AIA Fixed Rate Home Loan @ 2008

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AIA MORTGAGE SAVE

Comes with 100% Protection against Death & Permanent Disability at affordable premiums PLUS Guaranteed Savings and Cash Value


AIA MORTGAGE SAVE      LOAN TO VALUE (LTV) 80%-90%           (LTV) < 80%
Zero Moving Cost (ZMC)       5.85% pa for entire loan tenure                           5.75% 
Non ZMC                                 5.70% pa for entire loan tenure                           5.60% 

The additional terms and conditions for AIA Mortgage Save are as follows:

1) Customers would be required to purchase a new AIA Whole Life Non-Par (WLNP) policy to fully cover the loan.

2) The new AIA policy purchased is to be assigned to the loan and must be kept in force throughout the entire loan duration. A lapse in policy due to non payment of the premiums will result in the loan reverting to the normal rates of 5.99% p.a. from the date policy is lapsed and the benefits terminated.

3) Cash value is guaranteed with the condition that the policy premiums are paid promptly and subject to other terms and conditions of the AIA WLNP policy.

4) Eligibility for AIA Mortgage Save is also dependent on the insurability and the health conditions of the clients.

Who can apply?

· Individual Malaysian Citizens or permanent residents.

· For Self Employed - The business established for at least 3 years and operating profitability for the past 3 years.

Properties Financed

Completed residential properties with permanent Cerfiticate of Completion & Compliance (CCC)

· Landed - Klang Valley, Penang/Seberang Prai, Sg. Petani & Kulim, Seremban, Johor Bahru, Ipoh, Kuantan, Malacca Town, Kota Kinabalu, Kuching and Batu Pahat only.

· Non-landed e.g. apartments, condominiums & townhouses - Penang Island & Klang Valley only (excluding Kajang and Klang).

· Note: For leasehold land, the unexpired land lease must exceed 30 years upon maturity of the loan ( for Peninsular Malaysia and Kota Kinabalu only).

Excluding residential properties located at landslip/flood prone area/ Oxidation pond/power station, T-junction and native land.

Under construction properties – available within AIA’s approved list of panel of developers and projects.

Loan Tenure – Up to 30 years or age 65 whichever is earlier.

Minimum Loan Financed : RM 100,000

Margin of Financing (MOF)

· MOF is based on Open Market Value (OMV) or purchase price whichever is lower for new purchase.

· OMV shall be based on the valuation report prepared by AIA panel of valuers.

	Landed Properties	Non-landed Properties
New Purchase (Up To)	90%	80%
Refinancing (Up to)	80%	80%

*Note: Exceptions can be considered on a case by case basis. MOF is subject to the discretion of AIA Bhd.

Prepayment Fee for Non Zero Moving Cost (NZMC package)

There will be a prepayment fee levied should the loan be refinanced or settled due to sale of property within the 1^st 5 years from the date of 1^st drawdown. The prepayment is chargeable at the rate of 0.35% times the number of remaining years of loan (not exceeding 4% subject to a minimum rate of 2%) times the amount prepaid. The prepayment fee will be waived if settlement or partial settlement is from own savings and / or withdrawal of EPF. If due to the sale of property, the fee can be waived if it is replaced by another loan subject to the discretion of AIA.

Prepayment Fee for Zero Moving Cost (ZMC package)

A prepayment fee of 3% of the approved loan amount will be levied if the loan is settled within 5 years from the date of 1st drawdown.

Insurance

· Houseowner Insurance on the property to be taken with AIA for landed properties.

· All loans under AIA HOME LOAN packages are to be adequately protected by AIA Group Mortgage Reducing Term Assurance (MRTA) or AIA life policies and for AIA Mortgage Save it is packaged together with AIA new Whole Life Non Par.