CIMB Islamic Bank provides Shariah compliant property financing through its product Ijarah Property Financing-i. It is based on the concept of Ijarah Muntahiyah Bittamik that offers the transfer of property ownership at the end of tenure by paying a nominal amount to the bank.
Ijarah Property Financing-i's rental payment may fluctuate according to the Base Rate (BR) but the Conditional Prepayment Rate (CPR) is capped at 10.75% p.a. To promote Islamic home financing, CIMB Islamic also offers stamp duty discounts for its products. A 20% remission applies for new home loans, while a full waiver is given to customers who refinance their homes from a conventional to Islamic product.
CIMB Islamic has reinstated a zero lock-in period, down from 3 years lock-in previously. New CIMB Islamic customers will be able to refinance or sell their property without incurring the early settlement penalty.
The margin of financing offered by CIMB Islamic Bank reaches up to 95% and maximum loan tenure is 35 years (in accordance to the latest ruling by Bank Negara Malaysia) or up to age 70, whichever comes first.
A CIMB Islamic Home Loan calculator is prepared to allow you to calculate your monthly loan repayment. To get your monthly mortgage instalment, all you need to do is insert the loan amount and loan duration into the CIMB Islamic Home Loan calculator.
The Sharia compliant home financing package Ijarah Property Financing-I is designed to cater to the needs of Islamic banking costumers. The main product features are highlighted in the table for your comparison.
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All Malaysians and permanent residents above 18 years of age can apply for a CIMB Islamic home loan.
If you have applied for a CIMB Islamic Home Loan, you will be asked to provide some supporting documents in order for the bank to process your application. These documents are listed below:
Home loan application through iMoney is free of charge. You can begin the process by using the CIMB Islamic home loan calculator to get an estimate of your monthly repayments based on your desired property value and loan amount. Once you have identified a suitable loan amount, you can apply through iMoney and our mortgage consultants will call you back.
If you are not sure whether this home loan by CIMB Islamic Bank is your best option, click here to compare other home loans in Malaysia.
Apart from its extensive branch network, CIMB Islamic’s other convenient payment facilities make its home loans very convenient to repay.