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  • Home Loan BYTES FROM OUR KITCHEN

    RHB Home Loan : Attractive Interest Rates and High Loan Quantum

    Dreaming of owning a house? Or, do you need cash to renovate your house and turn it into a home? RHB may have a solution for you. With RHB home loans, you can borrow up to 80% of the property value. Also, you can get legal subsidies of up to S$3,000 and enjoy a high loan quantum.

    RHB also offers loans for properties in Malaysia, be it residential or commercial. You can get financing for up to 80% of the property value and the interest rates are pegged to the Malaysian Property Board Rate (MBR), which is currently at 6% p.a.

    Home Loans Offered by RHB

    • RHB HDB Home Loan.
    • RHB Private Property Home Loan.
    • RHB Commercial Property Loan.
    • Malaysia Property Financing.
    • Malaysia Commercial Property Financing.
    • RHB Renovation Loan and Furnishing Loan.

    Interest Rates Applicable on These Loans

    The tables below show the interest rates that you will incur once the loan is disbursed:

    Malaysia Property Financing

    Tenor Interest rate
    1 year 3.28% p.a. (MBR – 2.72%)
    2 years 3.48% p.a. (MBR – 2.52%)
    3 years and thereafter 3.68% (MBR – 2.32%)

    *Note: MBR stands for Malaysian Property Board Rate, which is currently at 6% p.a.

    Malaysia Commercial Property Financing

    Tenor Interest rate
    1 year to 3 years 4.85% p.a. (MBR – 1.15%)
    Thereafter 4.85% p.a. (MBR – 1.15%)

    *Note: MBR stands for Malaysian Property Board Rate, which is currently at 6% p.a.

    Renovation Loan and Furnishing Loan

    Monthly Rest Package

    Tenor Interest rate
    1 year to 5 years 5.8% p.a. (RBR – 2.45%)

    *Note: RBR stands for Renovation Board Rate, which is currently at 8.25% p.a.

    Flat Rate Package

    Tenure Loan amount Interest rate
    1 year to 5 years Below S$15,000 3.68% p.a.
    1 year to 5 years S$15,000 to S$30,000 2.98% p.a.

    HDB Home Loan and Private Property Loan

    To know the interest rates for HDB Home Loan and Private Property Home Loan, kindly get in touch with the bank.

    Types of RHB Home Loans Offered by RHB

    RHB offers a range of home loans, which are the following:

    • HDB Home Loans: You can enjoy a legal subsidy of 0.5% of the loan amount, capped at S$2,500. You can use this subsidy to refinance your existing loan of less than S$200,000. The key part of this home loan is that you are not required to pay a penalty charge for the first 20% of the loan amount prepaid within the lock-in period.
    • Private Property Home Loan: If you have an existing loan amount of less than S$200,000, then you can use the legal subsidy to refinance your loan. The legal subsidy you will get is 0.5% of the loan amount, capped at S$2,500. No prepayment penalty charge for the first 20% of the loan amount (within lock-in period).
    • Commercial Property Loan: The bank will pay for your first valuation report. You will also get a legal subsidy of 0.4% of the loan amount or S$3,000, whichever is lower. This subsidy can be used to refinance a loan amount of S$300,000 and above.
    • Malaysia Property Financing: Through this loan, you can borrow up to 80% of the purchase value of the property in Malaysia. Choose to repay your loan over 30 years or up to the age of 65. The interest rates start at 3.28% p.a. with a lock-in period of 2 years.
    • Malaysia Commercial Property Financing: You can enjoy a high loan quantum of up to 80% of the property value with a repayment period of up to 30 years. The interest rate for this loan is 4.85% p.a. A Premier Banking customer can get a discount of 0.05% on the interest rate for the first 2 years.
    • Renovation Loan and Furnishing Loan: You can borrow up to 6 times your salary per month or S$30,000, whichever is lower. The loan can be repaid over 5 years and the interest rate starts from 3.68% p.a. You can even opt for an exclusive furnishing loan, where you can borrow either 4 times or 6 times your monthly salary as per your annual income.

    Why Take RHB Home Loans

    RHB home loans let you borrow up to 80% of the property value in Singapore and Malaysia. The bank also offers subsidies to its customers on legal fees which can be used to refinance your existing loan.

    The lock-in period is applicable on commercial and residential property loans and you do not have to pay any penalty charge for prepaying the first 20% of the loan amount.

    RHB also offers term loans and bridging loans to its customers. Furthermore, you can get a free copy of your credit report within a month from the application approval or rejection date. You can obtain it either from the credit bureau website or by visiting their office with the application form and your NRIC.

    What Are the Eligibility Criteria?

    Before applying for an RHB home loan, make sure you satisfy the following criteria:

    • You must be a Singaporean or a Permanent Resident of Singapore.
    • You must be at least 21 years of age.
    • You must be a mortgagor.
    • In case of renovation and furnishing loan, you must earn a minimum of S$30,000 annually.

    What Are the Documents I Need to Submit?

    The documents you need to submit are the following:

    • A copy of your NRIC.
    • Income proof:
      • Salaried individuals:
        • Most recent salary slips and income tax Notice of Assessment (NOA), or
        • Latest salary slips and CPF contribution statement for the last 12 months.
      • Self-employed individual:
        • Income tax NOA for the past 2 years.
      • Commission based/variable income earner:
        • Salary slips for the last 6 months or past 12 months’ CPF contribution statement or most recent income tax NOA.
      • Rental income: Tenancy agreement duly stamped with a remaining lease of minimum 6 months.
    • A copy of your financial information on HDB loan.
    • Most recent statement of all facilities with other banks or moneylenders.
    • Sales & Purchase Agreement or Option to Purchase (property purchase).
    • For refinancing, submit the loan statement with the mention of your past 12 months’ repayment history and the outstanding balance along with any of the following:
      • Title Deeds.
      • Stamp duty certificate.
      • Exercised Sale & Purchase Agreement or Option to Purchase certificate.

    For bridging and term loans:

    • Most recent CPF Public Housing Withdrawal Statement.

    Want to Apply? Check Out the Process Here

    You can apply for a home loan in the following ways:

    • Go to the relevant webpage and download the application form. Fill in the details and mail it to the bank along with the supporting documents.
    • You can book an appointment with the bank by filling up an online form. An executive will get in touch with as soon as possible.
    • Alternatively, you can visit the nearest branch, call on their helpline number, or email them.

    How do I Make Prepayments?

    If you decide to make prepayments, you must notify the bank in writing 3 months in advance. Or you can pay the interest amount for 3 months along with a prepayment fee. The amount will get deducted either from your savings account or current account of your choice or with RHB. The minimum amount you want to prepay must be at least S$10,000. Any amount exceeding S$10,000 should be in multiples of S$10,000.

    You will not be charged any penalty for the first 20% of the loan amount prepaid if you take the HDB Home Loan or a Private Property Loan. This theory applies even during the lock-in period.

    Answers to Frequently Asked Questions

    Q. What is the maximum tenure offered for a bridging loan?

    A. The tenure offered to you for a bridging loan is 6 months. You must pay the lump sum amount in full or when you sell your existing property, whichever occurs earlier.

    Q. I want to cancel my home loan with the bank. Is there a cancellation fee?

    A. Yes, you will have to pay a fee as stated in your Letter of Offer if you wish to cancel your home loan with RHB after accepting the offer letter.

    Q. Can foreigners apply for RHB home loans?

    A. No, foreigners cannot apply for these home loans. Only Singaporeans and Permanent Residents are allowed to borrow from the bank.

    Q. Is there a processing fee?

    A. Yes, the renovation loans and the furnishing loans have a processing fee of 1% of the approved loan amount.

    Q. If I default on any instalment, will the bank charge any fee?

    A. Yes, the bank will charge an additional interest rate of 5% on top of the prevailing PLR (currently at 5.70%) per year or 3% above the prescribed rate per year on any overdue amount.

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