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Whats so great about Bank Islam Home Loan?
  • Optional payment holidays for 2 months every year
  • Full suite of Shariah-compliant packages


Loan Tenure: Up to 35 Years
Margin of Finance: 90%
Suitable for: Completed & under-construction properties, refinancing

Product Review by iMoney

Is a Bank Islam Home Loan Right for Me?

Bank Islam offers Shariah compliant home financing and refinancing packages especially suitable for Islamic banking customers. There are 2 main Bank Islam home financing products which offer to the customers. Both Bank Islam home financing are semi-flexi package. One of the renowned Bank Islam Housing financing product namely Bank Islam’s Baiti Home Financing is a variable rate Islamic home financing offering an optional two-month break on monthly installments every November and December to keep up with the festive spending. This Bank Islam home financing is based on the principle of Tawarruq (the purchase of an asset with deferred price, then selling that asset to a third party to get cash). There are several benefits that you will gain from Bank Islam Home Financing. Via this Bank Islam home financing, you can attain better costs savings with the exclusion of a processing fee. Just like the previous Bank Islam home financing product, Wahdah Home Refinancing comes with the same features for home refinancing i.e. Payment Holiday feature. The main attraction of this Wahdah Home Refinancing is that you can lower your house financing installment. Besides, this Bank Islam home financing allows you to have the extra cash for your personal needs. The only risk that you will face when you sign up to Bank Islam home financing is the changes in effective profit rate (EPR) according to the movement in the Base Rate (BR). Bank Islam Home Financing has no lock-in period but Bank Islam home financing contain several fees and charges. In case of an early full redemption you can expect to pay up to 4% on your outstanding financing amount as a penalty fee. Bank Islam’s profit rates are also among the highest among Islamic banks in Malaysia. The margin of financing offered by Bank Islam reaches up to 90% inclusive of MRTT (Mortgage Reducing Term Takaful) and financing tenure can be extended up to 35 years (in accordance to the latest ruling by Bank Negara Malaysia) or until aged 70, whichever comes first. As long as you are aged between 18 and 70, you are eligible to apply the available Bank Islam home financing.

Bank Islam Home Financing Packages

Bank Islam’s home financing programme includes two Shariah compliant home financing and refinancing packages to suit the different individual needs of Islamic banking customers. The main features of the Baiti Home Financing package and as well as the Wahdah Home Refinancing package are highlighted in the table.
Product Key Features Is this a flexi package?
Baiti Home Financing
  • Variable rate Islamic home financing package
  • For financing of completed and under-construction properties
  • Optional payment holiday in November and December
Wahdah Home Refinancing
  • Variable rate Islamic home financing package
  • For refinancing
  • Optional payment holiday in November and December

Am I Eligible for a Bank Islam Home Loan?

All residents and non-residents that are aged between 18 and 70 can apply for a Bank Islam Home Financing, as long as they are not bankrupt and have no legal action against them.

What Documents Will I Need to Prepare?

For your Bank Islam home financing application, you will need to provide some supporting documents to allow the bank to process your mortgage application. The documents needed are as 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 / crediting account statements * 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?

By taking into consideration your desired property value and loan amount, you can use the Bank Islam home financing calculator to determine your monthly financing installments. Once you are certain with the mortgage amount that you need, you can make a free inquiry through iMoney and our mortgage consultants will provide you with the necessary assistance for you to successfully get your home financing. Mortgage application with iMoney is absolutely free. If you are not sure whether this home loan by Bank Islam is your best option, click here to compare other home loans in Malaysia.

Is It Easy to Repay my Bank Islam Home Financing?

Payment methods for Bank Islam home financing include: Online Transfer : Transfer funds from your Bank Islam Bank 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 Bank Islam ATMs : Transfer funds from your Bank Islam Savings or Checking accounts to make your payment at all Bank Islam branches Express Payment machine : Make a check or cash deposit at Bank Islam branches Payment by Mail : Mail your cheque and statement in an envelope addressed to Bank Islam 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
Affin Bank Home Loan : At Affin Bank, the home loan rate starts from Base Rate (BR) 3.99%. There is available the option of a flexi loan package and a maximum of 90% margin of financing. There is a 5 year lock-in period for this home loan. Hong Leong Home Loan : Hong Leong Bank provides a housing loan rate starting from Base Rate (BR) 3.84%. 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 3 years. OCBC Home Loan : The mortgage rate from OCBC starts from Base Rate (BR) 3.92%. 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.