Maybank Islamic offers a comprehensive variety of Shariah-compliant Islamic home financing packages with fixed, variable rates to choose from, with and without lock in periods. Maybank also has come out with various tools to ease their customers. One of it is the MayBank home loan calculator. For the convenience of their customers, Maybank provides exclusive Maybank home loan calculator to help you make the right decision.
Most noteworthy among these packages are Commodity Murabahah Home Financing-i and MaxiHome-i which have no lock-in periods and early settlement penalties. The Commodity Murabahah Home Financing-i, a variable rate Islamic home loan with a ceiling rate to protect against BR (Base Rate) fluctuations.
Maxi Home-i is a full-flexi home loan that comes with a linked current account. Regularly depositing extra amounts into the account helps reduce interest payments and can reduce the loan tenure over the long run. If you are uncertain about what is the minimum amount you need, you can always estimate that amount using Maybank home loan calculator.
Maybank Islamic’s other products have a 3-year lock in period with an early settlement fee of 2% in case you want to refinance or sell your property during this period.
Similar to many other Islamic banks, Maybank Islamic offers stamp duty discounts for Islamic loan packages. A 20% discount applies for new loans, while loans refinanced from a conventional product gets a full stamp duty waiver. The margin of financing offered by Maybank Islamic Bank can reach up to 100% (with Takaful premium), depending on the respective loan package.
For the first-time house buyer, Maybank provides you its Maybank home loan calculator to estimate how much you can borrow, how much you will have to pay, and for how many years. It is very confusing with the whole buying house process such as signing the Sale and Purchase agreement, dealing with solicitors, legal fees and stamp duty. Via Maybank home loan calculator, you can get an idea on your future spending as well as budget control.
So how to use this Maybank Islamic home loan calculator? It’s very simple. Go to the Maybank official website and select the Maybank Islamic housing loan calculator at the side bar under the “Loans”. Then you will be led into Maybank Islamic housing loan calculator window. Just insert the costs of the house, your monthly income and your desired loan tenure into the exclusive Maybank Islamic home loan calculator; then you will find out how much you could borrow and how much you need to pay every month. That’s how the Maybank Islamic mortgage calculator works.
Maybank Islamic Bank offers four Shariah compliant home loan packages. The key features of the Commodity Murabahah Home Financing-i, HomeEquity-i, Home Financing-I and MaxiHome-I packages are set out below.
|Product||Key Features||Is this a flexi package?|
|Commodity Murabahah Home Financing-i||
Borrowers are able to make additional monthly repayments to reduce the monthly interest charged on their home loan (hence overall interest) through Flexi home packages. Alongside the benefits, there are other considerations such as the requirements, fees and conditions to be considered.
|Commodity Murabahah Home Financing-i||HomeEquity-i||Home Financing-i||MaxiHome-i|
|Is a linked bank account required?||No||No||No||No|
|Account Maintenance Fees||No||No||No||No|
All individuals, joint applicants, residents and foreigners may apply for a Maybank Islamic loan. However, for foreigners, terms will differ from those received by residents.
You will be need to provide a list of supporting documents for your application for Maybank Islamic Home Loan to begin the application process. The list of documents are:
Get your monthly repayments calculated based on the property value and mortgage amount using our Maybank Islamic home loan calculator. Once you are comfortable with the monthly repayment, you can pply through iMoney for free consultation. Applying for Maybank Islamic housing loan with iMoney is absolutely free of charge.
If you are not sure whether this home loan by Maybank Islamic is your best option, click here to compare other home loans in Malaysia.
Maybank has the largest branch network in Malaysia, so repayments will be very convenient to make. Other online modes of repayment are available as well.