![]() For example, let’s say your monthly loan instalment is RM1,000 for a 30-year loan tenure. ![]() With a basic term loan, you have a fixed monthly instalment amount to be paid over the loan term. A basic term loan generally means that you will pay a fixed amount of instalment throughout your loan term, without having the flexibility to reduce the loan interest at any point in time. ![]() Most people go for this type of loan due to its simplicity. This is the most no-frills, conventional type of home loan in Malaysia. ? Here are 4 loan documents you need to prepare if you’re an employed person ? How to apply as a first-time homebuyer in Malaysia You may think that the loan package with the lowest home loan interest rate might be your best bet, but that may not necessarily be the case. We’ve listed the pros and cons of all four different home loans to help you select the best home loan that suits your purchasing needs. Most of the property loans in the market are variable interest rate loans, whereby the interest rate is tied to the base rate (BR) of banks. ![]() There is also another option, which is the Islamic housing loan. In Malaysia, housing loans can be divided into three main categories: Basic Term Loan, Semi Flexi Loan, and Full-Flexi Loan. Buying a new home can be daunting, especially if you’re unsure about the different types of home loans available. Congratulations future homeowner on your next big life decision.
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