Cimb Home loan

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CIMB Bank is one of the well-known banks in Malaysia that offers customers home loans which are easy for their customers to pay back. These loans are catered for all income groups in Malaysia regardless of the salary brackets of individuals and also for those with earning a minimum wage. With CIMB Bank, you can decide on which loan suits you in your current situation and you can make your choice from there.  Take note that unlike the other banks, CIMB offers reward points back to their customers based for each Ringgit Malaysia that is borrowed.

Do you qualify for a CIMB home loan?

The first thing is that in order for you to qualify, you will have to be at least 18 years of age. This is a plus point as some banks have a minimum age limit of 21 years old. There is also a maximum age limit whereby you cannot be more than 70 years of age if you are looking to apply for a loan. The next thing is that you have to be employed or self-employed with a take home salary and you also need to earn a minimum of RM 24000 per annum in order for you to qualify.

Just how much can you really borrow?

To make things easy, CIMB 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 95% of the property. This makes it easy for most of the younger generation to buy as they will be able to repay the loan in smaller amounts, however, be cautious as if you have any other instalments from other existing loans, this will make it a little harder to qualify for a 95% loan.

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

For starters, if you are already married, good for you. This is an added bonus 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. You can always choose 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. The last resort is all else fails is that you could also add your parents as co-applicants and the same privileges apply.

2 Types of loans available

HomeFlexi Loan

The CIMB HomeFlexi Loan enables you to pay more for your home loan at any one point of time if you do have access cash in your hands and this can actually lessen the financing period of your home. This is something that you really should consider especially if you are thinking of settling your home loan debt sooner. You will also need to pay an additional RM250 for the processing of this loan.

 

CIMB Home Loan

The CIMB Home Loan is more suited for those who want to take their time in paying back their loan based on the agreed upon financing period. This loan also comes with a zero processing fee so you won’t have to take out any additional money at all.

Based on both the loan types which are offered, it really depends on what your income level is at the end of the day. If you are someone who earns well and wished to settle your home loan with a much shorter period of time then the HomeFlexi Loan is one that you should go with as it would also reduce your interest rates significantly if you were to calculate over a period of time. On the other hand, if you are someone who is already tied down with other commitments, then paying a fixed amount based on your financing period would be a much safer bet.

 

Bank Rakyat Personal Financing-i for pensioner

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Bank Rakyat Personal Financing-i For Pensioner is a personal loan scheme from Bank Rakyat to Government pensioners including former military pensioners. Repayment of this personal financing is through pension deduction. This personal loan is a Syariah-compliant using the “Tawarruq” concept. This funding helps retirees / government / pensioner retirees who need personal financing for a variety of uses either to start a business, health care, investment or ASB savings for the future of the children or for any needs.

 

Advantages of this personal scheme is that this loan is ideal for low-income civil retirees. Minimum wage requirement is only RM 800 per month or RM 9,600 per year. The loan also does not require any collateral. If you are a public retiree or military retiree and interested in applying for this loan, read more about Bank Rakyat Personal Financing – i for Pensioner features and how to apply.

 

Features

Here are the features and advantages of the loan:

1) Maximum of RM100,000; OR

2) Maximum 15 times monthly gross pensions

3) Financing period of up to 10 years

4) No warranty required

5) Takaful coverage on customer’s choice (If the pensioner dies, it will not burden the

   applicant’s family)

 

Eligibility

Here are the conditions to apply :

1) Malaysian

2) Government pensioner

3) Aged not more than 65 years old at the end of the financing period.

4) Minimum pension of RM800 per month or RM 9600 per year

5) Not blacklisted by any bank in Malaysia

 

You do not need a guarantor to apply for this loan. But in some cases, banks may ask you to provide a guarantor

 

Required documents

Pensioner Under Jabatan Perkhidmatan Awam (JPA)

  1. Copy of identity card (MyKad) front & back
  2. Copy of government pension card
  3. Copy of pension statement

 

Pensioner under the Department of Veterans Affairs (JHEV)

  1. Copy of identity card (MyKad) front & back
  2. Copies of army pensioners
  3. Copy of “Ledger Pension”

 

Methods of payment

Pension Transfer to Bank Rakyat

 

Fee & Charges

Here are the charges the bank may charge if your personal loan application is approved

1) Stamp duty charge 0.5% of the total loan being approved

2) Wakalah charge or agency charge amounting to RM 28.30

3) Compensation Charge (Ta`widh) for late payment :

  1. a) During the financing period: 1% per annum on the amount of monthly payment due
  2. b) Upon expiration of the financing period: Based on the prevailing rate of Interbank

   Financial Markets on outstanding balances.

 

Bank Rakyat will provide you with a rebate on your loan balance if you intend to settle the loan balance earlier than the contract period

 

Rate of Financing

  • Up to 10 years, profit rate is KA + 4.26% and effective / flat rate is 8.36% / 4.79%

 

  1. Current base rate (KA) is 4.10%
  2. Additional profit rate of 1.5% on current profit rate for non-takaful financing

 

For more information, please visit the nearest branch or call the Call Center online 1-300-80-5454

 

Sahabat Agro

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Sahabat Agro is an interesting concept that is launched by Agro Bank. This is perhaps on of the first MLM saving scheme ever launched by a Bank in Malaysia. So is this scheme sustainable or legitimate?  Agro Bank fully is owned by Ministry of  Finance which makes this a legit bank unlike other hanky panky MLM scheme that you find in Malaysia. This saving program is also Shariah compliant

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How does Sahabat Agro Works ?

Sahabat Agro works based on MLM or refferal concept. With a sahabat Agro account, you can refer your friends or family to become a depositor under the same scheme. With just a minimum of RM 500 deposit for 12 months for Sahabat Agro and RM 20 deposit for Agro Savings account, this would enable you to earn a 0.25% interest which is pretty low. The beauty of the system is that you can earn extra fraction of 0.7% interest based on whatever your referred depositor placed. The calculation is not exactly 0.7% and depends on referred level.  If your referrals referred their friends, you will also get to enjoy interest up to a maximum of 4 levels.

According to some marketers, you can earn as much as RM 21,668.49 passively. Yes it’s possible however you will need a lot of referrals and deposit amounting to 160 million !!!

 

Is this scheme legitimate ?

From our calculation, this scheme is totally legitimate unlike other ponzi schemes which are offering as high as 20% per month return. The Interest rates offered by this scheme is just 0.25% p.a + 0.7% x (number of referred depositors) x (percentage of level). The interest is very low even lower compared with high interest savings or fixed deposit account in Malaysia. There are not much incentives from the interest. You can only earn a lot if you referred a lot of depositors and your refereed network is strong.

You will only need to deposit Rm 500 to join the scheme while the interest will only be credited to your saving account after 12 months.

 

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Requirements

  • Malaysian citizens or Permanent Residents who are 18 years and above
  • Minimum deposit starts from RM 500 for Sahabat Agro
  • 12 Months minimum deposit

Pro

  • Very good concept using MLM to earn passively
  • Income can be check online montly via Agronet

Cons

  • Manual referral where your ID must be written on the application form during submission, it would be nice if have your own online URL where it can be tracked automatically by Agro bank for refferal