AmBank’s housing loan eligibility is determined by several criteria, including the applicant’s age, income, and the type of property being financed. The bank offers a range of home financing options tailored to different needs, such as the Home/Property Financing-i, Home Loan/HomeLink, and the My First Home Scheme. Eligibility requirements vary by product but generally include being a Malaysian citizen or permanent resident, having a minimum age of 18, and providing necessary documentation such as proof of income and property details.
AmBank Home Loan Eligibility
How Does AmBank Home/Property Financing-i Work?
AmBank Home/Property Financing-i is based on the Shariah contract of Tawarruq, offering variable rate home/property financing solutions. This product is designed for purchasing residential properties, with profit calculated on a variable rate. The financing provides a margin of finance of up to 95%, including Mortgage Reducing Term Takaful (MRTT), for a tenure of up to 35 years or until the borrower reaches 70 years of age. Notably, the facility offers protection with a capping rate throughout the financing period and waives processing fees.
What Are the Key Features of AmBank Home Loan?
AmBank’s Home Loan features a combination of term loan and overdraft facilities, providing flexibility in managing loan repayments. Borrowers can make extra repayments, thus controlling the interest paid over time. The loan offers a margin of financing up to 95%, including MRTA/MLTA, and supports a tenure of up to 35 years. The HomeLink option allows borrowers to link their home loan to a current account, potentially saving on interest by maintaining a higher balance in the account.
Who Is Eligible for AmBank’s My First Home Scheme?
AmBank’s My First Home Scheme is tailored for first-time home buyers who are Malaysian citizens aged between 18 to 35 years. Applicants must earn less than RM5,000 per month. The scheme allows up to 100% financing of the property’s market value, with a repayment period of up to 30 years. This facility requires the property to be owner-occupied, not rented out, and applicants must provide documents such as a sales and purchase agreement, proof of income, and identification.
What Documents Are Required for AmBank Housing Loan Applications?
To apply for an AmBank housing loan, applicants must prepare several documents. These include a completed application form, a copy of the identity card, a sales and purchase agreement, and a property valuation report for completed properties. Income verification is necessary, and salaried employees should provide their latest salary slips, EPF statements, and EA forms. Self-employed individuals should submit their latest bank statements and tax documents for the past six months.
Can I Make Early Settlement of My AmBank Home Loan?
AmBank allows early settlement of home loans; however, there is a lock-in period of five years for most products. If a borrower pays off their loan within this period, an early settlement fee of up to 3% of the outstanding loan amount may apply. It is advisable to wait for property appreciation before making full settlement to avoid unnecessary charges and potentially gain profits.
How Can I Repay My AmBank Home Loan?
Repaying an AmBank home loan is convenient, with multiple channels available. Borrowers can use online transfers from their AmBank accounts, MEPS ATM machines nationwide, or Interbank GIRO for bank transfers. Automatic deductions through a standing instruction facility, payments at AmBank ATM machines, express payment machines, and phone banking are also available. These options ensure flexibility and ease of payment, catering to various preferences of the borrowers.
Why Choose AmBank HomeLink?
AmBank HomeLink is advantageous for borrowers seeking to reduce interest payments through flexible management of their loan linked to a current account. This full-flexi loan allows borrowers to save interest by maintaining a higher balance in their current account. The scheme offers easy monitoring through a consolidated monthly statement, and funds remain accessible via ATM or cheque book, making it an attractive option for those who manage finances actively.