Home Loans by Malaysian and Foreign Banks
This is a 3-part series highlighting the home loan packages and interest rates offered by banks in Malaysia. Today we are looking at the rates offered by the 10 local anchor banks, and the following articles are as follows (links will be updated when articles are posting).:
Home Loans by Malaysian and Foreign Banks Part 1 : Local Banks
Home Loans by Malaysian and Foreign Banks Part 2 : Best selling Islamic Banks Loans
Home Loans by Malaysian and Foreign Banks Part 3
This info was also highlighted in Monday’s Star Business section (27 March 2006). For a full listing of all banks (local and foreign) including info like their contact numbers and addresses, you can check out this page.
For more info and further explanation on these home loan packages and prevailing rates, you are advised to check with the individual banks.
In the following tables, ‘C’ denotes Completed properties while ‘U/C’ stands for properties under construction. BLR stands for ‘Base Lending Rate’ while Y1 is for Year 1 and so on.
| Bank | MAYBANK |
| Margin of Financing | Up to 90% |
| Housing Loan | MaxiHome Plus |
| Property type | Completed and under construction. |
| Interest Rates | Y1: BLR - 2.37% Y2 - 4: BLR - 1.00% Y5 – 10: BLR + 0% Thereafter: BLR + 0.20% |
| Loan Tenure | 30 years or age 60 |
| BLR | 6.50% |
| Overdraft | First RM100k = BLR + 1.00% Above RM100k = BLR + 0.75% |
| Processing Fee | None |
| Promotion Period | Until June 30 |
| Contact | +603 2070 8833 |
| Website | maybank2u.com |
| Bank | RHB |
| Housing Loan | RHB Home Loan |
| Property type | Completed |
| Margin of Financing | Up to 95% with MRTA |
| Interest Rates | RM100k & above: BLR – 0.88% RM250k & above : BLR – 0.99% |
| Loan Tenure | 40 years or age 65 |
| BLR | 6.50% |
| Overdraft | BLR + 0.60% |
| Processing Fee | Waived |
| Promotion Period | Until June 30 |
| Contact | +603 9287 8888 |
| Website | rhbbank.com.my |
| Bank | BCB |
| Housing Loan | HomeFlexi |
| Property type | Completed and under construction |
| Margin of Financing | Up to 90% Up to 95% with MRTA |
| Interest Rates | The rate is as low as BLR + 0% throughout the tenure. |
| Loan Tenure | 30 years or age 65 |
| BLR | 6.50% |
| Overdraft | BLR + 0.50% under hybrid housing loans |
| Processing Fee | Waived |
| Promotion Period | N/A |
| Contact | +603 2693 1722 |
| Website | www.bcb.com.my |
| Bank | Public Bank |
| Housing Loan | Housing Loan |
| Property type | Completed and under construction |
| Margin of Financing | Up to 100% incl. documentation & MRTA |
| Interest Rates | Y1 : 0% (UC), 1.00% (C) Y2 : BLR – 1.00% Thereafter : BLR + 0.10% Properties RM100k & above Y1 : 1.95% (UC), 2.50% (C) Y2 : BLR + 0% Thereafter : BLR + 0.28% |
| Loan Tenure | 40 years or age 70 |
| BLR | 6.50% |
| Overdraft | BLR - 0.75% for whole tenure |
| Processing Fee | Waived |
| Promotion Period | N/A |
| Contact | +603 2176 6000 |
| Website | www.publicbank.com.my |
| Bank | Hong Leong Bank Bhd. |
| Housing Loan | Hong Leong Housing Loan |
| Property type | Completed |
| Margin of Financing | Max 90% + 5% MRTA |
| Interest Rates | Y1 : 3.38 Y2 : BLR – 1.00% Y3 – 15 : BLR + 0.15% Thereafter : BLR + 0% |
| Loan Tenure | 30 years or age 60 |
| BLR | 6.50% |
| Overdraft | Available |
| Processing Fee | Waived |
| Promotion Period | March 1 to May 31 |
| Contact | +603 2164 2828 |
| Website | www.hlb.com.my |
| Bank | Alliance Bank |
| Housing Loan | Alliance SaveLink Flexi HL |
| Property type | Completed and under construction |
| Margin of Financing | 90% + 5% MRTA |
| Interest Rates | Y1 : 1.00% (UC), 1.80% (C) Y2 : BLR + 0% Y3 – 15 : BLR + 0.30% Y16 – 20 : BLR – 0.35% Thereafter : BLR - 1% |
| Loan Tenure | 30 years or age 65 |
| BLR | 6.50% |
| Overdraft | Up to 50% of property value |
| Processing Fee | None |
| Promotion Period | April 1 to June 30 |
| Contact | +603 2694 8800 |
| Website | www.alliancebank.com.my |
| Bank | Southern Bank |
| Housing Loan | Refinancing Home Loan |
| Property type | Completed |
| Margin of Financing | Up to 95% + MRTA |
| Interest Rates | RM100k to 299k : BLR – 0.8% Loans 300k & above First 3 yrs: BLR - 0.9% Thereafter : BLR - 1% |
| Loan Tenure | 30 years or age 65 |
| BLR | 6.50% |
| Overdraft | Available |
| Processing Fee | Waived |
| Promotion Period | Until May 31 |
| Contact | +603 2087 3000 |
| Website | www.southernbank.com.my |
| Bank | Affin Bank |
| Housing Loan | Affin Home Solutions |
| Property type | Completed and under construction |
| Margin of Financing | Up to 95% + MRTA+ legal fees |
| Interest Rates | RM200k above (C) Y1: BLR – 3.00% Y2 : BLR – 1.50% Y3 – 7 : BLR + 0.80% Y8 : BLR – 1.00% RM200k to RM500k (UC) Y1 : 2.00% Y2 : BLR – 1.00% Y3 – 7 : BLR – 0.20% Y8 onwards : BLR – 1.00% |
| Loan Tenure | 45 years or age 70 |
| BLR | 6.55% |
| Overdraft | Available |
| Processing Fee | Waived |
| Promotion Period | N/A |
| Contact | +603 2055 9000 |
| Website | www.affinbank.com.my |
| Bank | AmBank |
| Housing Loan | Housing Loan |
| Property type | Completed and under construction |
| Margin of Financing | Up to 95% + MRTA |
| Interest Rates | Y1 : 0% to 1.88% (C/UC) Y2 : BLR – 1% Thereafter : BLR + 0.15% |
| Loan Tenure | 30 years or age 65 |
| BLR | 6.50% |
| Overdraft | BLR + 0.50% |
| Processing Fee | Waived |
| Promotion Period | Until June 30 |
| Contact | +603 2026 3939 |
| Website | www.ambg.com.my |
The one by AM bank is ridiculous. Checked them out at Saujana Residency. Almost signed the loan agreement until we spotted a mistake noting that interest payment starts immediately after signing the letter of offer. We thought there was really a mistake but apparently NOT. So if we were to actually apply for the loan later, it would mean saving a few months of interest payment. But the best part is, we can’t apply it any later because promo ends this June. There’s where the catch is.
Comment by S-Kay — April 4, 2006 @ 12:03 pm
hah, very mata tajam of you to spot that. we personally like public bank, due to our previous dealings with them. maybank, well, we just get the feeling of a mega corp with little time and attention for us….
Comment by Administrator — April 4, 2006 @ 12:32 pm
4 more years to go before i can do any refinancing…
Comment by KY — April 4, 2006 @ 12:46 pm
When it comes to all this loan stuffs, my mom always say, “Make sure to keep your eyes sharpened. Good deals don’t come easy”
Comment by S-Kay — April 5, 2006 @ 2:41 pm
good advice…
Comment by Administrator — April 5, 2006 @ 3:08 pm
I have this strategy to go for the lowest interest for first 5 years, then refinance again. I opted HLB with mortgage plus.
Comment by Bobby — April 7, 2006 @ 3:46 pm
Interest payment runs right after signing letter of offer? That’s before developer’s stage billing? That’s ridiculous.
By the way, Admin, I find that certain banks like SCB’s Mortgage One (Previously) and Alliance’s Savelink give certain flexibility. It allows us to include unlimited excess cash into the loan account, without having to charge interest. So for example, if I took a 100k loan and I have 100k cash from the very beginning, the loan will be interest free for the whole tenure. It effectively gives me an overdraft at housing loans interest. Could you include which banks offer such flexibility and do you think Alliance’s Savelink is a good one? Cheers
Comment by PNP — April 8, 2006 @ 3:16 am
PNP, give me a day or two… thanks.
Comment by Administrator — April 11, 2006 @ 9:47 pm
Thanks Admin, your blog is really professional (thumbs up) x 2
Comment by PNP — April 13, 2006 @ 12:53 am
If you refinance every 5 years, you got to check if the MRTA is transferable. Check processing fee also, there is no such thing as processing fee “waive”, nothing is free, it is just included inside.
FYI, average BLR for the past 23(1980-2006) years was 8.79%. 6.0% was the lowest.
ING provides fixed rate housing loan for whole tenure, no BLR. Rate now is 6.3%.
Comment by xen — April 25, 2006 @ 12:21 pm
xen, I am getting the non-MRTA package. I think insurance co. like AIA and ING require MRTA which would cost about 3% of the loan amount and they are not tranferable. Many ppl who has bought MRTA would hesitate to refinance becoz of this.
Comment by Bobby — April 26, 2006 @ 11:29 pm
Looking for a home loan with local banks. Word has it that EON is great on home loan. Want more information on which banks or insurance agency that I can approach for a lower interest rate. Looking forward to the help.
Comment by Michael — October 24, 2007 @ 4:34 pm