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.
