UOB Home Loan Malaysia comes with a lock in period of 3 years and an early settlement penalty fee of up to 2% on your outstanding loan amount if you complete your loan repayment within this period. UOB offers 4 distinct semi-flexi and full-flexi home loan packages with a varying degree of flexibility in terms of cash access and repayments. One of the UOB home loan Malaysia packages namely UOB’s iNTELLIGENT Home Loan features flexible repayment options and offers you an interest only option for the first 2 years. Repayments can be made on a daily to monthly basis. Payment holidays can also be requested during heavy-spending festive seasons or during emergencies. This UOB housing loan Malaysia allows you to bank-in extra cash anytime. Though it will not reduce your loan principal, it is only kept in the bank to earn you interests. However, if you want to reduce your UOB housing loan Malaysia principal, you can pay into your UOB bank mortgage loan account and you will need to state your intentions to the bank in advanced. If you want to settle early, you will face the charge of 2% on the original UOB bank mortgage loan. This UOB bank mortgage loan allows you to choose the frequency of your payments; be that monthly, fortnightly or quarterly. For instance you choose to pay fortnightly; you will need to pay 26 times per year, which means you can pay off your UOB bank mortgage 2 times faster.
For preferred customers, a Premier version of this UOB home loan Malaysia package is available offering a more personalised service. Both packages allow an accompanying overdraft facility which comes at the cost of higher interest rates, and an annual facility fee of RM120. UOB’s Flexi Mortgage is a full-flexi home loan that allows you to make payments in excess of the instalment amount in order to save on interest at anytime. With a linked current account, Flexi Mortgage allows you more flexibility in making extra repayments, and convenient withdrawals as and when cash is needed. The Flexi Mortgage facility also automatically converts into an overdraft facility once 70% of your principal amount has been repaid. Any people can apply for this UOB housing loan Malaysia including the foreigner. Like any other mortgage loan in Malaysia, a fire insurance policy is compulsory when you take up any UOB housing loan Malaysia products. It is also highly recommended that you attain MRTA for UOB housing loan Malaysia. 2% original UOB bank mortgage loan amount is charged if you want to settle earlier.
With an UOB home loan Malaysia you can secure up to 95% financing, inclusive of MRTA (provided the policy is purchased from Great Eastern Insurance). The maximum loan tenure of all UOB home loan Malaysia is 35 years (in accordance to the latest ruling by Bank Negara Malaysia) or until the borrower reaches 70 years of age, whichever is sooner.
By offering iNTELLIGENT Home Loan, Flexi Mortgage, iHL Premier and an International Home Loan, UOB provides a variety of home loan packages to suit different individual needs. The table below highlights the key features of all four home loan packages for your comparison.
|Product||Key Features||Is this a flexi package?|
|iNTELLIGENT Home Loan||
||Yes, full flexi|
|Commodity Murabahah Home Financing-i||
||Yes, full flexi|
|International Home Loan||
Borrowers get to make additional monthly instalments through UOB flexi home packages to reduce the monthly interest charges on the home loan. These flexi home packages have requirements, fees and conditions that needs to be considered together with the benefits.
|iNTELLIGENT Home Loan||Flexi Mortgage||iHL Premier||International Home Loan|
|Is a linked bank account required?||No||Yes||No||No|
|Account Maintenance Fees||No||RM120 (one time)||No||No|
|Redrawal Terms & Conditions||Minimum redrawal RM2,000||-||Minimum redrawal RM2,000||Minimum redrawal RM2,000|
Applicants must be over the age of 21 years old in order to apply for a UOB home loan.
To allow the bank to successfully process your application, you will need to provide some supporting documnets for your UOB home loan:
To calculate your mortgage monthly instalments, you can use the UOB home loan calculator. Once you have identified the loan amount to take for your desired property, you can apply through iMoney and our mortgage consultants will get in touch with you.
If you are not sure whether this home loan by UOB is your best option, click here to compare other home loans in Malaysia.
UOB has a national branch network across Malaysia, although smaller than most local banks. However, repayments are made convenient via these convenient modes of payment.