Rate (BR) 3.80%. The option of a flexi loan package is available and there is a maximum of 90% margin of financing. The lock-in period for this housing loan is 5 years.
HSBC Home Loan
: At HSBC, the home loan rate starts from Base Rate (BR) 3.75%. The option of a flexi loan package is available and there is a 90% margin of financing. The lock-in period for this home loan is 5 years.
Standard Chartered Home Loan
: The mortgage rate from Standard Chartered Bank starts from Base Rate (BR) 3.67%. It does come with the option of a flexi loan package and a maximum of 90% margin of financing. There is no lock-in period that comes with the mortgage.