AmBank Home Loan

About AmBank

AmBank Group is a leading financial services group with over 3 million individual and corporate customers. It offers wholesale banking, business banking, retail banking, investment banking, and related financial services such as Islamic banking, general insurance, and other services to current customers. In Malaysia, AmBank Group was located at Level 48, Menara AmBank, No. 8, Jalan Yap Kwan Seng, 50450 Kuala Lumpur.

What is a home loan?

A home loan is a sum of money that you apply for or borrow from a bank to assist you in purchasing your dream home. Each loan will be charged an interest rate determined by the loan amount and the repayment period. So, keep in mind that each bank will have a different interest rate, and you should do some research before applying for a home loan.

What type of home loan does AmBank offer?

AmBank provides 4 types of home loans:

• Home Loan
• Property Loan
• Home/Property Financing-i
• BNM Affordable Home Scheme 2

What should I know before applying for a home loan?

• Interest rates

  You must be aware of the interest rates that the bank will charge you, either fixed interest rates or variable rates.

• Type of loan

  In Malaysia, there are 3 types of loans offered: term loan, semi loan, or flexi loan.

• Lock-in period

  Knowing the lock-in period is crucial because it often occurs when there is a sudden need for full settlement, refinancing, or selling your property.

• Margin of finance

  You must understand your margin of finance, which is the amount of money that a bank will allow you to borrow for your loan and how much cash/ upfront you must pay for the property.

• Fees

  The fees include legal fees, stamp duty charges, late payment fees, early settlement fees, and others.

• Type of bank

  The bank you have chosen to apply for a home loan with, as different banks offer different loan amounts, terms, etc. Choose a bank where you are comfortable applying for a home loan.

Who is eligible to apply for AmBank home loans?

• Home Loan & Home/Property Financing-i
• Malaysian citizen, Permanent Resident/ Foreigner with valid working permits
• Between 18 to 70 years old
• Minimum annual income of RM24,000
• BNM Affordable Home Scheme 2
• Malaysian citizen
• Between 18 to 35 years old
• Maximum monthly household income of RM5,000

Why should I choose AmBank home loans?

• It provides a variety of home loan financing options to suit your needs
• Shariah-compliant, based on Tawarruq, Murabahah, Wakalah and Wa’d
• You can deposit extra repayment or withdraw the money anytime (please notify the bank 3 days in advance)*
• Finance up to 95% of the value of your property*
• The margin of financing is up to 85% (with MRTA/ MLTA)*
• Loan tenure is up to 35 years or up to age 70, whichever is earlier

*Depending on the selected home loan.

Who should I contact for further information about AmBank home loans?

For more information or assistance with AmBank home loans,

• Contact AmBank Contact Center at +60321788888
• Visit AmBank branches nearby

What are the documents required for AmBank home loans?

• Salaried employee
• Copy of your NRIC
• Latest 3-month salary slip
• Latest 2-year EA Form/ EPF statement
• Sales and Purchase Agreement/ booking receipt from the developer
• Self-employed
• Copy of your NRIC
• Latest 3-month of salary slip
• Latest 2-year EA Form/ EPF statement
• Sales and Purchase Agreement/ booking receipt from the developer
• Business Registration
• A and D Form
• Latest 3-month bank statement

What are the fees included in AmBank home loans?

• Wakil fee

  RM20.

• Stamp duty

  It is the amount of money you paid to the bank in addition to the principal amount.

• Late payment fee

  1% of the amount in arrears.

• Early settlement fee

  Principal Balance Outstanding × 2 (should the early settlement be done within the Lock-in Period).

• Letter for EPF withdrawal fee

  RM20.

• Processing fee (financing amount)

  • RM25,000 – RM30,000: RM50

  • RM30,001 – RM100,000: RM100

  • Above RM100,000: RM200

What are the common terms of home loan?

• Lock-in period

  A period during which you will be penalised if you pay off your home loan earlier than agreed. The fine ranges from 2% to 5% of the total amount.

• Margin of Finance (MOF)

  The amount of money that a bank will lend you for your loan determines how much cash you must pay upfront for the property.

• Interest rates

  It is the amount of money you paid to the bank in addition to the principal amount.

• Valuation

  An estimate of the property’s worth and the stamp duty is calculated based on its value.

• Base rate

  The base rate is the interest rate charged by Bank Negara Malaysia to commercial banks for loans.

• Base Lending Rates (BLR)

  A rate set by each bank based on the cost of borrowing the money to be lent to borrowers.

• Refinancing

  Repaying an existing loan and replacing it with a new one with new terms and conditions.