Is a Kuwait Finance House Home Loan Right for Me?
Kuwait Finance House offers Shariah-compliant home financing packages targeted specifically for Islamic baking customers, such as Ijarah Muntahiah Bi Tamlik Asset Acquisition Financing-i, which can be set up as a combination of term loan and overdraft, and Ijarah Mausufah Fi Zimmah Asset Acquisition Financing-I, a variable rate Islamic home financing package, which is particularly designed for financing of under construction properties.
Kuwait Finance House Home Loan entails a no lock-in period.
The features of Kuwait Finance House’s home loan packages include a margin of financing of up to 90% and a loan tenure of up to 35 years (in accordance to the latest ruling by Bank Negara Malaysia) or until the borrower reaches the age of 70, whichever is earlier.
Kuwait Finance House Home Loan Packages
Kuwait Finance House provides Shariah compliant home financing packages to suit the needs of Islamic banking customers, in the form of Ijarah Muntahiah Bi Tamlik Asset Acquisition Financing-I and Ijarah Mausufah Fi Zimmah Asset Acquisition Financing-I. The table below summarises the key features of both packages.
Is this a flexi package?
Ijarah Muntahiah Bi Tamlik Asset Acquisition Financing-i
A combination of term loan and overdraft is available
Allows for payment in excess of instalment amount to reduce interest
Redraw facility available
Ijarah Mausufah Fi Zimmah Asset Acquisition Financing-i
Variable rate Islamic home financing package
For financing of under construction properties
Based on Ijarah Mausufah Fi Zimmah
Am I Eligible for A Kuwait Finance House Bank Home Loan?
Borrowers must be aged 21 and above.
What Documents Will I Need to Prepare?
For the bank to process your Kuwait Finance House Home Loan application, you will need to provide some supporting documents such as:
- 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?
To determine your monthly loan instalment, you can utilize the Kuwait Finance House home loan calculator. Once you know a loan amount that suits your budget, you can apply through iMoney and our mortgage consultants will get in touch with you to assist you with your enquiries and application.
If you are not sure whether this home loan by KFH is your best option, click here to compare other home loans in Malaysia.
Is It Easy to Repay my Kuwait Finance House Home Loan?
Kuwait Finance house has a small network branch in Malaysia which makes it slightly more inconvenient to make repayments. The following methods can be used for repaying KFH home loans.
- Online Transfer
- Transfer funds from your Kuwait Finance House 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 online banking
- Standing Instruction Facility
- Automatic deduction from your bank account every month
- Citibank ATMs
- Transfer funds from your Kuwait Finance House Savings or Checking accounts to make your payment at all Kuwait Finance House branches
- Express Payment machine
- Make a check or cash deposit at Kuwait Finance House branches
- Payment by Mail
- Mail to Kuwait Finance House 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
- Alliance Islamic Bank Home Loan
- At Alliance Islamic Bank, the housing loan rate starts from Base Rate (BR) 4.00%. The option of a flexi loan package is available and there is a maximum of 90% margin of financing. There is a 3 year lock-in period for this housing loan.
- Citibank Home Loan
- Citibank provides a home loan rate starting from Base Rate (BR) 3.70%. 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 home loan is 6 years.
- RHB Islamic Bank Home Loan
- The mortgage loan rate from RHB Islamic Bank starts from Base Rate (BR) 4.00%. 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 mortgage is 3 years.