Who Can Apply
- Open to all permanent employees in the Financial Insitutions irrespective of rank. Joint borrowing allowed provided both husband and wife are employed in licensed financial institutions. Total installment payment can be from a combination of both salary deduction.
- Pre Condition – must be a member of Koperasi Pekerja Pekerja Bank Malaysia Berhad.
- Intending to consolidate financial exposure by settling other loans (Please provide redemption statements).
Conditions
- Min Basic Salary RM 3,000 per month.
- Min Loan RM 50,000.
- Max Loan RM 750,000.
- Min Tenure 5 year.
- Max Tenure 10 years or retirement age whichever the earlier.
- Margin of finance as follows:
| Residential |
80% of Open Market Value (OMV) |
| Land |
60% of Open Market Value (OMV) |
| Commercial |
85% of Open Market Value (OMV) |
| 5 years |
6.0% p.a |
| 6 years but below 10 years |
6.5% p.a |
- All deductions shall be thru Salary Deduction.
- Retention Period is 5 years from date of full disbursement.
- Compensation charges of 5% flat on the original loan amount will be levied during the first 5 years.
MRTT (Mortgage Reducing Term Takful) cover to be taken from our panel insurer.
Processing Fee of RM300.00.
Administration Fees of RM21.20 shall be charged monthly on all borrowers. The administration Fees will be inbuilt into the installment amount before the Consent for Salary Deduction is sent to the borrower's employer.
Fire Policy - for erected building annual fire policy is a must. All fire policy renewal shall be thru Koperasibank's panel insurer. If the amount remains unpaid Koperasibank shall insure the property and the amount shall be charged to loan amount.
Legal fees is included in the financing amount.
On disbursement of the loan, 2 months installment shall be held as "buffer" to circumvent late payments which could arise from funds received late from the FIs (Financial Institutions).
Total deductions inclusive of loan installment and all other deductions shall not exceed 50% of the borrower's basic salary (Employment Act 1955 - Section 24.8).
All payments to Koperasi Pekerja Pekerja Bank Malaysia Berhad shall be thru salary deduction. This would include your monthly Subscription, Insurance Premiums & Loan Installments.
The following are the documents required to be duly completed and forwarded to us.
Use the Check-list. It will guide you thru.
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