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Maybank Home Loans

Maybank Home Loans
(Product Review)

Updated September 29, 2022

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Product Review

Maybank is one of Asia’s leading universal banking groups which also offers attractive mortgage lending solutions. It is located in Kuala Lumpur, Malaysia’s capital city but conducts 25% of its operation in Singapore. The bank is known to offer attractive introductory interest rates to prospective homeowners. However, these rates rise significantly after the first year.

Maybank is the fourth largest operating bank in Southeast Asia – whose parent company is the Maybank Group. Due to its financial capacity and proficiency level from 60 years of committed service, Maybank Singapore has a total net worth of S$81.5 billion in assets (according to its updated annual report).

Maybank also provides Islamic financial services like Shari’ah-compliant property loans to business enterprises and standard mortgaging services to prospective homeowners. Its mortgage bundles for home loan features bonuses like cash prizes, shopping coupons, special renovating loan packages and many more.

With over 6 decades of operation, Maybank is recognised as a reliable source of reasonable home loans in Singapore. The bank’s branch in Singapore has the globally recognised credit rating of “A1/P-1” which was given by S&P. This rating holds a high grade on the assessment scale.

Maybank tends to offer low first-year interest rates that quickly increase when market rates change- which affects the overall loan bill. Therefore, Individuals interested in refinancing their home loans frequently should consider the bank’s services. While borrowers considering mortgages with total loan cost will find the bank’s offerings unsatisfactory.

Maybank’s Applicable Mortgage Fees

Maybank has standard service fees associated with its home loans. These charges include partial repayment fees, full redemption charges and termination penalties. The table below gives a detailed description of Maybank’s fees according to each loan type.

Loan Type Partial Repayment fee Full Redemption Pinalty Cancellation Fee
Completed 1.5% 1.5% 0.75%
BUC N/A 0.75% 0.75%

Maybank HDB Home Loans

Maybank generally offers HDB home loans with sign-up interest rates for fixed and floating rates. However, Maybank’s total loan cost is more expensive when compared with other mortgaging banks. This occurs due to the significant increase in their fixed interest rates after the lock-in period has been exhausted. Live rates of Maybank’s HDB loan offerings are listed in the table below.

Bank 1st Year Interest Lock-in Period
MB Board Check Live Rates 2 Years
MB 3M SORA Check Live Rates 1 Year
MB 1M SORA Check Live Rates 1 Year

Maybank also grants moderate introductory interest rates for BTO projects and is usually more affordable in later years of the loan’s lifespan. This emphasizes that Maybank is suitable for individuals willing to regularly refinance their home loans. The updated interest rates of Maybank’s BTO project loans are stated in the table below.

Bank 1st Year Interest Lock-in Period
MB Board Check Live Rates 0
MB 3M SORA Check Live Rates 0
MB 1M SORA Check Live Rates 0

Maybank Private Property Home Loans

Maybank provides acceptable introductory fixed and floating rates for loans regarding private property. The bank rates are fit for individuals willing to regularly refinance their home loans and unsuitable for individuals that plan to utilize their initial loan terms until their lifespan is exhausted. For a current live view of Maybank’s private home loan rates, study the table below.

Bank 1st Year Interest Lock-in Period
MB Board Check Live Rates 2 Years
MB 3M SORA Check Live Rates 1 Year
MB 1M SORA Check Live Rates 1 Year

In addition to Maybank’s other loan types: is the provision for private property under construction. It makes available cost-effective first-year interest rates which tend to increase in coming years. Thus homeowners who will refinance their home loans every few years should take note of this bank. The table below describes the introductory rates of private property in Maybank.

Bank 1st Year Interest Lock-in Period
MB Board Check Live Rates 0
MB 3M SORA Check Live Rates 0
MB 1M SORA Check Live Rates 0

PROMOTIONS

APPLICATION PROCESS

  • Launch Application via the ROSHI Marketplace

    Once your application is live you will be able to review suitable loan options on your dashboard. One of our mortgage brokers will follow up with you to discuss the best available options and next steps.

  • Choose Suitable Mortgage Option

    After you’ve decided on a preferred mortgage option one of our mortgage brokers will help process your application.

  • Settle Fees & Charges

    Settle all fees (option fee, option exercise fee to the seller as well as the relevant buyer’s stamp duty fee in case you are purchasing a private property).

  • Appointment Date & Signing

    Attent your property purchase appointment date and sign all legal documents for the transfer of the property, paying all legal and valuation fees.

PRODUCT HIGHLIGHTS

  • Accessible First-Year Interest Rates

    Suitable for individuals seeking low first-year interest rates

  • Frequent Refinancing plans

    Favorable to borrowers planning to refinance their loans every few years

  • Higher Refinance Loan Budget

    Convenient for Homeowners planning to refinance home loans of S$300,000 and above

  • Steep Total Mortgage Rates

    Total loan costs are more expensive when compared to other banks

ALL DETAILS

Loan Features

  • Low first-year interest rates, substantially higher rates in following years
  • Minimum principal loan: $300,000
  • Frequent Refinancing

EXTERNAL REVIEWS

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