When it comes to choosing what people might call ‘The Perfect Home Loan’, many actually tend to go insane in the process. In Malaysia today, you will see almost every bank advertising their home loan packages at every corner but this only makes it even more confusing for people as there are so many factors to decide on when one is choosing a home loan. Some of the things which you might want to consider when looking into a home loan are the types of home loans which are offered, the interest rates of each type of loan, the margin of financing, the fees and charges and the lock in period. These are just some of the important things you should keep in mind as each bank varies in their terms in condition when it comes to a home loan.
The cold hard truth is, there is no such thing as a best home loan or a home loan which is perfect. Each bank offers their own benefits based on the type of loan whish their clients are looking for. The different home loans are designed to cater to people of all walks of life based on their earnings and their capabilities. To make your life a little easy, you will be able to check out the breakdown below on some of the most established banks which offer some of the best home loans in terms of interest rates and loan repayment flexibilities.
CIMB PropertyLoans
Interest Rates
CIMB Bank offers an attractive rate of 4.75% for home loans.
Bank Highlights
CIMB Offers full flexi home loan packages with a very low minimum loan amount. This is best for loan amounts ranging between RM500,000 – RM600,000.
Terms & Conditions
The terms and conditions for to qualify for the CIMB home loan is that you will have to be at least 21 years of age. The loan tenure can be extended up to 35 years and it is suitable for completed and also properties which are under construction.
Loan Summary
CIMB Bank provides many different types of flexible packages. One of the benefits of the CIMB home loan is that the minimum loan amount is only RM15,000. This loan can be obtained for properties which are still under construction by the developers. Some of the other benefits which you may enjoy would be the loan repayment period which enables you to a loan tenure of up to 35 years and or until you reach 70 years of age depending on whoever comes earlier
Maybank Maxi Home
Interest Rates
Maybank offers an attractive interest rate of 4.65% for home loans.
Bank Highlights
A few things which you need to know is that Maybank is the largest bank in Malaysia that offers high end financing to its clients. There will also be a low early settlement penalty imposed on those who try to settle their payments before the agreed time period.
Terms & Conditions
The terms and conditions for to qualify for the Maybank home loan is that you will have to be at least 25 years of age. The loan tenure can be extended up to 35 years and it is suitable for completed homes and also properties which are under construction.
Loan Summary
Maybank offers flexible repayment options to all of their clients. A huge privilege which you will get from Maybank housing loan is that you will have a higher eligibility which is up to 40% of your salary. Some of the other benefits which you may enjoy would be the loan repayment period which enables you to a loan tenure of up to 35 years and or until you reach 65 years of age depending on whoever comes earlier. The good news is that Maybank is one of the rare banks in Malaysia which can offer you a high margin of financing up to 95%.
Public Bank
Interest Rates
Public Bank offers an attractive interest rate of 4.95% for home loans.
Bank Highlights
A couple of things which you will enjoy from Public Bank is the zero cost entry packages and also the overdraft facilities which are provided.
Terms & Conditions
The terms and conditions for to qualify for the Public Bank home loan is that you will have to be at least 21 years of age. The loan tenure can be extended up to 35 years and it is suitable for completed and also properties which are under construction.
Loan Summary
The Public Bank Home Loan is a loan which enables you to save more money compared to other home loans as your interest rates are calculated on a daily basis. You will also be able to enjoy the Exclusive Annual Fee waiver if you qualify as one of their eligible customer. If you think that is fascinating, you would then be elevated to know that Public Bank Home loans can offer you up to a 100% margin inclusive of the legal fee and stamp duty.
Hong Leong Bank
Interest Rates
Hong Leong Bank offers an attractive interest rate of 4.65% for home loans.
Bank Highlights
You will get to enjoy the full flexi packages which are offered by Hong Leong Bank along with an Optional Overdraft, Semi-Flexi and Full-Flexi Packages.
Terms & Conditions
The terms and conditions for to qualify for the Hong Leong Bank home loan is that you will have to be at least 21 years of age. The loan tenure can be extended up to 35 years and it is suitable for completed and also properties which are under construction.
Loan Summary
Hong Leong Bank has certainly made life for their eligible customers easy as you are able to repay your loan via online banking or by using the ATM machine. On top of that, you are offered a ‘bullet-payment’ scheme feature which allows you to make up to 35% of the principal loan repayment only at the end of the loan period. If you are someone who wants to finish paying of your loan a little faster than the usual, then you will be happy to know that the Hong Leong mortgage loans allow you to pay more than your fixed monthly payment.