Maybank Home Loan

About Maybank

Malayan Banking Berhad, also known as Maybank, is the largest company in Malaysia by market capitalisation on the Malaysian Bourse (Bursa Malaysia). It was founded in 1960. Maybank provided its customers with a wide range of products and services, including commercial banking, investment banking, Islamic banking, offshore banking, leasing and hire purchase, insurance, asset management, stockbroking, internet banking, etc. One of Maybank’s missions is to provide people with easy access to financing.

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 Maybank offer?

Maybank provides 7 types of home loans:

• Maybank London Residential Home Financing
• Foreign Currency Offshore Property Financing-i
• Commodity Murabahah Home Financing-i
• Maxihome Flexi Loan
• Maybank Maxihome Ezy
• Maxihome
• Houzkey Homeownership Plan

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 Maybank home loans?

• Maybank London Residential Home Financing
• Residential property for Buy to Let (BTL) only
• Between 18 to 70 years old
• Have an existing relationship with Maybank Group
• Up to 80% + 5% of purchase price or the latest market valuation, whichever is lower
• Foreign Currency Offshore Property Financing-i
• Malaysian citizen and Permanent Resident
• Non-United Kingdom or European Economic Community (EEC) resident
• Commodity Murabahah Home Financing-i
• Eligible for all individuals, joint applicants, residents, and non-residents
• HouzKEY Homeownership Plan
• Malaysian citizen
• Between 18 to 70 years old
• Do not have more than 1 home loan
• To improve the success rate of the HouzKEY application, include up to 3 guarantors
• Maxihome Flexi Loan & MaxiHome
• Eligible for all individuals, salaried employees, and self-employed
• Between 18 to 70 years old
• Minimum annual income of RM24,000
• Maybank Maxihome Ezy
• Completed or under-construction property
• Property prices of RM100,000 – RM2,000,000
• Minimum loan amount of RM50,000 is required
• Financing margins of up to 90% are possible

Why should I choose Maybank home loans?

• It provides a variety of home loan financing options to suit your needs
• Shariah-compliant, based on the principle of Murabahah, has applied for a home loan
• Repayment period of up to 35 years or upon the age of 70
• Flexibility to withdraw excess payments
• MRTA coverage
• Competitive interest rates

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

• Contact Maybank at 1-300-88-6688
• Email at mgcc@maybank.com.my
• Visit Maybank branches nearby

What are the documents required for Maybank home loans?

• MaxiHome
• Application form
• Copy of NRIC
• Copy of passport and Visa/ Work Permit/ employment letter (for non-Malaysian)
• Business Registration: Forms 24 and 49
• Copy of Sale and Purchase/ booking receipt or Letter of Offer from the developer
• Copy of Individual Title Deed
• Property Valuation Report (for completed properties)
• Latest 3-month salary, and/ or
• Latest 6-month commission statement
• Latest 3-month EPF statement
• Latest EA Form
• Latest 6-month bank statement
• Letter of confirmation from the employer
• Commodity Murabahah Home Financing-i
• Salaried employee
• Copy of NRIC
• Copy of passport and Visa/ Work Permit/ employment letter (for non-Malaysians)
• Business Registration: Forms 24 and 49 (for self-employed applicants)
• Copy of Sale and Purchase/ booking receipt, or
• Letter of Offer from the developer, or
• Copy of Individual Title Deed, or
• Property Valuation Report (for completed properties)
• Latest 3-month salary, and/ or
• Latest 6-month commission statement
• Latest 3-month EPF statement
• Latest EA Form
• Latest 6-month bank statement
• Letter of confirmation from the employer
• Self-employed
• Copy of NRIC
• Copy of passport and Visa/ Work Permit/ employment letter (for non-Malaysians)
• Business Registration: Forms 24 and 49 (for self-employed applicants)
• Copy of Sale and Purchase/ booking receipt, or
• Letter of Offer from the developer, or
• Copy of Individual Title Deed, or
• Property Valuation Report (for completed properties)
• Latest certified/ audited financial statements
• Latest statement of commission Issued by the company
• Latest EPF statement
• Latest B/ BE Form/ e-Filing
• Latest tax payment receipt
• Latest 6-month bank statement

What are the fees included in Maybank home loans?

• Stamp duty

  As per the Stamp Duty Act 1949 (Revised 1989) and RM5 for every RM1,000.

• Late payment fee

  1% of the amount in arrears.

• Redemption letter fee

  RM50 per request.

• Withdrawal fee

  RM25 per withdrawal.

• Early settlement fee

  2% of the approved loan amount.

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.