Is An Al-Rajhi Bank Housing Loan Right For Me?
Al-Rajhi Bank Housing Loan does not have a lock-in period, which is among the very few banks that have housing loan products with no lock-in period. You will not need to pay anything any penalty fees even if you decided to make an early settlement for your mortgage.
Instead of the usual clutter of housing loan packages offered by respective banks, Al-Rajhi Bank simplifies this by only offering one such home loan product, Home Financing-i that is internationally Shariah compliant. This package by Al-Rajhi Bank comes with a fixed monthly instalment which gives you the stability for better planning of your monthly budget.
Al-Rajhi Bank provides a margin of financing up to 90%. The housing loan product also comes with a maximum loan period of 25 years (below the limit of the latest ruling by Bank Negara Malaysia to curb with rising house prices and bankruptcy). Al-Rajhi Bank’s benchmark BFR is higher than that of most Islamic banks. It currently stands at 6.9%.
Al-Rajhi Bank Mortgage Package
Al-Rajhi Bank comes with a basic Islamic home financing package that is Shariah compliant in the form of Home Financing-i. The key features of the package are highlighted by us for your comparison:
Is this a flexi package?
Profit rate as low as BFR - 2.45%
Margin of financing up to 90%
Loan tenure up to 25 years
Am I Eligible for an Al-Rajhi Bank Housing Loan?
If you are a Malaysian, you are eligible for this mortgage if you are at least 21 years old. Al-Rajhi Bank only finances properties above RM100,000 only.
What Documents Will I Need to Prepare?
If you have applied for an Al-Rajhi Bank home financing, you will be asked to provide some supporting documents in order for the bank to process your application. These documents are listed below:
- Application Form
- NRIC / Identity Card
- Copy of Sales and Purchase or Booking Receipt or Letter of Offer from Developer
- Copy of Individual Title Deed
- Property Valuation Report (for completed properties)
- Latest 3 consecutive months of salary slips / vouchers
- Latest 6 consecutive months of commission statement
- Latest EPF statements (with 3 consecutive months or more transaction history)
- Latest EA form
- Latest 6 months Bank Statement
- Letter of Confirmation of Employment and Remuneration
Sounds Great! How Should I Proceed?
The Al-Rajhi Bank home loan calculator allows you to determine your monthly loan repayment based on your desired property value and loan amount. Once you have identified with the loan amount which you are comfortable with the monthly repayments, you can make a free enquiry through iMoney and our mortgage consultants will assist you with enquiries.
If you are not sure whether this home loan by Al-Rajhi Bank is your best option, click here to compare other home loans in Malaysia.
Is It Easy to Repay my Al-Rajhi Bank Mortgage?
- Online Transfer
- Transfer funds from your Al-Rajhi Bank Savings or Checking accounts to make your payments online
- Pay your loans at any of the MEPS ATMs (over 5,000) nationwide
- Interbank GIRO
- Pay your loans through the Interbank GIRO fund transfer at the participating bank’s branch or through online banking
- Standing Instruction Facility
- Automatic deduction from your bank account every month
- Al-Rajhi Bank ATMs
- Transfer funds from your Al-Rajhi Bank Savings or Checking accounts to make your payment at all Al-Rajhi Bank branches
- Express Payment machine
- Make a check or cash deposit at Al-Rajhi Bank branches
- Payment by Mail
- Mail to Al-Rajhi Bank with your check and statement enclosed in an envelope
- Phone Banking
- Issue instructions to have your bank account deducted to pay for your home loan with your T-PIN
If you are looking for other home loans, you may also consider
- CIMB Islamic Home Loan
- At CIMB Islamic, the mortgage rate starts from Base Rate (BR) 4.00%. It does come with the option of a flexi loan package and there is a maximum of 90% margin of financing. There is no lock-in period for this mortgage.
- CIMB Bank Home Loan
- The housing loan rate from CIMB Bank starts from Base Rate (BR) 4.00%. There is available the option of a flexi loan package and a 90% margin of financing. The lock-in period for the housing loan is 3 years.
- OCBC Home Loan
- OCBC provides a home loan rate starting from Base Rate (BR) 3.92%. There is available the option of a flexi loan package and a 90% margin of financing. There is no lock-in period for this home loan.