Affin Bank – My First Home Scheme (conventional)

Up to 35 years

Term loan

Floating Interest Rate

5 years lock in period

Up to 100% margin


Borrowing RM Monthly Repayment
RM


Profit Rate

%
How Long Year
max 35 Year
Flexi/Term Lock in Period Islamic or Conventional
All Flexi Term All Yes No All Islamic Conventional

Affin Bank My First Home Scheme

Own your first home without paying thousands of Ringgits for your downpayment! Enjoy 100%financing at lower rates for up to 35 years.

    • Up to 35 years
    • Term loan
    • Floating Interest Rate
    • 5 years lock in period
    • Up to 100% margin of finance
    •  
  •  

You Borrow

Estimated Interest Rate

RM100000 - 500000

4.50% p.a.
  • *Effective interest rate will be determined by Affin Bank upon approval.

 

Fees & Charges

There are always fees but how much are they?

Late Penalty Fee - 8.34% revised interest rate p.a. if monthly installment are in default for 3 months

Processing Fee

Early Settlement Fee - 5% of the original loan amount if redeemed within first 3 years

Redemption Letter Fee - RM53.00 per request

Letter for EPF Withdrawal Fee - RM21.20 per request

Cancellation Fee - 0.5% of the original loan amount or RM2,000, whichever is higher

Insurance Types - MRTA

*inclusive of 6% GST

Requirements

Are you eligible for this Affin Bank home loan?

Minimum annual income - RM10800

Minimum age - 18 years old

Maximum age - 40 years old

Who can Apply - Any nationality

 

Frequently Asked Questions about Affin Bank My First Home Scheme

Things you might want to know

 

What do I need to know about the Affin Bank My First Home Scheme?

This home loan scheme is also known as Skim Rumah Pertamaku (SRP), a Malaysian government programme to assist young working adults to own their very first home at lower interest rates and cheaper monthly repayments. With SRP, it's now affordable to own a house without having to save up for a down payment which can amount to more than RM10,000!

 

Well, what are the requirements for young adults home buyers?

You must be a Malaysian who is aged between 18 and 40, and have yet to own a house. For an individual home loan borrower, your income should not exceed RM5,000 a month while joint borrowers combined monthly income should not exceed RM10,000, provided that each borrower's monthly income is not over RM5,000.

 

How long can I pay for my Affin Bank housing loan?

You can stretch your loan repayment up to a maximum of 35 years or until you reach the age of 65, whichever comes first. For example, if you apply for the Affin Bank My First Home Scheme at the age of 40, your financing tenure can only go up to 25 years. The lock-in period for this loan is 5 years. If you pay off your loan within 5 years, you will have to pay early settlement fee.

 

What kind of properties can I buy under the Affin Bank SRP?

All residential properties located at Malaysia are eligible for this mortgage, no matter completed or under construction. The minimum property value is set at RM100,000 up to a maximum of RM500,000.

If you plan to make your house an investment and rent it out, your mortgage will not be approved by bank. You must occupy the house yourself to be able to get the loan from Affin Bank.

 

How to pay mortagage installment?

You can pay for your Affin Bank My First Home Scheme by setting up a standing instruction or salary deduction - so there's zero chance of you paying for any late repayment fees! As this is a conventional term loan, you will not be able to withdraw any cash from your loan account.

 

Is it compulsory to purchase insurance or takaful?

Under Affin Bank Skim Rumah Pertamaku, it is compulsory to buy fire insurance or takaful. However, the Mortgage Reducing Term Insurance ( MRTA) is an optional insurance which will provide financial protection in the event of your death, diagnosis of terminal illness, and total permanent disability ( TPD). The outstanding mortgage loan amount will be pay off once the mentioned unfortunate takes place.

 

What documents do I need to apply for this mortgage?

Exclusively for salaried employees:

  • Photocopy of NRIC
  • Latest 3 months salary slips, including commission statements if any
  • Latest 6 months commission statements (for commission earners)
  • Latest pension fund statement (for pensioners)
  • EA Form or Borang B supported by tax payment receipt or E-Filing supported by acknowledgment
  • Latest EPF statement
  • Latest 3 months bank account statement where your salary, or pension is credited
  • Letter from employer to confirm on applicant's income
  • SPA agreement or booking receipt from developer (for under construction properties)