Who can apply for the Bank of China Housing Loan?
This Housing Loan from 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 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 Bank of China Housing Loan to refinance your existing home to get extra cash.
The minimum amount you can apply from Bank of China Housing Loan is RM300,000 for up to 90% of the market value of your property. As this home loan is based on a floating rate, your monthly instalments amount may change according to any changes in the bank's reference rate.
What are the fees and charges?
First of all, 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 Fee of 1% above the prescribed rate when you missed your monthly payment
- Early Settlement / Prepayment Fee of 3% if you pay off this home loan within 3 years from the first disbursement date.
Do I need an insurance coverage?
Bank of China requires you to adequately insure the property with Houseowner Insurance so you can have peace of mind on your asset.
You are also encouraged to subscribe to Mortgage Reducing Term Assurance ( MRTA) or Mortgage Level Term Assurance ( MLTA) to cover for your financing in the event of total permanent disability ( TPD) or death.
Great, what documents do I need?
- Proof of Purchase / Sales and Purchase Agreement
- Property booking receipt / Title copy
- 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 BE Form,
- Latest Income Tax Assessment with payment receipt acknowledgment,
- Latest bank statement of salary crediting account.
- Copy of MyKad (front and back) / MyPR or latest valid passport & Visa / Work Permit / Employment pass
- Latest Income Tax Assessment with payment receipt acknowledgment
- Business Registration Certificate
- Latest 6-months bank statements for personal and company / firm
- Latest 2-years profit & loss statement