What do I need to know about Affinbank 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 offer finance up to 90% of the value of your house, for a loan term up to 35 years (or until 75 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?
Your overdraft will be 50% of the total financing amount for a mortgage valued less than RM500,000 and up to 70% of total financing amount for if valued above RM500,000.
What are my commitments?
It is your duty to keep up with your monthly installments. Interest is charged using floating rate linked to the BR. If you fail to service your monthly repayments, the bank may increase you 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 the Affinbank Home Flexi Plus?
There are some really good benefits with 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?
If you are an employee earning a salary
Latest 3 months salary slip
Latest 6 months commission statements (for commission earners)
EA Form or Borang B supported by tax payment receipt or E-filing supported by acknowlwdgement
Latest EPF statement
Latest 3 months bank account statement
Letter of Employment
If you are self-employed
Latest Borang B supported by tax payment receipt or E-Filing supported by acknowledgement
Latest 6 months bank statement
Latest Profit and Loss account or management account