Maybank Home Loans

Maybank in Singapore has a wide range of home loans to choose from, the suitability of which will depend on your circumstances. The bank, which has 21 branches island-wide, offers more than just property financing in Singapore – you may also be able to secure deals for properties in Malaysia, Australia and London.

Read on to find out what you need to know about Maybank Home Loans.

More about Maybank

Singapore is one of Maybank Group’s largest overseas operations. It first opened in Singapore in 1960 and established a significant presence in the retail, wholesale and global banking markets. Maybank Singapore currently offers credit cards, insurance, deposits, private wealth and SME banking services. Maybank’s Singapore divisions also offer global banking services, (e.g. loans/financing, trade financing, remittances and more) to cater to the banking needs of corporate and institutional clients.

Maybank mortgage features

Maybank has multiple home loans for both investors and owner occupiers. The key loan features include:

• Deposit size. You can borrow up to 75% for a private property home loan or a HDB home loan in Singapore.
• Loan repayment schedule. You can request for a loan repayment schedule from the bank, so that you have a clearer idea of the amount you’d have to pay.
• Interest rate structure. Maybank’s fixed rate terms can be locked-in for up to five years. Many of Maybank’s Floating Rate Home Loans are pegged to the bank’s home loan board rates known as Singapore Residential Financing Rate (SRFR). Such rates may be revised by the Bank from time to time, with 30 days’ notice.
• Overseas property financing. For investors buying an overseas property in London, Australia or Malaysia, you will be able to finance your property from Singapore through Maybank’s overseas property financing services.

Features of Maybank’s overseas property home loans

• London. Loans of up to 80% – choose if you want to finance in GBP or SGD. Loans are available for both ready-to-move-in or under-construction properties.
• Australia. Loans of up to 70% – choose if you want to finance in AUD or SGD. Loans are available for both ready-to-move-in or under-construction properties.
• Malaysia. Loans of up to 70% – you can apply for properties in Johor Bahru, Penang, Malacca and Kuala Lumpur only. Shariah-compliant financing is also available.

How to apply for a Maybank home loan

You can apply for a Maybank home loan deal by visiting this provider’s website. Make sure you meet the eligible requirements and have all the relevant documents to hand before you start your application.

Eligibility criteria

Each Maybank product has specific eligibility criteria but some will apply to all products. For example:

• Age. You must be over 18 years of age.
• Employment. You should have a regular source of income.
• For HDB flat purchases, you’ll need to fulfil HDB’s specific purchase requirements.

Documents required

The documents you will be expected to provide for a home loan application with Maybank typically include:

• Identification documents. You will need identification such as your ID or passport.
• Proof of income documents. Recent 3-month payslips, as well as your latest CPF contributions.
• Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
• Property information. Option-to-purchase, sales and purchase documents, as well as property valuation report.

Frequently asked questions

Are there any extra fees and charges I should be aware of?

Some of the extra charges you could expect to face include:

• S$800 admin fee for loan restructuring/variation
• S$200 for amending the loan redemption date
• S$500 per year, per title deed for the safekeeping of the title deed for fully repaid loans. (Prevailing GST will be levied.)
• S$100 per ad-hoc request of your property’s Loan Redemption Statement (aside from the preliminary and final statements, which carry no charge)

What about fire insurance, is it mandatory?

Yes, you’ll need fire insurance to insure your property against fire hazards.

What’s the most I can borrow with Maybank?

The maximum loan amount with Maybank is 80% of the property’s net purchase price or market valuation – whichever is lower. For refinancing, you may be able to borrow up to the full outstanding loan amount, subject to the bank’s approval.