Is an Alliance Islamic Bank Home Loan Right for Me?
Alliance Islamic Bank offers two Shariah-compliant product packages to suit different individual needs. Alliance Bank i-Wish Home Financing-I is a basic term loan which entitles you to a full waiver on the stamp duty when you refinance from a conventional home loan to Islamic financing, enabling you to save on a portion of the upfront costs related to home loans. The i-Wish Flexi Home Financing-i package is a full-flexi home loan, which is linked to the current account. Depositing extra repayment amounts regularly allows you to save on your interest payments over the long run. With both Alliance Islamic Bank home loan packages you are protected against BFR (Base Financing Rate) increase by the application of a capped ceiling rate
Alliance Islamic Bank Home Loan features a lock-in period of 3 years, which is an average lock-in period, competitive with other home loan products from most banks. In case you want to make an early settlement and complete your loan repayment before the 3-year period ends, you will expect to pay a penalty fee of up to 3% on your outstanding loan amount.
Alliance Islamic Bank provides a margin of financing of up to 95% including MRTA (Mortgage Reducing Term Assurance) from a partner insurance provider or up to 90%. The maximum loan period is 35 years (in accordance with the latest ruling by Bank Negara Malaysia), or up to age 70, whichever is earlier. Home loan packages by Alliance Islamic bank are suitable to finance any type of completed or under-construction property, sub-sale, top up borrowing as well as refinancing
from another and unencumbered property financing.
Alliance Islamic Bank home loan calculator is prepared to allow you to determine your new monthly commitment with the loan amount that you want to take. The Alliance Islamic Bank home loan calculator also shows you the interest rate for your loan amount and loan duration. Use the Alliance Islamic Bank housing loan calculator to help you plan your finances and increase the chances of your loan application approval.
Alliance Islamic Bank Home Loan Packages
Alliance Islamic Bank provides two Islamic home loan packages that are based on the concept of Bai Bithaman Ajil (BBA), which is the sale of goods on a deferred payment basis, in the form of the i-Wish Home Financing-I and i-Wish Flexi Home Financing-i. We highlight the key features of each package for your comparison in the table.
Is this a flexi package?
i-Wish Home Financing-i
Islamic basic home financing package
20% off from stamp duty for new loans
Stamp duty is excluded when refinancing from a conventional loan
No establishment charges or monthly maintenance fee
Protection from BFR increase
Details of Alliance Islamic Bank’s Flexi Home Loan Packages
A borrower can reduce their monthly interest charges (hence overall interest), by making extra monthly repayments through Flexi home loan packages. Requirements, fees and conditions that come with these packages should be considered together with the benefits.
||i-Wish Home Financing-i
|Is a linked bank account required?
|Account Maintenance Fees
|Redrawal Terms and Conditions
||5 days notice needs to be given
Am I Eligible for an Alliance Islamic Bank Home Loan?
Anyone above the age of 21, with a minimum loan amount of RM100,000 can apply for an Alliance Islamic Bank home loan.
What Documents Will I Need to Prepare?
There are some supporting documents that will be needed in order to process your Alliance Islamic Bank home loan application. The documents required are:
* 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?
Calculate the monthly repayments for your desired property and loan amount by using the Alliance Islamic Bank home loan calculator. Once you have identified the ideal loan amount, you can apply through iMoney for a free consultation. Applying for mortgage with iMoney is absolutely free of charge.
If you are not sure whether this home loan by Alliance Islamic Bank is your best option, click here
to compare other home loans in Malaysia.
Is It Easy to Repay my Alliance Islamic Bank Home Loan?
: Payments can be made online by transferring funds from your Alliance Islamic Bank savings or checking accounts
: Loan payments can be made at any of the 5,000 MEPS ATMs nationwide
: Pay your Alliance Islamic Bank housing loan 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
Alliance Islamic Bank ATMs
: Transfer funds from your Alliance Islamic Bank Savings or Checking accounts to make your payment at all Alliance Islamic Bank branches
Express Payment machine
: Pay for your Alliance Islamic Bank mortgage by making a check or cash deposit at Alliance Islamic Bank branches
Payment by Mail
: Mail to Alliance Islamic Bank with your check and statement enclosed in an envelope
: 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
HSBC Amanah Home Loan
: The home loan rate from HSBC Amanah starts from Base Rate (BR) 3.90%. The option of a flexi loan package is available and there is a maximum of 90% margin of financing. There is a 5 year lock-in period for this home loan.
OCBC Home Loan
: At OCBC, the mortgage rate starts from Base Rate (BR) 4.02%. It does come with a flexi loan package and there is a maximum of 90% margin of financing. There is no lock-in period that comes with this mortgage.
AmBank Home Loan
: AmBank Group provides a housing loan rate starting from Base Rate (BR) 3.99%. The option of a flexi loan package is available and there is a maximum of 90% margin of financing. The lock-in period for this housing loan is 5 years.