Finance The Renovation Or Decoration Of Your Dream Home

ringgitplus

23rd June 2023 - 6 min read

Maybank Home Financing has rolled out several products & promos in the past to ease the cash flow of homeowners – from Zero Entry Cost home ownership to MaxiHome Ezy, they have been designed to be easier on consumers’ wallets. Now, Maybank has newly launched 2 financing solutions specifically to help homeowners renovate & decorate their homes, just the way they like!

After all, when it comes to home improvements or renovating a pre-loved home, we tend to look for a pocket friendly experience. With Maybank Home+Reno Loan and Maybank MyDeco Financing, you can now get:

	Home+Reno Loan	MyDeco Financing
Margin of Financing	Up to 120% of property price/Open Market Value whichever is lower.
Financing Tenure	Up to 35 years/age 70 whichever is earlier	Up to 10 years/ age 70 whichever is earlier
Effective Interest/Profit Rate**The Bank’s Standardised Base Rate (SBR) may be varied from time to time, pursuant to changes in Bank Negara Malaysia’s Overnight Policy Rate (OPR)	As low as 3.95% p.a (SBR + 0.95% p.a)	As low as 4.40% p.a (SBR + 1.40% p.a)
What is covered?	✓ Repairs to the property ✓Structural changes including additions to building ✓ Tiling, roofing, wirings, plumbing and flooring	✓ Interior designing ✓ Furnishings ✓ Fittings ✓ Aesthetics and decoration
Property Type	✓ Completed landed residential properties purchased from the sub sale market.	Residential properties financed by Maybank/Maybank Islamic which may be: – Completed or still under construction – Landed or high rise – Purchased direct from Developers or from sub sale market.

How does Maybank Home+Reno Loan work?

There are benefits to purchasing a sub sale property such as being in a mature neighbourhood but usually a sub sale property that has been occupied for a while would need an upgrade or renovation before moving your family in.

With Maybank Home+Reno Loan, you are able to take care of the property’s wear and tear or upgrades without worry with up to 120% loan of your property’s value. This loan caters specifically to homeowners who purchased a sub sale landed house and consists of two portions – a housing loan and a renovation loan. You will also be able to leverage on Maybank’s home loan of up to 90% + 5% of the property price/open market value (whichever is lower) to finance the property:

On top of that, get an additional loan of up to 30% of the property price/open market value (whichever is lower), limited at RM500,000 for renovation expenses.

If you would like to improve your home, you can consider Maybank Home+Reno Loan for more cash flexibility.

The loan offers a long tenure of up to 35 years or age 70, whichever is earlier and an effective interest rate of as low as 3.95% p.a (SBR + 0.95% p.a).

How You Can Benefit From Maybank Home+Reno Loan?

For example, Arwin recently purchased a sub sale landed property priced at RM800,000. He plans to extend the house and replace the bathroom tiles. Through Maybank Home+Reno Loan, Arwin can get a home loan at 90% margin which equals to RM720,000.

On top of that, Arwin will also get a renovation loan at a 30% margin that amounts to RM240,000. With the Maybank Home+Reno Loan, Arwin may benefit from the long loan tenure period of up to 35 years or age 70 (whichever is earlier) that allows for cash flexibility.

How does Maybank MyDeco Financing work?

If you are a homeowner of a new property freshly off the developer’s construction site, naturally, you would want to add your own unique touch to the property on your own or with a professional interior designer to suit your preferences and needs. However, several costs like down payment, Sales and Purchase Agreement (SPA) and financing legal fees, Memorandum of Transfer and miscellaneous charges can take a significant chunk of your savings.

Good news! As an existing Maybank/ Maybank Islamic Home Financing customer, you can pair your existing home facilities with Maybank MyDeco Financing to finance your design expenses for a brand new property at up to RM250,000.

With Maybank MyDeco Financing, you will receive financing of up to 30% of the property price, limited to RM250,000 to spend on makeover expenses/interior decoration. As a homeowner, you will also enjoy a tenure of up to 10 years or age 70, whichever is earlier and an effective interest/profit rate of as low as 4.40% p.a (SBR + 1.40% p.a):

Maybank MyDeco Financing can be applied for at any stage of completion of your new home.

How You Can Benefit From Maybank MyDeco Financing?

For example, Amie purchased a new high-rise residence priced at RM800,000 as an investment and just received the keys to her new house. She’s an existing Maybank Islamic home financing customer and enjoys 90% financing margin for her home that equals to RM720,000.

She plans to hire an interior designer to make over her empty property into a cosy home before moving in with her family. She will be able to leverage financing at a 30% financing margin which amounts to RM240,000. This allows Amie to enjoy the freedom to engage with a professional interior designer to elevate the space while reflecting her individual style. With a busy schedule, she is also able to save time and effort sourcing for materials and coordinating with contractors.

How to Apply for Maybank Home+Reno Loan or MyDeco Financing?

Existing Maybank*/Maybank Islamic Home Financing customer to visit the nearest Maybank/Maybank Islamic branch.
Bring along the below documents:

Property Financing Application form or Mortgage Loan Application form*
NRIC/Identity Card
Business Registration Form 24 & 49 (if applicable)
Proof of Income
Property Documents:
- Copy of Sale & Purchase Agreement
- Property Valuation Report is required for completed property
- Certificate of Completion and Compliance (CCC)

*Applicable for Maybank Home+Reno Loan only.

Apply today for Maybank Home+Reno Loan or Maybank MyDeco Financing. Not a Maybank Home Financing customer? Refinance today!

***

The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.

5 2 votes

Article Rating