10 August, 2022

Financial Guide, Property Guides

If money has always been the biggest hurdle to getting your very own property, perhaps step-up financing is your solution. Read on to find out how step-up financing coupled with the Mah Sing H.O.M.E. campaign could finally allow you to purchase your dream home.

What is the Step-Up Financing loan plan?

In 2017, the 1Malaysia Peoples’ Housing (PR1MA) Corporation, introduced a special flexible loan scheme known as the Special PR1MA End Financing Scheme. This step-up financing loan plan was designed to allow middle-income groups earning between RM2,000 and RM15,000 to purchase homes. It was beneficial to these groups as they had access to a higher loan amount while enabling eligible applicants to pay their monthly mortgage at a lower amount than with regular loans.

Where can I apply for the Step-Up Financing loan plan?

Have we gotten your attention? Now comes the good part—you have your pick between three different banks that offer step-up financing loan plans. CIMB, Affin Bank, and Maybank each have their own packages. Below, we detail them so you can pick which suits your preference best.

Bank Package NameInformation
CIMBStep Up (Flexi Own)
  • In the first five years of your loan tenure, your monthly installments are reduced by up to 10%.
  • You begin paying full installments from the sixth year onwards.
  • With a lower monthly installment, you can afford to purchase property with higher prices.
Affin BankHome Step Fast-i
  • You make a payment of profit only for the first five years, resulting in a lower monthly commitment.
  • Your rental (monthly payment) is calculated based on daily rest saves overall profit costs.
  • Protection against a higher rate by profit rate capped at 10% per annum.
MaybankMaxiHome Ezy
  • Lower monthly commitments for the first five years.
  • Flexibility to withdraw excess funds online via Maybank2u or in a branch.
  • However, this plan is only applicable for a minimum property purchase price of RM100,000 to a maximum of RM2,000,000.

 

Get your dream home with Mah Sing H.O.M.E.

Alongside these banks that provide step-up financing, Mah Sing is also making it easier for you to own a home with the new Mah Sing Home Ownership Made Easy (H.O.M.E.) package. CIMB, Affin Bank, and Maybank are Mah Sing’s panel banks, making it more convenient for you to apply for their step-up financing loan packages.

These are more incentives you can enjoy with the Mah Sing H.O.M.E. campaign:

  • Free stamp duties on specific Mah Sing projects (find out more here).
  • Get additional rebates on Mah Sing projects that allows you to offset the 10% downpayment on your home.
  • Debt service ratio (DSR) for step-up financing packages are based on the installments for the first five years, making it easier for you to get loan approvals.
  • Lower monthly installment rates for the first five years of your loan tenure.

What are you waiting for? Purchasing a home is now more accessible thanks to the Mah Sing H.O.M.E. programme. Find out more about it here.

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Admiral (R) Tan Sri Dato' Seri Abu Bakar Bin Abdul Jamal

Chairman/Independent Non-Executive Director

NATIONALITY: Malaysian

DATE OF APPOINTMENT: 1 August 2023

ACADEMIC / PROFESSIONAL QUALIFICATION(S)

Admiral (R) Tan Sri Dato’ Seri Abu Bakar Bin Abdul Jamal was the 10th Chief and the first four-star Admiral of the Royal Malaysian Navy. Admiral (R) Tan Sri Abu Bakar served the Royal Malaysian Navy for almost 40 years both at the staff and command levels culminating in the highest office of The Chief of Navy from 1998 to 2002.

Admiral (R) Tan Sri Abu Bakar was the former Chairman of Affin Fund Management Berhad and also the former Chairman of several companies covering diverse industries post his retirement including naval and marine, property development, construction and automative. He was also a former Board member of Lembaga Tabung Angkatan Tentera (Armed Forces Fund Board).

In recognition of his services not only to Malaysia but also towards promoting international and regional understanding and peace, Admiral (R) Tan Sri Abu Bakar was bestowed the Panglima Setia Mahkota award carrying the title Tan Sri. In addition, he also received international recognition in the form of the following awards:

  1. Bintang Jalasena Utama by Indonesian President Abdul Rahman Wahid on 28 August 2000
  2. Legion of Merit by United States President Bill Clinton on 6 October 2000
  3. Knight Grand Cross of the Most Noble Order of the Kingdom of Thailand by His Majesty King Bhumibol Adulyadej R on 24 February BE2544 (Gregorian 2001)
  4. Legion d’ Honneur by President of France, Jacques Chirac on 17 June 2001

There is no family relationship between him and any director and/or major shareholder of the Company.