So what exactly is the Zero Entry Cost?
Exactly that, it’s a home financing without all the extra fees for an application. The Zero Entry cost offers great rates and a financing plan worth your while. With a margin of 95% on the property you wish to buy whether it’s under construction, completed or auctioned.
The loan is also available to you as a refinancing tool, in case you wanted to update your current home. Also since its Zero Entry Cost, the legal fees, valuation costs, and stamp duty fees that usually amount to quite a bit will be absorbed by the bank.
How do I get the financing?
This financing plan is offered exclusively to Malaysian citizens, apart from that to be eligible, you need to be 18 years old and over on the date of application. Anyone can apply for this financing plan, provided that they are not more than 70 years of age at the end of the financing tenure.
Other than that, be sure to have good credit scores and prove that you are not bankrupt. More often than not, purchasing a home usually involves more than one person.
Therefore, there is the option of a joint application as long as the second applicant is either your spouse or someone related to you. Parents, children and siblings all fall under this umbrella, as long as one of you do not turn 70 before the financing tenure is up.
Are there payment options?
Yes there are a few ways in which you can pay the installments for this plan. Government employees, you have the option of using the Biro Perkhidmatan Angkasa. However if that option is not available to you, relax.
Select from Salary Deduction, Savings Account-i Deduction, Standing Instruction and Cash. Whichever option you go for, make sure it is something you are financially comfortable with, so it doesn’t put a strain on your bank account.
Choose to pay off your financing amount over a period of 10 years up to 35 years at great interest rates.
Can I settle the financing prematurely?
Well this is not exactly a flexi-loan plan, but you could always discuss your options with the bank directly. However you can submit payments in advance, but it will be counted as an advanced payment rather than early settlement.
What documents will I need?
So when you go to make the application, either at the bank or online, you will need:
Government/ Private Sector applicant:
- Copy of MyKad or Authority Card (Police/ Military)
- Copies of the latest 3 months payslips
- Account / Bank statements of the latest 3 months (salary credited)
- Latest EA Form / EPF statement
- Confirmation Letter of Employment
- A copy of the Identification Card (MyKad)
- Account / Bank statements of the latest 6 months
- Form B submitted to the LHDN / payment receipt
- Business registration / Form 24 or 49
- Sale & Purchase Agreement
- Copy of Title
- Offer to Purchase from Developer
- Booking Receipt
- Memorandum of Sale: Auction
- Valuation Report: Completed / Auction / Subsale / Refinancing / Construction of House