Who can apply for the Bank of China Housing Loan?
This housing loan from the Bank of China is offered to Malaysian citizens, permanent residents and foreigners with a valid working permit in Malaysia. If you are 18 years old and above, earning a minimum of RM5,000 every month, you are eligible to apply.
What can I do with the Bank of China Housing Loan?
This term home loan can be used to part finance the purchase of residential property, whether completed or under construction, in Malaysia. You can also apply for a Bank of China Housing Loan to refinance your existing home to get extra cash.
The minimum amount you can apply from the Bank of China Housing Loan is RM300,000 for up to 90% of the Sales & Purchase Agreement (SPA) or market value of your property. As this home loan is based on a floating rate, the number of your monthly instalments may change according to any changes in the bank's reference rate.
If you wish to take out the Overdraft facility, click here for more info.
Additionally, click here for more info on the Overdraft facility secured by Fixed Deposit.
What are the fees and charges?
Bank of China waives the processing fee for this home loan. There are a few fees and charges that are applied to your loan, such as:
- Stamp Duty
- Late Payment charges of an additional 1.0% p.a. on the amount in arrears, causing the total outstanding to increase.
- Prepayment or Full settlement within the first 3 years from the date of the first release of the loan is subject to a prepayment fee of 2.25% on the prepayment amount.
Do I need insurance coverage?
Bank of China requires you to adequately insure the property so you can have peace of mind about your asset.
You are also encouraged to subscribe to Mortgage Reducing Term Assurance (MRTA) or Mortgage Level Term Assurance (MLTA) to cover your financing in the event of total permanent disability (TPD) or death.
Great, what documents do I need?
Property documents:
- Proof of Purchase / Sales and Purchase Agreement
- Property booking receipt / Title Copy
Salaried Employee:
- Copy of MyKad (front and back) / MyPR (front and back) or latest valid passport & Visa / Work Permit / Employment pass
- Latest 3-months salary slips,
- Latest 2 years of BE Form,
- Latest Income Tax Assessment with payment receipt acknowledgement,
- Latest 3-12 months bank statement of salary crediting account.
Self-Employed:
- Copy of MyKad (front and back) / MyPR or latest valid passport & Visa / Work Permit / Employment pass
- Latest Income Tax Assessment with payment receipt acknowledgement
- Business Registration Certificate
- Latest 6-months bank statements for personal and company/firm
- Latest 2-years profit & loss statement
