Alliance Bank Conventional Home Loan (conventional)

Up to 35 years

Semi-Flexi loan

Floating Interest Rate

3 years lock in period

Up to 90% margin

30 days approval


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

Alliance Bank Conventional Home Loan

A no-frills basic conventional home loan with an option to make extra payments and lower your interest.

    • Up to 35 years
    • Semi-Flexi loan
    • Floating Interest Rate
    • 3 years lock in period
    • Up to 90% margin of finance
    • 30 days approval
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You Borrow

Estimated Interest Rate

more than RM300000

4.32% p.a.
  • *Effective interest rate will be determined by Alliance Bank upon approval.

 

Fees & Charges

There are always fees but how much are they?

Late Penalty Fee - 1% p.a. of the outstanding amount

Withdrawal Fee - RM53.00 for each withdrawal

Processing Fee - RM212.00

Early Settlement Fee - Subject to terms of agreement with bank

Redemption Letter Fee - RM53.00 per request

Letter for EPF Withdrawal Fee - RM21.20 per request

Insurance Types - MRTA

*inclusive of 6% GST

 

Requirements

Are you eligible for this Alliance Bank home loan?

Minimum annual income - RM24000

Minimum age - 21 years old

Maximum age - 70 years old

Who can Apply - Any nationality

 

Frequently Asked Questions about Alliance Bank Conventional Home Loan

Things you might want to know

 

What do I need to know about this Alliance Home Loan?

This is a conventional frills free housing loan which offers flexibility in your monthly installments, giving you an option to deposit extra cash on your mortgage when you are flush, and withdraw excess paid when you need to get your hands on some money. You'll also have the option to withdraw any excess paid with an overdraft account that can be financed for up to 50% of the total loan amount.

Subject to credit check and approval you can finance up to 90% of the value of your new house. An additional 5% can be added to your finance forMRTA, legal fees, evaluation fees, stamp duty and the other inevitable costs of taking out a mortgage and moving into a new place.

 

What about my ongoing commitments?

You'll need to pay your monthly installments, that's a pretty big commitment if you're taking out a 30 year mortgage. In the event that you find yourself unable to pay regular monthly installments first step is not to panic but to contact the bank to arrange for alternative ways to pay your loan.

 

I see, but what about other fees and charges?

Note that the monthly maintenance fee is waived for this mortgage - you are still required to pay your stamp duties, legal fees and the like as this is not a Zero Moving Cost (ZEC) mortgage.

 

What does the insurance cover?

Group Mortgage Reducing Term Assurance( MRTA) is highly recommended to hedge the risk of losing your family's property due to unforeseen circumstances. Fire insurance is compulsory.

 

Why should I choose the this mortgage?

  • Any extra cash that you deposit into your linked current account will automatically reduce your interest charges and shorten your loan tenure. This is because the interest is based on the combined debit balance of your home loan amount and current account.
  • There is no monthly maintenance fee! This is a good thing because you might not use your account every month to deposit or withdraw cash. A good way to save money that would otherwise go to the bank.
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What documents are needed when applying?

Salaried applicant:

NRIC photocopy
Latest 3 months salary slip
Letter of Employment
Sales & Purchase Agreement/ Booking receipt from developer
Valuation report
Copy of the Title Deed

 

Self-employed applicant:

NRIC photocopy
Latest 3 months salary slip
Latest 6 months bank statement
From 24 & 49
Sales & Purchase Agreement/ Booking receipt from developer
Valuation report
Copy of the Title Deed