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Maybank Refinancing Loans

Maybank Refinancing Loans
(Product Review)

Updated September 29, 2022

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Product Review

Maybank is under the umbrella of the prestigious Maybank group. It is the 4th-ranked bank that is prominent in Southeast Asia. Maybank’s extension in Singapore has a total net worth of S$81.5 billion (according to its latest annual report) with 60 years of banking experience.

Maybank is a progressive commercial bank that offers mortgaging services. It is located in Kuala Lumpur (the capital city of Malaysia) 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 first bank to initiate Islamic financial services such as Shari’ah-compliant property loans to executive businesses and regular home loans to individuals. Its standard home loan services for home loan applications include cash prizes, shopping vouchers, exclusive renovation 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 offers 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 fee, full redemption charges and termination penalty. 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
Tracker 1.5% 1.5% 0.75%
BUC N/A 0.75% 0.75%

Maybank Refinancing Home Loan Interest Rates

Alongside other home loan products, Maybank’s home loan refinancing tends to offer borrowers low attractive rates in the first 1 to 3 years and less competitive rates in the following years. The table below shows Maybank’s current first-year rates.

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

  • Low First-Year Interest Rates

    Individuals seeking low first-year interest rates

  • Frequent Refinancing Plan

    Homeowners planning to refinance their loans every few years

  • Higher Refinance Loans

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

  • Expensive Mortgage Rates

    Offers costly home loans, despite its low introductory interest rates.

ALL DETAILS

Loan Features

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

EXTERNAL REVIEWS

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