BM / CN
Are you thinking about buying a home or are you going to apply for a home loan? Our sales advisors will help you understand the best route to take based on your individual financial circumstances. Here they’ve listed a few pointers that’ll be good to know before you start applying for a home loan.
Knowing the maximum amount you can borrow
First time homebuyers can usually expect 90% of the property price for a residential mortgage loan/housing loan, while the remaining 10% comes from the buyer as down payment.
If you are not a first time home buyer and you are holding two or more housing loans, your loans will be capped at 70% for the next housing loan you apply for.
The amount of loan that bank allows you to borrow for your loan will be assessed based on the following terms:
- The type of property you’re purchasing
- Your age
- Your income
Use this home loan calculator
to help you figure out the property price range and monthly repayments that works best for you.
“My First Home Scheme”
(Skim Rumah Pertamaku) was launched in 2011 by the government which offers 100% loans that helps qualifying young adults to own their very first home. With 100% margin of financing, your loan will cover the price of your new home, meaning you won’t have to prepare any down payments and just make sure you pay your monthly instalments.
Government servants are entitled for government housing loans where the amount approved is based on the loan eligibility which is up to 100% full loan.
Compare types of home loan
In Malaysia, we have four common home loan categories with most of the home loans having variable interest rates that are tied to the base rate (BR) of banks.
Variable interest rate
– the loan’s interest rate is determined by the Base Rate (BR), whenever the BR goes up or down, the interest rate will follow suit. Read more on how you can benefit from the latest OPR cut
See which home loan suits you the most by reading our blog on Applying for a Home Loan
What documents you need to prepare?
If you’re ready to apply for your home loan, you’d need to prepare the required documents, including:
- Copy of your NRIC
- Booking receipt for the property
- Sales & Purchase Agreement/ Title
- Latest 3 months or latest 6 months pay slip & personal bank statement
- Latest employment letter
- Latest EPF statement
- Income Tax – Latest Form B/ BE with payment receipt acknowledgement/ EA form
Some banks may require you to provide more documents like Deposit statement e.g. Fixed Deposit, ASB or Bonds (if any) and Diploma / Degree certificate for a longer repayment period.
How long is the home loan application process?
If all the required documents were prepared correctly, you can expect it to take around two – seven days to get a verbal answer as to whether the bank has approved it. This would depend on the loan amount, loan tenure and your eligibility.
The masterplanned township Bandar Baru Sri Klebang (BBSK) is celebrating turning 20 years old with rebates of up to RM20k on new homes and enjoy full stamp duty exemption
if you’re a first time home buyer.
Tour new homes on our virtual tour platform
. Talk to our friendly sales team at 0125008018, we are here to assist you for ease the process of application, and finding the best loan packages.