Home Loans Malaysia

Buying a property is a daunting task, especially when you break it down to its components only to find yourself even more confused than before. How do you know which home loans are suitable and compare? How do you decide which is relevant for you and your family’s needs? There are Term Loans, Fixed Rate Loans, Overdrafts, Flexi Loans, Islamic Loans, Refinancing, and the Government Housing Loan. Term home loans are one of the most common, go-to loans for Malaysians. With a maximum tenure of 35 years, term home loans offer instalment and interest rates all bundled into one neat package. Term home loans tend to be a safe option for buyers, as they can pay over a long period of time without having to worry about increased fees within these 35 years. Interestingly, a term loan is one home loan that will charge you a penalty for settling payment within the first five years. Malaysia has an interesting home loan environment, given that Islamic loans are Syariah law compliant. Unlike regular home loans, Islamic loans follow the Murabahah concept, where banks buy the property from borrowers, and rent the property back to them. Islamic loans are popular amongst short term property investors, as banks are unable to charge borrowers a penalty for settling their home loans early.

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