Affin Bank housing loan eligibility requires individuals aged 18 and above to be eligible to apply for housing loans at Affin Bank. This basic criterion applies to all housing loan products offered by the bank. Eligibility primarily depends on age, property value, and specific package requirements. The applicant must be seeking to finance a property with a minimum value of RM200,000. Malaysian citizens and non-citizens can apply, although specific products like the My First Home Scheme are exclusively for Malaysian first-time home buyers.
Affin Bank Home Loan Eligibility
How Do the Loan Amount and Property Value Affect Eligibility?
The minimum loan amount for Affin Bank housing loans is RM50,000, with property values starting at RM200,000. These limits ensure that the bank caters to a wide market, from smaller property investments to high-value purchases. For example, the Affin Home Flexi Plus loan requires a minimum property value of RM200,000 and a loan amount of at least RM100,000.
What Are the Specific Criteria for Different Housing Loan Packages?
Affin Bank provides several housing loan packages, each with unique features and eligibility criteria:
- AFFIN Home Flexi Plus: This package combines a term loan with an overdraft facility, offering up to 90% loan margin. It is ideal for those seeking financial flexibility, with a tenure of up to 35 years. Eligibility requires individuals to be at least 18 years old and the property to have a minimum value of RM200,000.
- AFFIN Home Step Fast: This loan offers a margin of up to 90% with additional coverage for MRTA/CLTA costs. It provides lower commitments for the first five years, making it suitable for buyers needing initial financial relief. The eligibility criteria include a minimum property value of RM200,000 and a financing tenure of up to 35 years or until the borrower reaches 70 years of age.
- My First Home Scheme: Aimed at first-time home buyers, this scheme offers full financing up to a maximum property value of RM500,000. Eligible applicants must be Malaysian citizens, first-time buyers, and earn a monthly income not exceeding RM5,000 for single borrowers or RM10,000 for joint borrowers.
- AFFIN Tawarruq Home Financing-i: This shariah-compliant option uses the Tawarruq concept, offering up to 90% financing with a rebate for early settlement. Eligibility extends to individuals aged 18 and above, with a property value of at least RM200,000.
What Are the Documentation Requirements for Affin Bank Housing Loans?
To apply for an Affin Bank housing loan, applicants must submit several documents:
- Completed application form
- NRIC or Identity Card
- Sales and Purchase Agreement or Booking Receipt
- Property Valuation Report (for completed properties)
- Latest three consecutive months of salary slips
- Latest six months’ bank statements
- Letter of Confirmation of Employment and Remuneration
These documents are crucial for verifying the applicant’s financial status and property details.
How Does Affin Bank Ensure Comprehensive Protection for Loan Applicants?
Affin Bank places significant importance on protecting both the borrower and the property. Comprehensive protection is strongly recommended through Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT). These options ensure that the outstanding balance is covered in case of unforeseen events, providing peace of mind to borrowers and their families.
What Are the Penalties for Early Settlement?
For certain loan packages, Affin Bank imposes an early settlement penalty. For instance, the Home Flexi Plus package has a penalty of 2% of the original loan sum if settled within three years. However, the My First Home Scheme imposes different penalties depending on the property’s purchase price, highlighting the importance of understanding each product’s terms before commitment.