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No compounding elements
Full suite of Shariah-compliant packages
|Loan Tenure:||Up to 35 Years|
|Margin of Finance:||Up to 90%|
|Suitable for:||Completed & under-construction properties, refinancing|
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’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||
|Wahdah Home Refinancing||
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.
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
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.
Payment methods for Bank Islam home financing include:Online Transfer
: Pay your loans at any of the MEPS ATMs (over 5,000) nationwide
Standing Instruction Facility
: Automatic deduction from your bank account every month
Express Payment machine
: Make a check or cash deposit at Bank Islam branches
: Issue instructions to have your bank account deducted to pay for your home loan with your T-PIN