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.
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.