Is a Bank Muamalat Home Loan Right for Me?
The Shariah compliant home financing and refinancing package offered by Bank Muamalat is particularly designed to cater to the needs of Islamic banking costumers. Bank Muamalat’s Home Financing-I comes with a variable rate and an additional capped maximum rate that protects you against the fluctuation of the Base Rate, to some extent.
Bank Muamalat is also able to finance all entry costs, which can be very attractive if you are looking to reduce your upfront costs. It offers basic term loans only and currently does not have any flexi-loan options.
Bank Muamalat Home Loan has a 5-year lock in period, which is one of the highest lock-in periods in the market. For an early settlement and a full repayment of the loan within this 5 year period you will have to pay a high penalty of up to 6.65% on your outstanding loan amount. Bank Muamalat’s early settlement penalty is currently the highest across all Malaysian banks.
Bank Muamalat can provide a high margin of financing of up to 90% plus an additional 10% for moving costs and related expenses including MRTT (Mortgage Reducing Term Takaful). Loan tenure can reach up to 35 years (in accordance to the latest ruling by Bank Negara Malaysia) or age 70 whichever is earlier.
Use the Bank Muamalat home loan calculator to determine your monthly loan instalment. All you need to do is insert the loan amount and loan duration, and the Bank Muamalat home loan calculator will show you the interest rate for your home loan together with the monthly instalment of your mortgage.
Bank Muamalat Home Loan Packages
Bank Muamalat offers the Shariah-compliant home financing, whose key features we highlighted in the table below.
Is this a flexi package?
Variable rate Islamic home financing package
Margin of financing up to 90% + 10% (moving costs and related expenses)
Am I Eligible for a Bank Muamalat Home Loan?
All Malaysia Citizens can apply Bank Muamalat Home Loan.
What Documents Will I Need to Prepare?
You will need to provide some supporting documents in order for the bank to process your Bank Muamalat Home Loan application:
- 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 utilize the Bank Muamalat home loan calculator to determine your monthly loan repayment. Once you are ready to apply for the loan amount that you are comfortable with, you can apply through iMoney. Our mortgage consultants will answer all your enquiries and assist you with your housing loan application.
If you are not sure whether Bank Muamalat home loan is your best option, click here to compare other home loans in Malaysia.
Is It Easy to Repay my Bank Muamalat Home Loan?
These are the ways you can repay your Bank Muamalat home loan:
- Online Transfer
- Transfer funds from your Bank Muamalat Bank Savings or Checking accounts to make your payments online
- 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
- Standing Instruction Facility
- Automatic deduction from your bank account every month
- Bank Muamalat ATMs
- Transfer funds from your Bank Muamalat Savings or Checking accounts to make your payment at all Bank Muamalat branches
- Express Payment machine
- Make a check or cash deposit at Bank Muamalat branches
- Payment by Mail
- Mail to Bank Muamalat 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
- Al Rajhi Bank Home Loan
- The home loan rate from Al Rajhi Bank starts from Base Rate (BR) 4.25%. There is no flexi loan package option available for this loan and there is a maximum of 90% margin of financing. There is no lock-in period for this home loan.
- Bank Rakyat Home Loan
- Bank Rakyat provides a housing loan rate starting from Base Rate (BR) 3.87%. There is no option of a flexi loan package available and there is a maximum of 90% margin of financing. The lock-in period for this housing loan is 5 years.
- Maybank Islamic Home Loan
- At Maybank Islamic, the mortgage rate starts from Base Rate (BR) 3.20%. 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 mortgage.