BNM Target Lending To The Priority Sector Housing Loan
The purpose of this housing loan facility is to finance residential property with purchase price not more than RM100,000 (Peninsular Malaysia) and RM120,000 (Sabah and Sarawak) for all Branches nationwide as to comply with BNM Target Lending To Priority Sector.
Eligible properties shall be restricted to residential properties that are low cost housing for the lower and middle income group, which are completed and under construction. Refinancing and residential land financing are prohibited.
Terms & Conditions
a) Qualifying Criteria
Eligible individual of minimum age 18 years.
Applicable to both applicants who earn fixed monthly salary and self employed individuals.
The applicant is a house buyer purchasing or constructing his house and the house must be owner-occupied. However, where the applicant is unable to occupy the house because of job requirements, the house may be considered as owner-occupied if it is occupied by his immediate family member/s, that is parents, spouse, children and siblings.
An application for a loan/financing to purchase or construct a second house which is already disposed of qualifies on condition that the applicant must satisfy the banking institution that he has only one house at any point of time and the house would be owner-occupied.
A married couple shall be entitled to only one housing loan/financing at the prescribed rate.
b) Loan Structure
- Property value :
Peninsular Malaysia : RM35,000 to RM100,000
Sabah & Sarawak : RM35,000 to RM120,000
- Margin of finance : Up to 90% plus 5% mortgage reducing term assurance (MRTA) or mortgage reducing term takaful (MRTT)
and legal fees.
- Interest rate : BLR/BFR - 1.50% on monthly rest
- Tenure : Maximum 35 years or up to age 65, whichever is earlier.
a) Applicable to settlements within 5 years from date of full disbursement
b) Penalty amount : 5% of original loan amount if redeemed within retention period
- MRTA / MRTT - Compulsory.
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For further information, please call our Call Centre at 03-5522 3000, or visit the nearest AFFINBANK / AFFIN ISLAMIC branch today.