The RHB Mortgage Calculator is a tool designed to assist potential borrowers in estimating their monthly repayments and understanding the financial commitments involved in securing a home loan. By inputting the purchase price, financing amount, down payment, loan tenure, and profit rate, users can quickly calculate their monthly payments. This tool provides an illustrative representation of the potential financial outlay, helping customers make informed decisions about their home purchase.
RHB Bank provides flexible and innovative home loan products, such as the My1 Full Flexi Home Loan, which allows for unlimited additional repayments and redraws, providing customers with the flexibility to manage their finances efficiently. This loan product is designed to homebuyers looking to purchase new properties, refinancing existing ones, or even renovating homes.
RHB Home Loan Calculator
How to Calculate RHB Bank Home Loan Repayments?
To calculate RHB Bank home loan repayments, use their intuitive loan calculator to estimate instalments. For example, borrowing RM350,000 with an interest rate of 3.8% over 25 years results in monthly instalments of about RM1,631. The tool helps in financial planning, and RHB representatives can offer further guidance tailored to your needs.
What Are the Benefits of the My1 Full Flexi Home Loan?
The My1 Full Flexi Home Loan offers several advantages that make it an attractive option for homebuyers. It provides the freedom to make extra repayments, which can significantly reduce the overall interest payments and loan tenure. Additionally, borrowers can access excess funds when needed without incurring additional charges.
Benefits Include:
- Flexible repayment options where borrowers can make additional payments without penalties, helping to reduce the loan balance faster.
- No additional charges because the loan has no upfront fees, redraw fees, or monthly service charges.
- Easy excess withdrawal because user can access to additional funds when necessary, providing a financial cushion for unexpected expenses.
What Are the Eligibility Criteria for RHB Home Loans?
Eligibility for RHB home loans is straightforward, catering to both residents and non-residents. Applicants must be at least 18 years old and can apply as single or joint applicants. The minimum loan amount is RM30,000, and the loan margin can be up to 90% of the property’s value, including additional financing options for insurance and entry costs.
Eligibility Requirements:
- Open to individuals aged 18 and above, both residents and non-residents.
- Minimum loan amount of RM30,000, with a tenure ranging from 5 to 35 years.
- Available for single or joint applicants, accommodating various borrower profiles.
What Documents Are Required for RHB Home Loan Applications?
Applicants need to prepare several documents to facilitate their home loan application. These documents are necessary for verifying financial stability and ensuring the creditworthiness of the borrower.
Required Documents for Salaried Applicants:
- Photocopy of NRIC
- Latest three months’ salary slips and salary crediting statements
- Latest EPF statement and BE Form with tax payment receipt
- Sales & Purchase Agreement or booking receipt
Required Documents for Self-Employed Applicants:
- Photocopy of NRIC
- Business registration forms (Borang A & D for sole proprietors and partnerships, Form 24 & 49 for private limited companies)
- Latest Form B with tax payment receipt
- Latest six months’ current account statement
- Sales & Purchase Agreement or booking receipt
How Can RHB’s Credit Related Insurance Protect Homebuyers?
RHB offers Mortgage Reducing Term Assurance (MRTA) and Credit Level Term Assurance (CLTA) to provide peace of mind for borrowers. These insurance products protect against death and total permanent disability (TPD), ensuring that the outstanding loan amount is covered in such events.
Insurance Benefits:
- Protection against death and TPD which cover outstanding loan in case of unforeseen circumstances.
- Accidental death benefit that provides additional 20% coverage in the event of accidental death.
- Flexible coverage options that is tailored to cover terms and amounts to suit individual needs.
How to Apply for an RHB Home Loan Online?
RHB Bank simplifies the loan application process through its MyHome app, offering a convenient platform for potential borrowers to apply, track, and manage their loan applications. The app provides real-time updates, ensuring that applicants stay informed throughout the process.