Is an AmBank Islamic Home Loan Right for Me?
The home loan packages offered by AmBank Islamic are Shariah compliant and based on the concept of Bai Bithaman Ajil (BBA) – the sale of goods on a deferred payment basis. The conventional Home Financing-I is a basic term loan and the Flexi-Home Financing-I is a full-flexi package that comes with a linked current account. AmBank Islamic’s full-flexi package allows the borrower to make extra repayments to decrease interest charges. Despite being variable rate products, the maximum interest chargeable for all home loan packages is capped.
AmBank applies risk-based pricing to price home loans. This means the credit rating, banking habits and payment affordability play a role in determining the interest pricing offered to AmBank Islamic home loan applicants.
AmBank Islamic Home Loan comes with a zero lock in period. In case you’re planning to make an early settlement and redeem your loan – through a property sale or refinancing – it can be done without incurring an early settlement penalty.
AmBank Islamic can provide a margin of financing of up to 90% and extra 5% to finance your MRTA (Mortgage Reducing Term Assurance) or other entry costs such as stamp duties and legal fees. Home loans are granted up to a maximum loan period of 30 years or up to age 65 whichever is earlier.
An AmBank Islamic Home Loan calculator is prepared to help you with your budget planning. By inserting your loan amount and loan duration, the AmBank Islamic Home Loan calculator will show you the interest rate that will most likely be charged on your home loan together with your monthly loan repayment.
AmBank Islamic Home Loan Packages
AmBank Islamic offers two Shariah compliant home financing packages based on the concept of Bai Bithaman Ajil (BBA), which is the sale of goods on a deferred payment basis. The key features of the Flexi Home Financing-I package and the Home Financing-I package are highlighted in the table.
Is this a flexi package?
Equipped with a variable rate and a maximum capped profit rate
Processing fee is waived
Discount on early settlement penalty
Yes, full flexi
Fixed financing rate and payment schedule
Legal Fees/ Stamp Duty waived for completed and refinancing units
Details of AmBank Islamic’s Flexi Home Loan Packages
Flexi home packages come with requirements, fees and conditions that should be considered together with the benefits. Borrowers can make extra repayments through these packages to reduce the monthly interest charges on their home loans (effectively reducing the overal interest charges that they incur).
||Flexi Home Financing-i
|Is a linked bank account required?
|Account Maintenance Fees
||RM10 per month
What Documents Will I Need to Prepare?
In order for the bank to process your AmBank Islamic Home loan application, you will need to provide some supporting documents:
* 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?
Based on your desired property value and loan amount, you can calculate for your monthly repayments by using the AmBank Islamic home loan calculator. A free enquiry can be made once you have identified a suitable loan amount for you and our mortgage conculatant will call you back to assist you with your application. Home loan application through iMoney is free of charge.
If you are not sure whether this home loan by AmBank Islamic is your best option,click here
to compare other home loans in Malaysia.
Is It Easy to Repay My AmBank Islamic Home Loan?
These are the methods you can use to repay an AmBank Islamic Home Loan
: Transfer funds from your AmBank Islamic Savings or Checking accounts to make your payments online
: Pay your loans at any of the MEPS ATMs (over 5,000) nationwide
: Pay your loans through the Interbank GIRO fund transfer at the participating bank’s branch or through
Standing Instruction Facility
: Automatic deduction from your bank account every month
: Transfer funds from your AmBank Islamic Savings or Checking accounts to make your payment at all Citibank branches
Express Payment machine
: Make a check or cash deposit at AmBank Islamic branches
Payment by Mail
: Mail to AmBank Islamic 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
Hong Leong Islamic Home Loan
: Hong Leong Islamic Bank 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. There is no lock-in period for this housing loan.
Kuwait Finance House Home Loan
: At Kuwait Finance House, the home loan rate starts from Base Rate (BR) 2.96%. There is no option of a flexi loan package available for this loan and there is a maximum of 90% margin of financing. There is a 5 year lock-in period for this home loan.
RHB Islamic Bank Home Loan
: The mortgage loan rate from RHB Islamic Bank starts from Base Rate (BR) 4.00%. 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 mortgage is 3 years.