The Shariah compliant property financing Flexi Property Financing-i provided by Hong Leong islamic Bank grants rebate to the customer on the bank's selling price under the principle of ibra'. It is based on daily profit calculation but provides protection against the interest rate hike with ceiling rate.
Hong Leong Islamic’s full-flexi home loan has a 3-year lock in period and you can expect to pay an early settlement fee of 3% in case you want to complete your loan repayment within this period. These are average conditions when compared to other home loan products in the market. Its term loan offering has no lock-in period.
The margin of financing offered by Hong Leong Islamic Bank reaches up to 90% + 5% and maximum loan tenure is 30 years or up to age 65, whichever comes first.
Hong Leong Islamic home loan calculator allows you to determine your monthly loan instalment by taking into consideration your loan amount and loan duration. The interest rate that you will be able to enjoy on your mortgage will also show on the Hong Leong Islamic housing loan calculator. To increase your chances of successfully getting the home loan, you should ensure that your total monthly commitment inclusive of this housing loan is 60% of your monthly income (net income) or lesser.
Hong Leong Islamic Bank a Shariah compliant home loan in the form of a standard term loan and Flexi Property Financing–i designed particularly for Islamic costumers. The main features of this product are highlighted in the table for your comparison.
|Product||Key Features||Is this a flexi package?|
|Hong Leong Flexi Property Financing-i||
||Yes, full flexi|
A borrower can make extra repayments every month through the flexi home packages so that the monthly interest charge on the home loan can be reduced (hence reduing overall interest charges incurred). Requirements, fees and conditions should also be considered with these packages together with the benefits.
|Flexi Property Financing-i|
|Is a linked bank account required?||No|
|Account Maintenance Fees||No|
Applicants must be above 21 years of age. Foreigners may apply but will get less favourable terms and a lower margin of financing.
Your Hong Leong Islamic Home Loan application will need to be provided with some supporting documents such as:
Your monthly repayments can be calculated using the Hong Leong Islamic Bank home loan calculator, based on your desired property value and loan amount. Once you have identified a suitable monthly repayment, you can make a free enquiry through iMoney and our mortgage consultants will assist you with your enquiries.
If you are not sure whether this home loan by Hong Leong Islamic Bank is your best option, click here to compare other home loans in Malaysia.
Repaying your Hong Leong Islamic Home Loan is easy. Here are some of the repayment methods.