Buying your first home is a milestone in everyone’s life, and sourcing the right loan can be a little stressful at the best of times, what with so many different loan providers, all professing to offer the best terms and conditions. This is definitely the age of the Internet and as far as mortgage applications are concerned, everything can be handled online, making buying a home very convenient, and with that in mind, here are some important points to consider when applying for a housing loan in Malaysia.
Spread the Load
If you are a Malaysian citizen, you can extend your mortgage up to 35 years, or when you reach the age of 70, whichever comes first, and for first time buyers, a lower monthly repayment is more than welcome. The best way to apply for home loans in Malaysia is to use one of the recognised banks who can facilitate the perfect loan package to suit your needs. Of course, if you wish to increase your repayments at any time, this can be done without penalty, which gives you a level of flexibility.
Standard Housing Loan
This would run for up to 30 years with variable rates that are pegged to the Base Rate, and it can be used in conjunction with an overdraft facility. The current base rate in August 2017 is 3.83%, which is very favourable, and with complete flexibility, the borrower has many options. Property is always a sound investment, especially today, and with expected price increases, your investment will be making you money while providing you and your family with protection and security.
Talk to the Experts
When sourcing a mortgage provider, you really need to talk to the top performers, banks that are established in the home loan industry, and can offer many attractive options for the homeowner, making it easier to buy your first home. These banks all have an online presence, and in fact, the entire mortgage application process can be conducted online, which is very convenient, and with speedy and efficient service, you can soon learn about the different home loan packages, and can therefore make an informed decision.
Online Loan Calculator
This very handy tool can instantly tell you what the monthly repayment would be on your requested loan amount, and there is even a window where you enter the number of years you would like the loan to cover. This enables a young couple to quickly establish their ceiling for a home loan, and then after filling in the online form, you would receive a pre-approval quite quickly, and you can take it from there.
Most banks have a very strong online presence, and with a little searching, you should be able to locate one that can offer a flexible solution that is also affordable, and as time goes by, you can increase the repayments without giving notice or paying any penalty.