What is the Public Bank More Plan all about?
Planning to renovate your house but lack the funds? Having difficulty paying for your child’s education fees? Not to worry, Public Bank More Plans lets you refinance or restructure your existing home loan. You don't need to have a Public Bank mortgage already, you can refinance from any bank. This plan has a variable rate and is a semi-flexible loan. You can choose either a term loan, an overdraft account, or both.
What is the difference?
The term loan MORE version works just like a normal conventional term loan, where you pay a fixed monthly repayment with no processing or monthly fees. You can bank in extra to reduce the loan principal, and withdraw from that account whenever you want (will cost you RM50 for each withdrawal).
As for the overdraft and withdrawal service, it only kicks in if your home loan is greater than RM100,000. You'll only pay interest on the OD once you start drawing out cash - with that interest being calculated daily.
Any sign up offers?
Get a free credit card for the entire loan period and RM10000 of free personal accident cover for the first year when you sign up for this home loan.
What are the fees and charges I have to pay?
That depends on which option you choose, really. For a term loan, you pay close to zero fees except the usual stamp duty and legal and disbursement fees. If you choose an overdraft or a combination of both, the bank will charge you RM10 every 6 months at end of June and Dec on top of the usual stamp duties, legal and disbursement fees.
Do I need to pay for any insurance?
A Fire Insurance policy is compulsory. If your property has a master group insurance you can ask for a refund if you write to the bank. MRTA is optional and the one time premium can be included in your home loan.
What kind of documents do I need to apply for this home loan?
Completed Application form
A copy of SPA / Booking Receipts / Letter of Offer from Developer
Copy of NRIC (front and back) or latest valid passport & Visa / Work Permit / Employment pass
If you are an employee earning a salary
- Latest 3 to 6 consecutive months salary slips or vouchers
- Latest EA From
And any of the following:
- EPF Statement ( latest not more than 1 year) or
- Latest Tax Returns and Tax Receipts or
- Employment Letter or
- Last 3 months Bank Statement or Saving Passbook
If you are self-employed
- Business Registration Certificate – Form 24 and Form 49
- Last 6 months bank statements
- Latest 1 year Tax Returns and Tax Receipts