AmBank My First Home Scheme

For young adults entering workforce in the private sector, you can now own your first home effortlessly via AmBank with financing up to 100% and zero processing fee

AmBank My First Home Scheme
Tenure
Up to 35 years
Interest Rate
from 4.5% p.a.
Loan type
Term loan
Interest Type
Floating interest rate
Lock In Period
3 years
Margin of finance
up to 100%
Approval in
30 days

Interest Rate

The interest paid based on the home loan amount borrowed

You borrowEstimated Interest Rate
RM100,000 - RM400,0004.5% p.a.
*Effective interest rate will be determined by AmBank upon approval.

Requirements

Minimum Annual Income
RM18,000
Minimum Age
  • 18 to 35 years old
Who can apply
  • Malaysians
  • Salaried employee
  • Self-employed

Fees & Charges

Late Penalty Fee
1% p.a. p.a. of the outstanding amount
Processing Fee
Early Settlement Fee
2% on original loan amount if redeemed within first 3-years
Redemption Letter Fee
RM50 per request
Letter for EPF Withdrawal Fee
RM20 per request

More Information

Tell me about AmBank My First Home Scheme.

This variable rate home loan is available for first time home buyers to purchase a new house. In order for AmBank to approve your home loan application, you are required to offer your house as a security.

The market value of your first house should be between RM100,000 to RM400,000, whether it is an under construction property or completed property.

AmBank can finance up 100% market value of the house for a repayment period up to 30 years. The facility also offers single applicant the options to apply AmBank Visa/MasterCard/CARz credit card.

Who can apply for this home financing?

AmBank My First Home Scheme is a specialized home financing solution for first time house buyers only. If you are a Malaysian, aged between 18 years to 35 years old and earn less than RM5,000 per month, you are qualified to apply for this home loan.

Bear in mind that the property financed under this home loan scheme is meant to be resided, not to be used to collect rental income.

What are the fees and charges I need to pay?

There are several fees and charges you need to pay:

  • Stamp Duty
  • Disbursement Fee
  • Professional Legal Fee
  • Valuation Fee (applied to completed properties only)

Do I need any insurance coverage?

Fire Insurance, which covers any damages or loss due to fire, is compulsory for every house owners. The bank also encourages you to take up MRTA for the home financing, which offers you financial protection in the event death or total or permanent disability.

Can I make early settlement of my home financing?

There is a lock-in period of 3 years starting from the date of first disbursement. That means, if you fully paid your home financing within this period, you have to pay an early settlement fee of 2% on original financing amount.

Best if you wait for your property to appreciate in value before you make a full settlement of your home loan to avoid unnecessary charges; plus you can earn some profits.

What documents do I need to prepare?

You need to have a copy of Sale & Purchase Agreement, Booking Receipt, Copy of Title and Valuation Report. Then attach them with your application form and following documents:

If you are an income earner:

  • Copy of NRIC
  • Copy of 3-month payslips
  • Latest EA form / EPF statement

If you are self-employed:

  • Copy of NRIC
  • Copy of 3-month payslips
  • Latest EA form / EPF statement
  • Last 3-month bank statement