Are you going to buy a new house soon and want to check on the housing loan (mortgage) and interest rate? To make thing simple for beginner and general public, the following calculator is designed to help you to calculate and estimate the amount of loan require and interest rate over the years.
Online Housing Loan Calculator for Malaysia
Enter in your desired housing loan amount, terms, interest rate, and click on the “calculate” button to see the compete repayment chart and total interest rate incurred. The calculation will include property tax and insurance cost as well.
For example, I have entered in the loan amount of RM1,500,000 and the interest rate of 4.6%, the sum of repayment are shown as following:
Housing Loan Facility for Malaysian
For general public, most buyers today are entitle for 90% of mortgage (housing loan) amount. In certain new launch project, there is zero downpayment scheme and also the DIBS scheme available as well. Meaning the new houses are now more affordable and easier reach by the younger generation.
If you are purchasing a new house, the general rule will be 10% downpayment and 90% loan facility. You will need supporting documents, income tax, bank statement and salary as proof of income. Those are standard documents and the bank usually will approve or decline your application in 14 working days.
Housing Loan Facility for Foreigner and Investor
Take note that foreigner that are going to buy house in Malaysia are subjected to state consent. Every state will have their requirement. For Kuala Lumpur and Wilayah Persekutuan the minimum house value must be RM1 million. For Selangor and Cyberjaya area, the house value must be at least RM2 million in value.
Next, foreigner are subjected to lower loan facilities and this mean they can take loan up to 70% in total house value only. If the property is priced at RM1,000,000.00 the foreign buyer can only take loan amount up to RM700,000.00 only. This is subject to bank approval off-course.