What do I need to know about AmBank Home Loan?
The AmBank Home Loan is a conventional semi-flexi mortgage based on a floating interest rate. You have a choice of conventional term loan, or a combination of term loan and overdraft that lets you withdraw extra money that you’ve paid onto your mortgage.
Subject to approval and credit check AmBank will be able to finance up to 95% of the value of your property. You can also opt for an additional 5% that will go towards your MRTA insurance.
If I sign up for this mortgage what are my commitments?
The big commitment is the monthly mortgage installment. Your total loan repayment may vary if BR changes but that can go up as well as down.
Be warned, AmBank has strict penalty charges. If you fail to pay your installments for two consecutive months your interest rate might be raised, resulting in higher overall repayments.
Do I need to take insurance with this home loan?
Group Mortgage Reducing Term Assurance (MRTA) is highly recommended to hedge the risk of losing your family's property due to unforeseen circumstances. Fire insurance is compulsory.
What are some really good things about the AmBank Home Loan?
Option to deposit extra repayments to reduce loan interest charges, leading you to have more money saved and hopefully, a mortgage paid off sooner. Excess repayment can be withdrawn as cash in times of need, especially useful in emergencies.
To deposit extra repayment or to withdraw the money, you need to notify the bank 3 days in advance. You also don't have to pay for the monthly fees to enjoy such flexibility.
What documents do I need to present to my loan officer?
Salaried employee:
- NRIC photocopy
- Salary slips (latest 3 months)
- EA form/EPF statement (latest 2 years)
- Sales & Purchase Agreement/ Booking receipt from developer
Self-employed:
- NRIC photocopy
- Salary slips (latest 3 months)
- EA form/EPF statement (latest 2 years)
- Sales & Purchase Agreement/ Booking receipt from developer
- Business registration A&D
- Latest 3-months bank statement
