What do I need to know about AFFIN Home Flexi Plus?
This home loan is a combination of a conventional term home loan and an overdraft, allowing you to withdraw excess funds against your loan principal for those troublesome times when you most need money.
Subject to application and approval, Affinbank offers finance up to 90% of the value of your house, for a loan term up to 35 years (or until 70 years of age, whichever is sooner). An additional 5% can be added to the finance package to cover MRTA, legal fees, evaluation fees, and stamp duty.
Can you tell me more about the overdraft?
A personal line of credit allows you to withdraw cash from your Current Account even if you have used up all of your savings in it.
For a mortgage value of less than RM500,000, your overdraft portion will be 50% of the total financing amount. On the other hand, if you secure more than half a million mortgage value, you can access an overdraft of up to 70% of the total financing amount.
What are my commitments?
It is your duty to keep up with your monthly instalments. Interest is charged using a floating rate linked to the Base Rate (BR). If you fail to service your monthly repayments, the bank may increase your interest payments, so beware!
If you have spare cash at the end of the month, or if you're willing to part with your bonus, you can always have the flexibility to pay in excess of your loan instalment amount, including the option to withdraw.
What does the mortgage insurance cover?
The Mortgage Reducing Term Assurance (MRTA) is used to shield you against the risk of losing your family's property due to unforeseen circumstances, such as an accident. MRTA is compulsory with this home loan.
Why should I choose AFFIN Home Flexi Plus?
There are some really good benefits to this home loan.
- Save more - As the interest is calculated daily, if you deposit more than your regular payment within each month, you can save on your interest charges.
- Excess cash - If you do make extra payments into your mortgage, you can withdraw the excess cash as and when you need it.
What documents do I need to provide to make an application?
All applicants must submit:
- AFFIN Home Flexi Plus application form
- Copy of NRIC
- Sales & Purchase Agreement or booking receipt from developer
- Valuation report (for completed land)
- Copy of the Title Deed
Fixed income earners:
- Last 3 months' salary slips
- Latest EA form or Borang B with tax payment receipt
- Latest pension statement (pensioners only)
- Latest 6 months' commission statement (commission earners only)
- Latest EPF statement
- Latest 3 months' bank account statement
- Letter from employer
Self-employed:
- Latest Borang B with tax payment receipt
- Latest 6 months' business account statement
- Latest 6 months' personal account statement
- Latest Profit & Loss account
