AmBank

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

    • Up to 30 years
    • Term loan
    • Floating Interest Rate
    • 3 years lock in period
    • Up to 100% margin of finance
    • 30 days approval
  • You BorrowEstimated Interest Rate
    RM100000 - 2200004.50% p.a.

    *Effective interest rate will be determined by AmBank upon approval.

Apply online now for AmBank My First Home Scheme

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Fees & Charges

There are always fees but how much are they?

Late Penalty Fee
1% p.a. of the outstanding amount
Withdrawal Fee
Not Applicable
Processing Fee
This fee is currently waived
Early Settlement Fee
2% on original loan amount
Redemption Letter Fee
RM53.00 per request
Letter for EPF Withdrawal Fee
RM21.20 per request

All fees & charges are inclusive of 6% GST if applicable

Requirements

Are you eligible for this AmBank home loan?

Minimum annual income
RM10800
Minimum age
18 years old
Maximum age
35 years old
Who can Apply
  • Malaysians

Frequently Asked Questions about AmBank My First Home Scheme

Things you might want to know

How AmBank My First Home Scheme works?

Well, you need to meet the eligibility requirements first. Following the receipt of Sale & Purchase Agreement from the developer and bank’s approval, you can borrow up to 100% to finance the property of your choice at repay them over instalment up to 30 years.

This term loan is based on variable rate, which is pegged to the bank’s base rate, with the house serving as collateral until the loan is fully settled. For single applicant, you will have the opportunity to bundle the package with AmBank Visa/MasterCard/CARz credit card as optional.

What is my obligation under this home loan?

You need to pay back what you have owed AmBank for purchasing the house. It is not a lump sum payment like insurance policy, but a monthly instalment, which consists of principal amount and interest charges.

As long as you make consistent payment throughout the tenor, you are on track to claim the house ownership title. Otherwise, the bank will either increase your interest charges (after 3 consecutive months of non-payment) or foreclose the house (for defaulting).

Do I need any insurance coverage?

You are advised to take up MRTA or Fire Insurance covers by tossing in extra ringgit to help you cope with hardship, financially speaking, in the event something nasty happens upon you.

Can I make early settlement?

There is a lock-in period of 3 years starting from the date of first disbursement, meaning any partial or full settlement within this period will add unnecessary cost (2% on original loan amount) to you.

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

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