Tag: Housing Loan Reduce Principal

How To Reduce Your Al Rajhi Housing Loan Principal

If you have extra money and want to reduce your housing loan principal with Al Rajhi bank, below are the steps.

Steps to Reduce Housing Loan Principal

al rajhi housing loan reduce principal form
al rajhi housing loan reduce principal form
  1. Fill up the form provided by Al-Rajhi Bank
    – the amount to reduce principal
    – your saving account number with Al Rajhi (underline after “For Dossier”)
    – your housing loan account number
    – your address, date and identification number
    – sign the letter
  2. Send the filled up form to to customersupport@alrajhibank.com.my.
  3. Ensure the amount is in your Al Rajhi bank account.
  4. Ensure Al Rajhi provide you with acknowledgement.
  • The amount to reduce must be more than your monthly installment.
  • It takes 7 working days to process
al rajhi acknowledgment principal has been reduced
al rajhi acknowledgment principal has been reduced
Notes

This information is verified as of 14th July2021. I have done 2 times pre-payment or reducing my principal using this method.

How To Reduce Maybank Housing Loan Principal @ Prepayment

I have a housing loan with Maybank. So  I want to know how to reduce the principal. So I called Maybank call centre and according to the call centre, I need to deal directly with Maybank branch where I applied my housing loan.

If you don’t know the branch phone number you can get it from Maybank call centre.

When I call to Maybank branch where I applied my loan, the person in charge informed me the steps.

1) Transfer Extra Payment Directly to Maybank Housing Loan

  • The extra payment is parked at advance payment but the outstanding loan is still be reduced

2) Outstanding Loan will be Automatically Reduced

3) If Advance Payment is More than the monthly payment, Standing Instruction (SI) is automatically stop for next payment cycle (If you pay from SI)

4) If you want Advance Payment to be transferred directly to Loan Principal

  • Go to any Maybank branch to give instruction to transfer the advance payment.
  • It requires customer thumb print to do this thats why have to go to the branch.

Notes:

  • I called Maybank on 3rd May 2021.
  • Please verify with your branch to double confirm

How To Reduce Al Rajhi Housing Loan Principal

If you have extra money and want to reduce your housing loan principal with Al Rajhi bank, below are the steps.

Steps to Reduce Housing Loan Principal

  1. Send an official letter to Al Rajhi,
    • state the amount to reduce principal
    • state your saving account number with Al Rajhi
    • state your housing loan account number
    • authorize Al Rajhi to deduct the amount from your saving account with Al Rajhi
    • sign the letter
  2. Ensure the amount is in your Al Rajhi bank account
  3. Email the soft copy letter to customersupport@alrajhibank.com.my
  4. Ensure Al Rajhi provide you with acknowledgement
  • There is no minimum amount to reduce the principal
  • It takes 7 working days to process
Notes

This information is verified as of 31st March 2020, when I made a call to Al Rajhi call centre. Better to double confirm with Al Rajhi regarding your housing loan.

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