What is Public Bank HomeSave?
Public Bank Home Save is a fully flexible home loan, part of the "5 Home Plan", that can be used to buy residential and commercial properties, whether completed or under-construction. If you only wish to borrow a modest amount you're flat out of luck - this loan is only applicable for loans RM150000 and above.
As this is a Zero Moving Cost (ZEC) mortgage, a higher margin of financing up to 100% including MRTA and legal fees is available, but will have to further consult the bank. However much you need to borrow you'll get a free credit card and RM10000 of personal accident coverage free for the first year - that's a nice bonus.
Can I put in additional money into my loan to decrease my principal?
Yes, you can pay any amount, at anytime without the need to inform the bank, what's more, by depositing extra cash on your home loan you'll be reducing the interest charges.
Can I redraw the surplus cash? How?
Can! All you have to do is to issue a cheque worth at least RM 5000 and you don’t have to pay any withdrawal fee!
Do I need the insurance?
A Fire Insurance policy is compulsory. MRTA is optional and advisable in the event of any unforeseen circumstances that will render you unable to fullfil your obligations towards your mortgage.
Why should I choose Public Bank Home Plan 10 housing loan?
Your interest charge is calculated daily, so if you deposit extra payment the you will be able to lower your interest charges and possibly your tenure, allowing you to fully own the property sooner. You can also withdraw those extra repayments if you find yourself short of money in an emergency.
Finally, you’re given a cheque book. It’s a really convenient way to withdraw your money and it’s free. Bundled with that is also a free credit card for you to use throughout the loan as well.
What documents do I need to apply for this home loan?
Copy of MyKad (front and back) or latest valid passport and visa / work permit / employment pass
Latest 3 to 6 consecutive months salary slips or vouchers or
Latest EA From
And any one of the following:
EPF Statement ( latest not more than 1 year) or
Latest Tax Returns and Tax Receipts or
Employment Letter or
Last 3 months Bank Statement or Saving Passbook
Copy of MyKad (front and back) or latest valid passport and visa
Last 6 months bank statements or
Latest 1 year Tax Returns and Tax Receipts