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 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.
|Product||Key Features||Is this a flexi package?|
|AIA Home Loan Package 1||
|AIA Home Loan Package 2||
|AIA Home Loan Package 3||
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.
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:
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.