Fulfill your resolution to own your dream house this year and get the right financing with Alliance Bank Conventional Home Loan. This conventional housing loan is suitable for part-financing of residential properties, whether under construction or completed.
What can I get from Alliance Bank home loan?
Alliance Bank can finance up to 90% of the value of your new house, subject to credit check and approval. If you want to move into your new home at zero cost, add in another 5% to cover for MRTA and other sticky fees including Legal and Valuation (for completed property only).
The best part about this home loan is the flexibility to service your monthly installments, with an option to deposit extra cash on your mortgage when you are flush, and withdraw excess money paid when your purse string is tight.
Can I withdraw excess money paid into my home loan account?
Definitely. You can withdraw excess cash from your home loan account if you have consistently deposited extra cash on top of your regular monthly instalment, subject to a fee of RM53 per withdrawal.
The extra cash is considered as Advance Payment, which does not offset your interest charges and also reduce principal loan outstanding. Note that the excess money is only accessible if your Advance Payment amount is above the approved limit in the Advance Payment bucket.
Are there fees and charges applied to this home loan?
As usually, you will be bothered with the statutory government Stamp Duty fee, which is deductible from the total loan amount. Other than that, you will only need to pay the one-time Set Up Fee of RM212.
There are no processing and monthly maintenance fees for this housing loan; however under the Redraw Facility option, you will be subjected to a 1% Commitment Fee on the underutilized overdraft portion.
Do I need an insurance cover?
Group Mortgage Reducing Term Assurance ( MRTA) is optional but highly recommended for you to hedge the risk of losing your house due to unforeseen circumstances. Fire insurance, however, is compulsory and borne by Alliance Bank.
Why should I choose the this mortgage?
- Flexibility: Repayment terms up to 35 years, with options to make Advance Payment and withdraw extra cash anytime.
- Cost savings: No monthly maintenance fee! This is a good thing because you might not use your account every month to deposit or withdraw cash. A good way to save money that would otherwise go to the bank.
What documents do I need to prepare for this home loan application?
Sale and Purchase Agreement or Booking Receipts, Copy of Individual Title Deed and Property Valuation Report (if any).
- Copy of your NRIC or passport
- Latest 3-months salary slip
- Latest EPF statement
- Latest EA Form
- Sole Proprietor & Partnership – Form A & D
- Private Limited – Form 24 & 49
- Latest Form B + Tax payment receipt
- Latest 6-months current account statement
Am I qualified to apply for Alliance Bank home loan if I'm blacklisted?
Depending on your credit history with other financial institutions because all these information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS/ CTOS (a system that collect credit information on borrowers, not blacklisting them).
Assuming you have poor credit standing due to irregular payments, the best course of action would be to break the habit and start making your payments on time to avoid future hurdles.
Alliance Bank is more likely to approve your home loan application if you can show that you are managing your personal finances, rather than accumulating more debt.