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What is RHB MY1 Revolving Home Loan?
RHB MY1 Revolving Home Loan is a new Conventional Home Loan with enhanced feature namely the Revolving facility. The enhanced feature allows customer to redraw from their Home Loan account, their principal amount paid which may be from the regular installment and/or excess repayment. This translate into a higher standby fund being made available for our customer to redraw at a cheaper interest rate as compared to an overdraft facility.
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When you said principal amount paid, is this the same like other redraw facility offered by other Banks that only allows you to redraw excess amount of principal paid?
No. The RHB MY1 Revolving Home loan allows you to redraw both, i.e. from the excess principal paid and also principal paid from your regular monthly installment. This is a superior feature.
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How about principal paid from EPF withdrawal? Can I redraw that portion?
No. In compliance with EPF regulations, EPF withdrawal is prohibited from redrawing.
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Is this a campaign or a product?
This is an enhanced product offering. However, this is a close end fund product and the product will close once the limit of RM1 Billion is reached.
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My property is a residential property under construction. Can I apply for this facility? Or this is only for completed property?
Yes, you can. This enhanced Product is open to both type of properties landed and non-landed as well as for property under construction and completed property.
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Is there minimum loan size and loan tenure for RHB MY1 Revolving Home Loan?
Yes, minimum loan size is RM350,000 and minimum loan tenure is 5 Years.
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What is the maximum loan amount or the highest margin of financing that I can apply?
The maximum loan amount that you can apply is up to 80% of the property purchase price or open market value whichever is lower.
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Is MRTA compulsory for me?
Yes, MRTA is compulsory for you. You have a choice either to pay cash or to finance your MRTA premium from the Bank. The MRTA financing amount provided by the Bank is at maximum 5% of the property purchase price or open market value whichever is lower.
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Is there minimum amount that I can redraw?
Yes. The minimum amount is RM5,000.
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If I have for example RM10,500 of principal paid, can I do a redraw of RM6,500 or RM5,500?
You can redraw for both RM6,000 or RM5,000 as it must be minimum of RM5,000 and in multiple of RM1,000.
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How do you disburse the amount that I apply for redraw?
We will credit the redrawn amount into your standing instruction account.
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How long would it take for the redraw amount to be credited into my account?
Within 3 business days from the day you submitted your request.
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Where do I need to submit my request form?
At the domicile Branch.
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Is there a limitation in term of number of times that I can redraw throughout the whole loan tenure?
No limitation.
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Can I redraw my principal if my account has an overdue installment?
No.
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How about if I regularize my account?
It will be at the Bank’s absolute discretion.
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Can I reinstate the revolving facility after the account is regularized if my account is already classified NPL or after the revolving credit is terminated?
No.
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Any additional cost if I want to apply?
No, only processing fee of RM200. There is no monthly fee or redraw fee charged to your loan account. It is free of charge.
The RHB MY1 Revolving Home Loan will not attract commitment fee in the event the customer does not redraw throughout the loan tenure. In the case of overdraft facility, 1% pa commitment fee is levied on the unutilised portion of the OD facility limit exceeding RM250,000.
