Choosing a home loan can be one of the toughest decisions which you would have to make someday in your life as you will need to know which loan suits you best and how you can get the most out of your home loan if the property you are buying is for an investment. Public Bank is a well-known bank in Malaysia which offers not one but two different types of home loans and what you might find rather interesting about the home loan from Public Bank is that it is actually calculated based on a daily basis. Many have claimed that Public Bank’s home loan schemes have been the reason for them to own their own dream home and let’s just see if you will be are one of those lucky people that can benefit from their loans provided.
How Can I Qualify For The Public Bank Home Loan?
There are a few factors which apply for everyone who wants to apply for the Public Bank Home Loan. The first is the age limit which has been set. You will need to be at least 21 years of age in order to qualify for the Public Bank Home Loan. You also cannot exceed the age of 70 if you are someone who wants to apply for the loan. There is also a minimum take home salary criteria which you are supposed to meet and that is you have to be earning at least RM 24000 per annum.
Just Exactly How Much Money Will Public Bank Lend Me?
The first thing which you will need to know is that you are given a maximum instalment limit of up to 50% of your income to service the loan by Public Bank. On top of that, the loan provided can reach up to 90% of the price of the property and you are entitled for an additional 10% Mortgage Reducing Term Assurance (MRTA). Just to be safe, try to make sure that you do not still have any other existing loans which you are servicing as this will reduce your chances of getting the full loan amount which you desire.
What Are The Types Of Loans Available
5 HOME Plan
If you are looking to save a considerable amount in interest, the 5 HOME Plan just might be what you are looking for. The interest rates for the 5 HOME Plan package is calculated on a daily basis. If you qualify for this package plan, you will also be offered certain credit cards with an Exclusive Annual Fee Waiver throughout your loan tenure. You are also given an option to re-draw your cash for new Conventional Housing Loans that exceed RM 100,000 or more. To give you an example, if you have made an additional payment of RM 30,000 for your housing loan with the excess cash you once had, you are now able to take back that extra money to be used for your own personal use if you must.
The second package offered by Public Bank would be the MORE plan package which is more suited for property owners who are looking for fund to actually renovate their homes of their investment properties. What this plan also allows you to do is that it gives you the ability to transfer all your existing loans which you already have with any other banks and put them under Public Bank instead. You will be able to choose many different packages under the MORE plan such as an equal monthly instalment package with OD facility and Home save package that links your loan to your current account.
Ways I Can Increase My Chances Of Getting The Loan For That Home I Have Always Dreamt About
To start off with, you can increase your chances of getting the loan you want if you are already married. Yes, while this might sound strange to some, the reason behind this is because you will be able to add your spouse as a co-applicant and her income will be taken into account as your own when you are applying for the loan. If that doesn’t work then you could get your parents as co-applicants as a last resort and the same privileges will still apply.