Housing Loan Interest Rate (% p.a.)

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Loan Summary

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Affin Bank Housing Loan Interest Rate

Affin Bank’s housing loan interest rate is calculated based on the bank’s Standardised Base Rate (SBR), which is currently 3.00% per annum. For the Affin Home Flexi Plus package, the interest rate is the SBR plus an additional 1.55% per annum, leading to a total interest rate of 4.55% per annum. The interest rate on Affin Bank’s housing loans is variable and can fluctuate in response to changes in the SBR, which is influenced by the Overnight Policy Rate (OPR) set by Bank Negara Malaysia. The interest is calculated on a daily rest basis, allowing borrowers to potentially save on interest costs through advance payments.

How Does Affin Bank Offer Flexibility in Home Loans?

Affin Bank provides flexibility in its home loans through packages like the Home Flexi Plus, which combines a term loan with an overdraft facility. This package allows borrowers to make extra payments beyond the required monthly instalments, reducing the overall interest charges. The loan also offers a redraw facility, enabling borrowers to access any extra repayments made. Additionally, the bank offers various loan packages to cater to different needs, including Home Solution Plus, Home Assist Plus, and the My First Home Scheme. These packages differ in terms of financing options, property value requirements, and specific features like advance payment benefits.

What Are the Eligibility Criteria for an Affin Bank Housing Loan?

To be eligible for an Affin Bank housing loan, applicants must be at least 18 years old. The minimum property value eligible for financing is RM100,000, with a minimum loan amount of RM100,000 as well. For certain packages, such as the Home Solution Plus, the property value must be at least RM200,000. Applicants can be of any nationality and must provide necessary documentation like identity proof, proof of income, and property-related documents. For the My First Home Scheme, borrowers must be first-time homebuyers aged between 18 and 40 with a monthly income not exceeding RM5,000 for individuals or RM10,000 for joint applications.

What Are the Fees and Charges Associated with Affin Bank Home Loans?

Affin Bank imposes several fees and charges on its home loans. There is an early settlement penalty of 2% on the original loan sum if the loan is redeemed within the first three years of the retention period. Additionally, the bank charges a late penalty fee of 1% per annum on the outstanding amount. Other fees include a RM50 fee for a redemption letter request and a RM20 fee for a letter for EPF withdrawal request. The bank also requires borrowers to consider purchasing insurance options like Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT), which are not mandatory but strongly recommended for comprehensive protection.

How Can Borrowers Repay Their Affin Bank Housing Loan?

Borrowers have multiple options to repay their Affin Bank housing loan. They can choose to make payments through online transfers from their Affin Bank savings or checking accounts. Other methods include using MEPS ATMs, Interbank GIRO fund transfers, or setting up a standing instruction for automatic monthly deductions. Payments can also be made at Affin Bank branches through ATM transfers or express payment machines. Additionally, borrowers can mail their payments with a cheque and statement enclosed. These diverse payment options provide convenience and flexibility, ensuring that borrowers can select the method that best suits their financial management preferences.

Is an Affin Bank Housing Loan Right for Me?

An Affin Bank housing loan may be suitable for individuals seeking a flexible financing package with the option of making additional payments to reduce interest charges. The bank offers various packages, including the Home Flexi Plus, which combines a term loan with an overdraft facility, and the My First Home Scheme for first-time buyers. However, borrowers should consider the lock-in period of up to five years and the associated early settlement fees. It’s essential to evaluate personal financial goals and the potential need for flexibility in loan repayments to determine if an Affin Bank housing loan aligns with individual needs and circumstances.