Housing Loan Interest Rate (% p.a.)

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RHB Bank Housing Loan Interest Rate

RHB Bank’s housing loan interest rates are determined by several factors, including the loan amount and the tenure of the mortgage. For loan amounts ranging from RM250,000 to RM399,999, the interest rate starts from 4.75% per annum. As the loan amount increases, the interest rate may decrease slightly, with rates as low as 4.6% per annum for loans exceeding RM2 million. The rates are floating, meaning they can fluctuate with changes in RHB’s benchmark lending rate, providing flexibility and potential savings for borrowers.

How Does RHB Bank’s My1 Full Flexi Home Loan Work?

The My1 Full Flexi Home Loan from RHB Bank is designed to offer borrowers flexibility and control over their mortgage repayments. This loan allows homeowners to make additional payments on top of their regular monthly instalments, enabling them to reduce the interest costs and the principal amount more quickly. It is linked to a current account, where interest is calculated on a daily rest basis. This feature is particularly useful for borrowers who wish to shorten their loan tenure and save on interest payments. The loan also offers a margin of financing of up to 90%, with an option to cover additional costs like Mortgage Reducing Term Assurance (MRTA) and legal fees.

What Are the Benefits and Privileges of RHB’s Housing Loans?

RHB’s housing loans come with several benefits and privileges that appeal to various types of borrowers. These include flexible repayment options that allow for unlimited additional repayments and redraws without incurring extra charges. Borrowers can access excess funds whenever necessary, providing a safety net for unforeseen expenses. Additionally, the absence of upfront fees, redraw fees, or monthly service charges makes this loan package financially attractive. For those preferring added security, RHB offers optional insurance plans like MRTA, which covers loan repayments in the event of death or permanent disability.

What are the Fees and Charges Associated with RHB’s Housing Loans?

RHB’s housing loans maintain a transparent fee structure, ensuring that borrowers are not caught off guard by hidden charges. There are no processing fees, monthly maintenance fees, or cash withdrawal fees associated with these loans. However, borrowers should be aware of certain penalties, including a 1% late payment fee on the outstanding amount and a similar fee for early settlement within the initial 3-year lock-in period. Additionally, a cancellation fee of 1% on the total approved amount is applicable if the loan is cancelled after the acceptance of the Letter of Offer.

Who is Eligible to Apply for RHB’s Housing Loans?

Eligibility for RHB’s housing loans is broad, accommodating a wide range of potential borrowers. Individuals aged 18 to 70 years, regardless of residency status, can apply. This includes salaried employees, self-employed individuals, and expatriates under the Malaysia My Second Home (MM2H) programme. Applicants need to provide supporting documents, such as identity verification, proof of income, and property purchase agreements, to complete the application process. The minimum annual income requirement for applicants is RM18,000.

How Can RHB’s Mortgage Calculator Assist Potential Borrowers?

RHB’s Mortgage Calculator is a valuable tool that helps potential borrowers evaluate their financial readiness for a housing loan. By inputting the purchase price, down payment, and loan tenure, users can quickly calculate their estimated monthly payments and total profit payments. This calculator assists in assessing what is financially comfortable and feasible, ensuring that borrowers make informed decisions tailored to their financial situations. It is particularly useful for those considering the My1 Full Flexi Home Loan, as it illustrates potential savings from making additional repayments.

What Types of Insurance Are Available with RHB’s Housing Loans?

RHB offers several insurance options with its housing loans to provide additional security and peace of mind. Mandatory fire insurance protects the property, while MRTA covers the loan in cases of death or permanent disability. These insurance plans are crucial for safeguarding both the borrower’s and the bank’s interests, ensuring that the loan can be repaid even under unforeseen circumstances. For added coverage, borrowers can opt for additional riders, such as the Family Income Benefit, which provides continuous financial support after a claim is admitted.