RHB Home Loan

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RHB Housing Loan

For years now, RHB has been known to provide home loans in Malaysia. This is a bank which offers home loans at very competitive rates which includes flexibility of loan payments and also loan tenure. It doesn’t matter whether you are looking to buy a new home or an old one, RHB is one of the banks worth considering. RHB is currently in 9 countries in South-East Asia and it is also a merger between four banks which are, Kwong Yik Bank Berhad, Sime Bank Berhad, Bank Utama Berhad and DCB Bank. RHB is without doubt one of the most preferred banks among the people in Malaysia because of its varieties of banking and financial services like premier banking, investment banking, loans, asset management, credit cards and Islamic banking.

 

Do you qualify for a RHB Bank housing loan?

If you want to qualify for the RHB housing loan, you would have to meet the age requirement that has been set by RHB Bank whereby you need to be at least 21 years old and above and you also cannot be more than 70 years of age. You have to be employed or self-employed and you must meet the minimum required salary in order to be qualified for the home loan.

 

Just how much can you really borrow?

The first thing that you would need to know is that RHB Bank has given you a maximum instalment limit of up to 50% of your income to service the loan. The loan is provided could also reach up to a 90% of the property but that is not all as you also get an additional 5% Mortgage Reducing Term Assurance (MRTA) . Do keep in mind that if you have any other instalments from other existing loans, it will make it a little harder to qualify for the full loan.

 

How do I improve my chances on getting a loan for that dream house I have always wanted?

When it comes to applying for loans, being married is always a plus point. You will have the choice of being able to make your spouse a co-applicant and her income will be added to your eligibility when applying for the loan. If all else fails is that you could also add your parents as co-applicants and the same privileges apply. Of course, you could always choose a longer tenure loan up to 35 years which would reduce your monthly repayments and increase your chances of getting the loan.

 

2 Types of loans available

My1 Flexi Home Loan

The My1 Flexi Home Loan comes with the flexibility whereby you can withdraw or even deposit any amount of cash into your account when it is required. You would have to pay a small fee each time you use the redraw feature however this loan comes with no processing fee. The interest rate is flexible and it depends on factors such as your credit history and annual income. The loan tenure ranges between 5 – 35 years or before you reach 70 years of age. This is depending on whichever comes first. The best part of all is you can get a total loan amount of up to 90% of the property value and all Malaysians and Non-Malaysian aged between 21-70 years of age are eligible for this loan.

My1 First Home Loan

If you are about to purchase your first home, then think no more as this loan would be just perfect for you. The beauty about this loan package is that it comes with a full 100% margin of finance and is in line with Malaysian Government. Being young isn’t going to stop you from having your own home now with an offer like this. The interest rate is flexible and it depends on factors such as your credit history and annual income. The loan tenure ranges between 5 – 35 years or before you reach 65 years of age. The crazy thing about this loan is that you can get a total loan amount of up to 100% of the property value. Only Malaysians aged between 21 and 35 are eligible for this loan here and they also have to be a permanent employee with more than 6 months with the current employer. The properties which you will be eligible to purchase with this loan range between RM 100,000 – RM 500,000.

 

The Conclusion

Both home loans offer great advantages in their own ways. Do your homework and be sure about what both loans offer and which repayment scheme would suit you best.  If you are a first time home buyer then think no more as the My1 First Home Loan offers a better bargain for what your money is worth.

 

 

Citibank Personal Loan

 

citibank

Citibank is one of the top banks in the world which has repeatedly won prestigious awards such as Best Consumer Internet Banks, Best Corporate and Institutional Bank and Best Cash Management Bank for its unique services at the global and local levels with approximately 200 million customer accounts and operates in more than 160 countries. With a combination of international and local expertise, Citibank has offered variety of services including the Citibank Personal Loan schemes which are reputed to be one of the customer friendly and one of the most affordable loans available in the market.

The Citibank Personal Loan can be used to meet varied financial requirements or any other bona fide cause. The loan also has low interest rates, no processing fee charges and won’t need a guarantor or any collateral. The loan offers a minimum of RM 5,000 with their ‘New-to-Bank’ (individuals who are new to the bank) customers entitled to loan amount of up to RM 120,000 and ‘existing customers’ (individuals who are holding an existing active credit card and/or existing active Ready Credit with Citibank for more than 24 months) are entitled to loan amount of up to RM 150,000. The clients may get a loan of up to 8x if their annual income is above RM 60,000 and a loan of up to 6x if their annual income is below RM 60,000.

Repayment

Loan repayments begin on the first day of the month following the date you received the loan and need to be paid every month until the total amount of the loan is repaid. The personal loan provides loan repayment tenure options of 24, 36, 48 or 60 months and prescribed rates for Citibank’s ‘New-to-Bank’ customers at an effective rate range of 14.5% to 21% per annum which equal to 7.9% to 12.5% per annum of the flat interest rate.

Fees

There is a 0.5% stamp duty fees which is based on the approved loan amount. Borrowers who want to pay off their loan early need to pay RM 200 or 3% of the outstanding balance (whichever is greater) as an early payment fee during the first 2 years or before reaching half the tenure (whichever is earlier). If payments are not made on time, a 1% per annum penalty charged daily on the outstanding amount for the month, on top of the prescribe rate.

Eligibility

The loan is eligible to Malaysian citizen or P.R. working in Malaysia, age 21 to 60 years old at the time of the loan maturity, holding any Citibank’s Credit Card, personal loan, car loan, home loan or overdraft for more than 2 years and a minimum annual income of RM 48,000. In addition, the business must be at least established for 2 years for self employed. The Citibank may also ask for some supporting documentation in order to process the loan application.

Documentations

For salaried applicant:

  • A both sides photocopy of MyKad
  • Most recent EPF statement

Or

  • Most recent 2 months’ salary slip

And/Or

  • Any of the following document where required:
  • Most recent BE form with tax receipt
  • Most recent 3 months bank statements
  • Most recent EA Form (dated within the last 12 months)

For self-employed applicant:

  • A both sides photocopy of MyKad
  • A photocopy of Business Registration Form

And

  • Most recent Form B with tax receipt

Or

  • Most recent 6 months bank statements
 

OCBC Home loan

ocbc

OCBC is probably one of the only banks out there that offers various funding plans to help the people live a good life without actually spending their lives savings. In Malaysia, OCBC Home Loans are said to be the best compared to those of other banks. They offer semi-flexible funding packages with profitable rates and lowest lock in period. For all those of you who are looking to buy your first home, OCBC Bank will be a good choice.

Do you qualify for an OCBC home loan?

To apply and qualify for an OCBC Bank loan, you will at least have to be 18 years of age. This is considered a plus point as some banks have a minimum age limit of 21 years old. You also cannot be more than 70 years of age if you are looking to apply for an OCBC loan. You have to make sure that you are also employed and that you have the minimum take home salary of RM24000.

Just how much can you really borrow?

OCBC Bank gives you a maximum instalment limit of up to 50% of your income to service the loan. The loan is provided could also reach up to a 90 and a 5% Mortgage Reducing Term Assurance (MRTA) of the property. Try not to have too many existing loans as this will also reduce your chance of getting a loan.

How do I improve my chances on getting a loan for that dream house I have always wanted?

It is always a bonus if you are married because you will be able to make your spouse a co-applicant and her income will be added to your eligibility when applying for the loan. Instead of taking a 30 year tenure loan, try going with a longer tenure loan which is up to 35 years as this will lower your monthly payments to the bank, giving you a higher chance of qualifying based on your repayment ability. If you aren’t married, you then have the option of adding your parents as co-applicants and the same privileges apply.

4 types of loans available

OCBC Standard Housing Loan: This is a basic housing loan which offers a margin of finance of up to 90% for financing up to RM500,000. Customers can also pay more to service the loan if they have access cash in their hands.

OCBC Special Housing Loan: You will be offered financing of up to RM 120,000 and RM 100,000 to buy home in East Malaysia and Peninsular Malaysia, respectively. The loan tenure available is up to 35 years or when the applicant reaches the age of 65; whichever is earlier. This plan is only applicable for all those with who only have one house.

OCBC My First Home Scheme:  Every Malaysian who has been dreaming about buying their first home can now apply for this scheme which provides a financing of up to RM 400,000 and the terms of the finance margin available is up to 100%. The loan tenure is up to 35 years or when you reach age 65, depending on whichever comes first.

OCBC Overseas Property Financing: You are now free to invest in properties overseas such as in the UK and also Australia by being a part of the OCBC programme. Now buying a property in Australia and UK for investment and business purposes have become easy with this OCBC program. Properties which are completed and under construction are eligible to be funded under Overseas Property Financing.

Being a fellow Malaysian, you would know that OCBC has done as much as they could to help all of us out by offering different loan packages to suit our needs. The 4 loan plans mentioned earlier come with a very attractive and competitive interest rate. You decide now, which one suits you best.