What do I need to know about Affinbank Home Assist Plus?
Home Assist Plus is flexi mortgage for buying properties valued at less than RM200,000. Subject to approval, Affinbank offers to finance up to 90% of the value of your house for up to 35 years or until you reach 70 years old,whichever is earlier.
An additional 5% can be borrowed if you want to settle for zero moving cost which includes MRTA, legal fees, evaluation fees, and stamp duty. Affinbank's low cost mortgage provides a great deal of flexibility in your monthly payments, allowing for excess payment when you can afford it.
Excess cash paid into your home loan account reduces the amount of interest you are charged, and the extra balance can then be withdrawn as and when you need extra funds. You can also link the excess payments to an overdraft account for easy access to that extra cash in an emergency.
What are my obligations?
As with most home loan products sold in Malaysia it's important to remember that the money you borrow with Home Assist Plus is secured on your house - if you don't make your repayments you run the risk of losing your home. That's an obligation you don't want to miss.
If at any time you think you're going to have trouble making your mortgage payment, talk to the bank. They'll be glad to hear from you and in most cases, happy to work with you to sort things out.
What does the mortgage insurance cover?
Group Mortgage Reducing Term Assurance ( MRTA) is optional, but highly recommended. MRTA protects you against the risk of losing your family's property due to accident, injury, illness and the like.
What are the risks?
The interest rate on this loan may change as it is fixed to the Base Rate ( BR). An increase in BR means that you pay more interest on your mortgage. Loans that are already approved and extended prior to January 2, 2015 will still follow the old BLR until the end of the loan tenure.
Why should I choose the Affinbank Home Solution Plus?
There are some really good benefits with this home loan.
- Long Tenure: Length of loan is the maximum allowable in Malaysia - 35 years.
- Flexibility: You can pay extra when you can afford to, reducing your interest charges.
- Excess Cash: If you pay extra you can withdraw excess cash as and when you need it.
- Daily Compounded Interest: If you make excess repayments throughout the month, your daily interest rate charge decreases
What documents do I need when I make this home loan application?
The main documents you need to submit is a copy of your NRIC, Sales & Purchase Agreement / Booking receipt from developer, Valuation report (for completed property) and Copy of the Title Deed. The supporting documents are as follows:
For fixed income earners:
- Last 3-months salary slips
- Latest EA form or Borang B supported by tax payment receipt
- Latest pension statement (for pensioners)
- Latest 6-months commission statement (for commission earners)
- Latest EPF statement
- Latest 3-months bank account statement
- Letter from Employer
For self-employed:
- Latest Borang B supported by tax payment receipt
- Latest 6-months business account statement
- Latest 6-months personal account statement
- Latest Profit & Loss account