Description

Allows customer to withdraw all principal amount paid into the loan account

Facility Type

Term Loan / Overdraft (50 : 50)

Purpose

For purchase / refinance of completed and under construction residential properties, namely :-

• Properties sold by developers
• Second hand transactions/sub sale of residential properties
• Refinancing cases

For own occupation or Investment purposes.

Resident Status

For Malaysia Resident only

Loan Size

Minimum loan size of RM350,000 (inclusive of MRTA)

Margin of Advance

(MOA)

Maximum 80% + 5% MRTA (MRTA is compulsory)

Margin of Repayment

(MOR)

• Home Loan installment should not exceed 40% of monthly gross income (stand alone).
• Aggregated MOR should not exceed 50% of monthly gross income.

Loan Tenor

• 40 years or age 65 whichever is earlier.
• For joint applications, the youngest age of the applicants can be used to determine the loan tenure.

MRTA

Compulsory at 100% (finance by the Bank and/or cash payment).

For joint applications, at least one of the applicants must be covered with MRTA at 100%.

Repayment

• HL – via monthly installment with principal + interest
• OD – subject to yearly review and payable on demand

Revolving Facility

The principal payment will be made available for redraw on the following conditions :-

1. the Banking Facilities have been fully disbursed and the original tenure / repayment period of the Housing Loan has not expired;
2. the Housing Loan has not been fully repaid and the outstanding balance of the Housing Loan must not be reduced to zero balance at any one time (zero balance shall deem as full settlement of the loan);
3. each redraw request is subject to a minimum of RM5,000 and in multiples of RM1,000 or such other minimum amount or multiples thereof as may be prescribed by the Bank from time to time at its absolute discretion;
4. no event of default has occurred or is continuing at the time of the redraw request;
5. the repayment of the loan installment must be up-to-date at the point of submission of the Redraw Notice;
6. the redraw request must be made at the Branch where your loan account is maintained;
7. receipt by the Bank of the Redraw Notice (in the Bank’s prescribed format) given in writing three (3) business days prior to the redraw which must be received by the Bank by 2pm.
8. For 3 rd party charge/assignment, the written consent (in the Bank’s prescribed format) from the 3 rd party registered/beneficial owner in consenting to the redrawing must be obtained prior to the disbursement of the Banking Facility(ies);
9. Each Redraw Notice is subject to the clearance of credit checks (including CCRIS, etc). Any adverse records of the customer (including loans with other financial institutions) will not be eligible for redraw;
10. The outstanding balance (including the amount (s) redrawn) must be fully settled at the end of the tenure of the Housing Loan;
11. All amounts redrawn shall form part of the loan and the existing security document (s) shall remain as continuing security for the redrawn amount;
12. Notwithstanding anything herein contained, your obligation to pay the installments monthly when due shall remain;
13. All amounts redrawn will be credited into your Standing Instruction account maintained with the Bank or disbursed in any manner determined by the Bank at its absolute discretion;
14. Notwithstanding any of the aforesaid provisions, the Bank may at its absolute discretion terminate the right of the borrower to redraw upon the happening of the event of any default by giving notice in writing to the borrowers.; and
15. Any monies withdrawn from the Employee Provident Funds (EPF) for repayment of the Housing Loan shall not be available for redraw.

Periodic Review

The Bank reserves the right to review the Facilities at any time and from time to time irrespective of whether an event of default has occurred and nothing in the Letter of Offer shall be deemed to impose on the Bank any obligation either in law or in equity to make or to continue to make available the Facilities to you.

Fees

Processing Fee of RM200

SI account

The SI account must be in the name of the borrower(s) (1st party). 3rd party SI account is strictly prohibited.