A Guide To Sourcing A Home Loan In Malaysia

If you and your partner are looking to start a family, your thoughts will quickly turn to home ownership, and sourcing the right mortgage is essential. Of course, when you have bought and sold a few properties, you won’t feel like a fish out of water, and by sourcing the right loan provider first time out, they will take the strain. The Internet has given us many benefits and sourcing a home loan has never been easier, as most banks have a website where the customer can not only receive information, they can also make online applications.

Online Applications

When making an application for a housing loan in Malaysia, you have many choices, with all the banks offering such a service, but with a little online searching and browsing, you should be able to locate the right loan package. Some lenders are more focused on first time buyers and would typically have a very attractive package with loan terms up to 35 years and sums ranging from RM100,000 – RM500,000. If you choose a nationwide bank, they would have many branches, and you can arrange an appointment to discuss your needs with an expert.

Up to 90% of Valuation

Some home loan providers will lend up to 90% of the valuation, which allows you to look for a slightly higher priced home, and with mortgages up to 35 years, lower repayments are possible. This is especially helpful for first time buyers, who find it hard to get their foot on the first rung of the property ladder.

Flexible Terms

Ideally, you want to have a lower monthly repayment, but with the option to increase at any time, you can adjust the monthly repayment as you desire. Some banks will link the home loan repayments to an overdraft facility, which covers you in the event you have some unexpected outgoings at any time. Of course, the loan would be linked to the Base Rate, which, as of August 2017, stands at 3.83%, and with the right package, you can have a flexible repayment plan, which you can alter at any time.

Friendly and Efficient Service

By using an established bank, you can make an appointment to talk to a professional who can help you to source the right loan package to suit your needs. There is nothing that can beat a face to face meeting, and once the experts have all the relevant details, they can guide you through the application process, and help you to purchase your dream home in an affordable way.

There has never been a better time to buy a home, and with a stable economy and an optimistic forecast, making a long term investment is surely a wise move. If you would like to know more about home loans, there are online banks that specialise in providing a range of financial services, which include special first time buyer packages.

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