1. What is Maybank Home Loan?

Maybank offers competitive home loan packages in Malaysia with interest rates starting from 2.88% p.a. The loan tenure can go up to 35 years depending on applicant's age and financial profile.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

• \( P \) — Principal loan amount (MYR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Total number of monthly payments (loan term in years × 12)
• \( PMT \) — Monthly payment amount (MYR)

Explanation: This formula calculates the fixed monthly payment required to fully repay a loan over its term, including both principal and interest components.

3. Importance of Loan Calculation

Details: Accurate loan calculation helps borrowers understand their financial commitment, plan their budget, and compare different loan packages effectively.

4. Using the Calculator

Tips: Enter the principal amount in MYR, annual interest rate (Maybank's current rates start from 2.88%), and loan tenure in years (up to 35 years).

5. Frequently Asked Questions (FAQ)

Q1: What is Maybank's current home loan rate?
A: As of 2023, Maybank's home loan rates start from 2.88% p.a., but actual rates may vary based on loan package and applicant's profile.

Q2: What is the maximum loan tenure?
A: Maybank offers home loans with tenure up to 35 years or until age 70, whichever comes first.

Q3: Are there other fees involved?
A: Yes, there may be processing fees, legal fees, and valuation fees. The calculator shows only the principal and interest components.

Q4: Can I get 100% financing?
A: For first-time home buyers, Maybank offers up to 100% financing under certain schemes. Most loans require minimum 10% downpayment.

Q5: How accurate is this calculator?
A: This provides an estimate based on fixed interest rates. Actual payments may differ due to rate changes, fees, or insurance premiums.