About the provider
Maybank was established in 1960, and today is the largest company by market capitalisation on the Malaysian Bourse, as well as one of Asia's leading banking groups and South East Asia’s fourth-largest bank by assets. The Maybank Group offers a comprehensive range of products and services. Some of these include the Maybank home loan products, as well as commercial banking, investment banking, Islamic banking, offshore banking, leasing and hire purchase, insurance, factoring, trustee services, asset management, stock broking, nominee services, venture capital and Internet banking.
Maybank Singapore, which provides Maybank loan, credit card, savings, and other financial products to Singaporeans, is one of the seven “qualifying full banks” and is one of the Maybank Group’s most extensive overseas operations, with origins tracing back to when Singapore was still part of Malaysia.
The bank has 22 branches and more than 35 ATMs in Singapore’s business districts and suburban areas. Maybank is also among the seven banks that are part of Singapore's only shared ATM network of more than 150 locations.
Why should I choose Maybank home loan?
Maybank has always made its products affordable and rates reasonable. Aside from these, there are other significant reasons why you should consider Maybank home loan:
- Attractive interest rates for as low as 1.28%
- Provision of up to 80% financing
- Dedicated relationship and unwavering service rendered by managers in sharing financial advice
- Home loan customers can get exclusive renovation loan package
What benefits does Maybank home loan provide?
Maybank home loan plans
The Maybank housing loan can be used for purchases of public housing flats from the Housing Development Board of Singapore, as well as private properties and condominiums with more than 30 years remaining lease.
A home loan client can borrow up to 80% of the property’s net purchase price (purchase price minus applicable discounts and legal fees) or market valuation, whichever is lower. If the client avails of the home loan for refinancing purposes, the bank may approve the borrowing of the full amount of his existing loan. For either case, it is best to use the Maybank home loan calculator to get a clearer picture of what to expect on the home loan.
There are three types of the Maybank home loan that can be secured: the fixed rate package, the SIBOR floating rate package, and the board rate-pegged floating rate package. Home loan clients, regardless of the type of loan arranged, can get lower interest rates when they also apply for the Maybank renovation loan.
The home loan products of Maybank are available for Singaporean citizens, permanent residents of the country, or foreigners, all of which should be at least 21 years old. An applicant for the Maybank home loan must present a National Registration Identity Card or a passport, as well as proof of income and other necessary documents, depending on the purpose of getting a home loan.
People who will get home loans from Maybank can opt to secure a loan with a fixed-term Maybank interest rate. The fixed-interest option is for Maybank clients who want stability in their payments. Details regarding the interest rate can be arranged with a specialist from the bank.
Variable rate package
Maybank also offers home loans with variable interest rates to people who want to take advantage of the possibility of lowering interest rates. This variable rate is pegged at the Singapore Residential Financing Rate, which was revised to 4.00% per annum from 3.75% per annum in February 2016.
Depending on a client’s arrangement with the bank, this Maybank home loan may have interest rates at the SRFR, or even above or below that price.
For this option, the interest rate is pegged to the SIBOR, or the Singapore Interbank Offered Rate, plus a set percentage rate. SIBOR is a daily reference rate that fluctuates based on the interest rates that banks like Maybank set when they lend unsecured funds to other banks in the Singapore wholesale money market.
How do I apply for Maybank home loan?
Applying for Maybank mortgage or home loan is easy if you already have a copy of your credit report. You may complete the application form and submit all documents in JPEG or PNG formats. Eligibility for applicants requires an annual income of $30,000.
Documents to be submitted:
- Proof of identity
- Proof of income
- Proof of property ownership for new property purchase
- Proof of current financing for refinancing
What other products does Maybank offer?
- Life insurance – With Maybank’s eSAVE Flexi, you are guaranteed with yearly cash benefit, maturity benefit and Guaranteed Insurability Benefit (GIB)
- Car insurance – Maybank provides comprehensive coverage for you and your vehicle at reasonable pricing. You can enjoy third-party liability plus property damage and bodily injury. You can also get your car insurance repayments and choose your preferred workshop
- Travel insurance – Maybank has eProtect travel insurance ready to provide medical and travel coverages like a maximum of $1 million reimbursements for medical expenses abroad
- Maid insurance – eProtect Maid safeguards your maid’s health and well-being with hospitalization cost and personal accident cover. You are also secured regarding wages, re-hiring and levy reimbursement
- Home contents insurance – Get your homes protected against fire and other hazards. Maybank includes materials and renovation while providing you with more than $500,000 worth of assistance for theft, broken glass, damaged pipe and domestic explosion.
- Credit cards – You can apply for Air Miles Credit Cards and Cash Rebate Credit Cards to enjoy the benefits and privileges. You can use the card for bill payments at AXS, enjoy cash rebates and Treats points and get a chance to access complimentary travel insurance.
- Investment banking – Maybank’s investment opportunities cover securities trading, dual-currency investment, structured deposit, wealth advisory and unit trusts.