Bank Housing Loan

a site that offer you with information of housing loan.

AmBank Any Good?

Background of AmBank

AmBank is so far the 5th largest banking institution in Malaysia in terms of capital. The bank is having over 200 branches and outlets after undergo consolidation for a few times. AmBank is currently offering consumers and companies with a variety of financial products and services which are of course including housing loans.

For housing loan or home loan, AmBank does come with a range of products to cater for different consumers’ needs.

Resident Property Financing

It is a mixture of term loan and overdraft. It is possible for you to lower the interest for your loan by making extra payments and the flexibility for redrawing is available.

HomeLink provides you with the facility for you to integrate your account into the bank system for easy monthly payment and monitoring. Besides, you are able to withdraw cash via any Ambank ATM or issue cheque with your cheque book.

Family 1st HomePlan
By getting this loan, you will have 5 years of fixed rate loan and you will not have to worry about the interest fluctuation. You will need to come out with predetermined payment for other expenses and get a consolidated family accounts to ease the supervision.

AmIslamic Bank Home Financing-i
This is a Syariah compliant financing loan that offers you with both fixed rates and variable rates. Your profit rate can be capped up to 9.99%.

Skim Rumah Pertamaku(My First Home Scheme)
You can entitle for 100% loan. The loan also available in fixed rates and variable rates. You are able to choose either go for MRTT or MRTA and the tenure for the repayment is with a maximum period of 30 years. However, there are couple of conditions that you need to meet in order for you to entitle for the loan.

Commercial Property Financing

This business loan is combines of term loan and overdraft. The loan that is with MRTA will allow you to borrow with a maximum of 85%. The benefit of the loan is that you will not have to pay for any processing fee. The repayment tenure is 20 years or up to 60 years old depends on whichever apply first.

The terms and conditions are just the same with HomeLink except this is for business financing and HomeLink is for individuals.

AmIslamic Bank Property Financing-i
This loan is also similar with AmIslamic Bank Home Financing-i except this loan is for business financing.

Bad Experience With AmBank

Note: To protect the innocent, the post will keep the name anonymous by refer her to Linda.

Few months ago, Linda was called up the customer service from AmBank to make an inquiry regarding a bank statement as she wished to pay up a portion of her housing loan. She had to keep calling for a couple of times and finally after half an hours passed only she managed to get someone on the phone and after another 20 minutes of conversation only they managed to collect all the necessary information for them to run the process.

Linda was frustrated as she claimed that every time she contacted the AmBank customer service, she will have a different officer spoke to her and what came across her mind was that none of them know much about the financial thing. She was being transferred to numerous different departments and only got the right person to talk to.

She expressed her intention articulately for settling on part of the loan and the officer seems like acknowledged on all the words that she said so she thought there will be no issue at all. But after 2 months, when she receives the loan statement, to her surprise that nothing has been changed. She called up the customer service again and she was informed that no such request was received by them! Her mistake as she didn’t remember the name that she talked to earlier and they were accused her for creating all the troubles! She was getting annoyed and has decided to switch the housing loan to other bank.

This is one of the cases that being feed backed by the consumer. Besides, most of the customers are thinking that AmBank is actually a loan shark with legal license as they think a lot of charges that incurred by the bank is very unreasonable. They are thinking that AmBank seems like no-brainer and treating very bad for their customers. AmBank is in need to improve their services very much if they want to continue to stay in the financial business.