• Interest Rate (p.a)

    4.75%

  • New Base Rate

    4.1%

  • Loan Type

    Flexi Loan

  • Lock in Period

    3 years

Loan calculator
Loan amount

RM

Loan Tenure (years)
Interest Rate (p.a)

4.75%

Monthly Repayment

RM2,608

Whats so great about AmBank Islamic Home Loan?
  • Full Flexi Packages
  • Best for loan amounts from RM300,000-RM600,000
  • Risk-based Pricing: Better rates for good credit borrowers

Eligibility

Minimum Age: 21 Years
Loan Tenure: Up to 35 Years
Margin of Finance: 90% + 5% for MRTA financing with AmLife Insurance
Suitable for: All individuals, joint applicants, residents and non-residents and completed & under-construction properties, refinancing.

Product Review by iMoney

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.
Product Key Features Is this a flexi package?
Flexi-Home Financing-i
  • Equipped with a variable rate and a maximum capped profit rate
  • Processing fee is waived
  • Discount on early settlement penalty
Yes, full flexi
Home Financing-i
  • Fixed financing rate and payment schedule
  • Legal Fees/ Stamp Duty waived for completed and refinancing units
No

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
Flexi type Full-Flexi
Is a linked bank account required? Yes
Account Maintenance Fees RM10 per month
Redrawal Fees No

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 Online Transfer : Transfer funds from your AmBank Islamic Savings or Checking accounts to make your payments online MEPS : 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 Citibank ATMs : 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 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
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.