Tell me about AmBank My First Home Scheme.
This variable rate home loan is available for first time home buyers to purchase a new house. In order for AmBank to approve your home loan application, you are required to offer your house as a security.
The market value of your first house should be between RM100,000 to RM400,000, whether it is an under construction property or completed property.
AmBank can finance up 100% market value of the house for a repayment period up to 30 years. The facility also offers single applicant the options to apply AmBank Visa/MasterCard/CARz credit card.
Who can apply for this home financing?
AmBank My First Home Scheme is a specialized home financing solution for first time house buyers only. If you are a Malaysian, aged between 18 years to 35 years old and earn less than RM5,000 per month, you are qualified to apply for this home loan.
Bear in mind that the property financed under this home loan scheme is meant to be resided, not to be used to collect rental income.
What are the fees and charges I need to pay?
There are several fees and charges you need to pay:
- Stamp Duty
- Disbursement Fee
- Professional Legal Fee
- Valuation Fee (applied to completed properties only)
Do I need any insurance coverage?
Fire Insurance, which covers any damages or loss due to fire, is compulsory for every house owners. The bank also encourages you to take up MRTA for the home financing, which offers you financial protection in the event death or total or permanent disability.
Can I make early settlement of my home financing?
There is a lock-in period of 3 years starting from the date of first disbursement. That means, if you fully paid your home financing within this period, you have to pay an early settlement fee of 2% on original financing amount.
Best if you wait for your property to appreciate in value before you make a full settlement of your home loan to avoid unnecessary charges; plus you can earn some profits.
What documents do I need to prepare?
You need to have a copy of Sale & Purchase Agreement, Booking Receipt, Copy of Title and Valuation Report. Then attach them with your application form and following documents:
If you are an income earner:
- Copy of NRIC
- Copy of 3-month payslips
- Latest EA form / EPF statement
If you are self-employed:
- Copy of NRIC
- Copy of 3-month payslips
- Latest EA form / EPF statement
- Last 3-month bank statement
