What is Affin Home Build?
Affin Home Build is a conventional mortgage loan product that offers financing up to 90% of the property value (inclusive of MRTA and entry cost) for a contract period of up to 35 years.
The amount you can borrow is between RM500,000 to RM5,000,000 and your property will be securitized against the borrowing throughout the tenor.
What type of property can I finance with this mortgage?
Affin Bank can offer up to 80% margin of financing for completed property, while 85% for property under construction.
If you throw in another 5%, the bank can pay for your moving costs (loan agreement, stamp duty, legal and disbursement fee) and protect you under MRTA.
Do I get to redraw excess money paid into this account?
No, as it is not part of this mortgage plan.
Can I pay off my mortgage early?
You can make full settlement of your mortgage before its maturity date, provided you have waited 5 years from the date of full disbursement.
The bank will penalize you for any settlement done within the retention period.
What is the major risk?
The interest rate on this home loan is floating and is pegged to Base Rate. You may frown upon the changes in your monthly instalment amount should the interest rate increases. On the contrary, you could be saving a lot when it goes down.
What documents I need to prepare?
The main documents you need to submit is Affin Home Build application form, 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 an employee earning a salary:
- Latest 3-month pay slips
- Latest EPF statement
- Latest 6-month commission statements (for commission earners)
- EA Form
- Letter from employer
For a self-employed:
- Latest Borang B supported by tax payment receipt
- 3-month salary slip
- Latest 6-month business/personal account statement
- Latest Profit & Loss account