I am considering to purchase a condo under housing loan, still on planning stage. Does anyone know which bank offers the best loan rates? Thanks

Previously my housing loan was with UOB. Not too bad. I've heard quite a few people saying that it's not easy to get 90% loan now, averagely would be 80% even if it's your first home. Not sure if this is true. But UOB offered me 90%.

If you are buying a new development, I think it's best you stick to their panel banks. Usually better rates and easier to obtain approval.

Otherwise, you can also check out loan comparison website such as http://loanstreet.com.my/. They are quite good and helpful.

thanks for the reply Mag! really appreciate it !

hmm, yupz, normally new development do have their "prefer" bank to work with them, so you can get the loan more easier :)

Anyway, just for ur infomartion, there is also a very big competitor for loan comparison website which is https://www.imoney.my/

Hong Leong Bank (HLB) is a good option. They were willing to offer me a 90% loan with base-lending rate (BLR) of 2.4% but I decided to go with Maybank because their BLR was higher than HLB (and also because my dad used to work in the Maybank HQ in KL).

If you have contacts or someone you know who works in any bank, you might be able to get some "financial assistance" in that sense from them. They might be able to help you get a good rate. When I approached the Maybank branch in Bangsar and quoted my dad's name, they were more than willing to offer me a good rate and a good BLR. Even though my dad has already retired.

So that's only apply when got insider connection to get special rate? never know about this..

The loan packages may differ from time to time. When looking for the best loan that suits your needs don't always look at the rates. Do compare the repayment options as well for long term savings. Cheers

@nichthinkof30 Haha, so far, that is the case la. It depends on what status your inside connection holds. If the person you know has worked there long enough, and is someone of importance, then you might get a good rate. At the end of the day, it is which bank will offer you a good rate. And whether you are comfortable with that bank.

But @ericoo is right. Loan packages must suit your needs. So the rates are not just the only things you look at.

Erm... It's not really the inside connections that get you the best package though.... Loan rates & packages are highly determine by the amount of loan and financial credibility. Say for example, loan amount of Rm 1mil vs Rm 300k, higher loan amount will get better rates and also if you have low commitments and lots of savings with a particular bank will also ensure that you will have better loan package as well.

I know that bank staff get lower rates. Marry someone who works in the bank. LOL! xD my mom had 2% interest only last time ;)

Oh, forgot! You can bargain too! For example, if say one back gives you 4.3% say, you can bring it over to another bank and show them the offer letter. If the guy seriously and desperately wants the sale, he'll find a way to get his boss to approve it! ;) my friend did that. Lol! She got special rate in CIMB because her mom used to hold a high position there, she then brought the letter to PB and "persuaded" them to give her a lower rate. They gave her lower by 0.2%.

Ahha @ Dianne... good one !! At the moment Pbb has the cheapest staff rates ..try looking for someone attractive working there ... cheers :P

Public bank or Ambank.
Maybank offer not too bad

if you are commission based can go for RHB, HLB or PBB, Maybank usually approve for those who have stable job borrower liked basic salary is high and fixed not based on allowance or commission.

FAMA Bank offers free interest...

I heard RHB now offers good rate and easier approval, just something I heard from my aunt who worked in the prop industry for a long long time haha.

@ppnnkk2011, Father Mother Bank? Haha. Not even FAMA Bank can offer a loan too. 

so far up to date PBB still giving the best rate.

I heard Maybank and UOB not bad. PBB not that good the last time I enquiries about 2 years back. But best to go with developer's panel banks if it's new project.

for me... it all depends ... if you are a priority / premier customer for the bank, you can negotiate for a better rate... 

and bank rate also depends on the amount that you loan...

<100k - Standard Chartered
100k - 200k - UOB / Standard Chartered / MBB
201k - 300k - Ambank / UOB / PBB
301k - 400k - MBB / Ambank / UOB / PBB
501k - 1mil - MBB / CIMB / Ambank / UOB / PBB / Aliance Bank
>1mil - MBB / OCBC / CIMB / UOB / PBB / Aliance Bank

Well at the end of the day, it all depends on your income supporting document and relationship with the bank and last but not least your CCRIS + CTOS + DSR

most likely your status and your relation with the bank which ganna loan you

I personally think that UOB and Hong Leong offer good rates (at least for my needs). I also tried searching through http://www.comparehero.my/personal-loan/all on top of the mentioned service to narrow down more possibilities to simplify the inquiry process, which was super helpful. 

Have you heard of the Value Investment Privilege Fast Track Programme by Sime Darby this year? It seems to be of great value too! =)

Is comparehero.my like iMoney and Loanstreet? 

What's Value Investment Privilege Fast Track Programme by Sime Darby? Is it similar to what Sunway Property is offering? They are offering loan up to 88% to their buyers.

Sime Darby Property is partnering AmBank, Bank Rakyat, Bank Simpanan Negara, Citibank, CIMB, Maybank and RHB as panel of financial institutions for the VIP Fast Track Programme.

Potential purchasers are able to engage with the panel of financial institutions to check their credit status and obtain results quickly. Once eligible, purchasers will then be given a conditional pre-approved loan and they will be able to start shopping for their dream property.

Thank you for the brief explanation! I'm especially excited about the conditional pre-approved loan as it offers incredible flexibility in choosing the best property during the fair. 

@Mag: As for financial comparison sites, they offer reliable resources when it comes to applying for loans. With that said, generally comparehero is similar to the others, except the customer service is really efficient (and unbiased too)

Didn't know there's something like loanstreet and comparehero, Just heard of imoney and savemoney

@phammylinh0311, not sure about 'unbiased' but I heard some loan portals like iMoney, they are bias. They have a few panel banks which offer them higher 'fees', therefore they will especially promote those banks. Not sure about others. 

@JLean, I think there's one more called RinggitPlus

It's true! But you can immediately tell if they are featured products on Comparehero. Because of the transparency, it's more reliable to compare credit cards and loans on the site =D

Thanks Linh! Will check it out. Are you from Comparehero? Or just a big fan??? :P

I'm an expat who is struggling to get a credit card here haha

The current problem now is not the rate, it is loan approval/eligibility. If u are eligible and fulfill banks' criteria, the bank will offer u very good rates.

That depends on the credit record you have and banks can get it check easily without you telling them. If the amount you have in bank area amazing then they will definitely process the loan immediately.

The main issue is actually the citizenship status, most banks only accept those with PR instead of visa. However I found that for credit cards, the approval likelihood varies for banks, based on minimum monthly income requirement.

i am outsource banker. we can help you to get a special rate . Anything may drop an email to me kelvin6108@yahoo.com

@kelvin6108, which bank are you representing?

there is a few tools on-line which can compare the home loans rate and other factor as well to let you choose the most suitable for you , like this one : https://loanstreet.com.my/home-loan

@Idris001 What's the difference between using Loanstreet, iMoney and RinggitPlus in terms of home loan?

@wernloong You may easily use website such as imoney to compare the rates offered. Sometimes, your risk profile might be better and the banks can even offer you better rates than their published rates. 

Also, there are banks such as Bank Simpanan Nasional who offers Youth Housing Scheme for young individuals/couples whereby you can get RM200 monthly to cover your loans for the first 2 years. 

In short, there are many creative offers in the market, and you gotta do you own due diligence and research to find the one that suits you/you like. Good luck!

@breeze 

Yup, there are banks that offer package such as the Youth Housing Scheme by BSN. However, one need to read all the terms & condition of the loan agreement thoroughly. In this case, what happened after the 2 years of payment in terms of payment & profit rate changes. If used wisely, it really can benefit buyers.

@wernloong 

It is prudent for you to check you CTOS score @ https://ctosid.ctos.com.my/ctosid_new/SimpleRegister

And also make a trip to any Bank Negara branch to acquire your credit report, which is free of charge. Just remember to bring along your IC.

@Shafiq_Rahman 

Yes you'r right. In fact, all kinds of documents should be vetted before signing, no doubt. 

The T&C  of youth housing scheme is beyond this post discussion and gotta check with the bank directly. But my intention is to share that besides loan rate, there are other factors that a person should look into.

I think what important when applying for housing loan is to make sure you have a good rating. When bank portrays you as grade 'A' applicant, it is easy to demand for best offers and rate.

@gedzimos 

Yes, even open up the possibilities of asking for an even better offer...

Most of the time, simply need to ask. "Is this the best you can offer?"

My WIP loan under Maybank get 4.3%

@6011_3531_5354 

Is it fixed at 4.3% even after VP?

Subsale, commercial, PJ,  cimb, 4.65%, I know its high.. Just sharing

@JohnL 

Will you consider to refinance it to get better rate?

Can try Public Bank Islamic ... 4.2% like that even below 300k housing loan .

@kksah5097 

Fixed 4.2% for the entire loan tenure?

The hardest to get loan approved would be Maybank, CIMB and Public Bank!

@veron 

Those bank mentioned... Maybank has the lower base rate.

The last time I checked, Maybank BR is set at 3%, which is a far cry from the second lowest bank. Anyone know what does this mean?

@domng Not la Bro ... Have some Terms & Condition after I read back ... Don't be late payment , if Not ....... Hmm

@wernloong thanks for sharing