• Affin Islamic Housing Loan

    Affin Bank Home Loan

    Affin Bank offers an Islamic Home Financing Loan to customers who are looking to purchase a house of their own. Affin Islamic Bank Home loan packages are flexible and come with low interest rates among the other Malaysian home loans. All the home financing packages of Affin Bank are Shariah compliant and anyone up to the age of 70 can apply for these loans.


    You’re probably eligible for an Affin Islamic Bank Home Loan if you are

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    Affin Islamic Bank Home Loan Minimum Age

    At least 21 years old

    Affin Islamic Bank Home Loan Maximum Age

    Less than 70 years old

    Affin Islamic Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    Affin Islamic Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your Affin Islamic Bank Home Loan amount eligibility is based on these factors

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    Affin Islamic Bank Home Loan Minimum Salary

    Instalment limited to about 50%
    of monthly income

    Affin Islamic Bank Home Loan Maximum Loan to property value

    Loan capped @ Up to 95% of property value, inclusive of MRTT

    Affin Islamic Bank Home Loan EMI

    Instalments of other loans lower
    your eligibility


    Increase your eligible Affin Islamic Bank Home Loan amount by these steps

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    Affin Islamic Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Affin Islamic Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 35 years

    Affin Islamic Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an Affin Islamic Bank Home Loan

    • 1. Applicant(s) Identity Card(s).
    • 2. Title Deed.
    • 3. Income Tax (last 3 years- Borang B/BE/E-filing with tax receipt/ cash pay-in slip/ cheque pay-in slip with clearance proof) (where applicable).
    • 4. Sale & Purchase Agreement/Booking Receipt
    • 5. Documentation for salaried applicants:
      • Payslips (last 3-6 months), (12 months for variable income)
      • EPF statement (last 12 months)
      • Bank's Savings Account or Current Account statements (last 6 months) where salary was credited
      • Employment confirmation Letter (if current employment is less than 6 months)
    • 6. Documentation for self-employed applicants:
      • Business Registration / Form 24 & 49
      • Business Current Account Bank statements (last 12 months)
      • Personal Savings & Current Account Bank statements (last 12 months)
      • Financial Statements (last 3 years) with latest Company Profile

    Affin Islamic Bank Home Loan Interest RatesUpdated on 07 Dec 2016

    Affin Islamic Bank Home Loan Details
    Margin of Finance Up to 95% of property value, inclusive of MRTT
    Tenure 35 years
    Guarantor Requirement No Guarantee Required

    Affin Islamic Home Loan Malaysia

    The Affin Bank Islamic residential financing plan works on the concept of Musharakah Mutanaqisah (Diminishing Partnership) which is a highly flexible and convenient way that allows for stress-free financing of your new home. Moreover, these home loans are available to Malaysians as well as non-citizens living in Malaysia. The lock in period is between 3-5 years according to the financing package and enables the customers to purchase the property for the purpose of residence, refinance and further selling. You can choose either of the packages to suit your specific requirements.

    Features of Affin Islamic Home Loan

    The main features of Affin Islamic Home loans include:

    • Home loans can be availed at a fixed or floating or a mixture of fixed and floating interest rate.
    • Usually, banks require collateral to be submitted as security against a home loan. This collateral can either pertain to the property that is being funded by this home loan or to any other property owned by the borrower.
    • Repayment of home loans is made via monthly loan installments.
    • Prepayments are allowed which are either free or are charged a penalty fee, depending upon the lending institution.
    • Home loans are usually long-term in nature with tenures ranging between 5-35 years.
    • Up to 90% of the property value can be availed as home loan.
    • Payment of processing fees, stamp duty and other such charges may be required.
    • Interest rate on home loan depends upon the bank and the customer generally has a choice of fixed, variable or a combination of fixed and variable rate of interest.
    • Affin Islamic home loans have packages that include Flexi Home Loans which come with a loan account coupled with an overdraft account. This can be used to deposit additional amounts in times of surplus and hence lowering the principal and thereby the corresponding overall interest amount. This facility can also be used for withdrawing excess cash in times of need

    Interest Rates On Affin Islamic Home Loan

    The interest rates computed for the calculation of home loan EMI are floating and rates are reduced based on early timely loan payments. The term of the loan can up to 35 years for repayment and 95% of property value, inclusive of MRTT margin can be used for the home loan.

    Types of Loans Available in Affin Islamic Home Loans

    There are 7 different types of Islamic home loan packages available from Affin Bank,

    1. Affin Home Invest-i:

      This home financing package is available for those who are looking to finance a property of RM 200,000 and above. The margin of financing is upto 95% including 5% of Mortgage Reducing Term Takaful (MRTT). You can apply for this loan if you are looking to buy an under-construction/wholly built property or plan to refinance a fully completed property. The loan tenure is upto the period of 35 years or when you attain 70 years of age; whichever is earlier.

    2. Affin Home Assist Plus-i:

      The Home Assist Plus-i allots home financing of upto RM 200,000. The margin of finance available is 85% including the 5% of MRTT financing. The tenure of the loan is 35 years or until you reach the age of 65 years; whichever is earlier.

    3. Affin Credit Plus-i:

      This loan is available for tenure of upto 10 years or 60 years of age (whichever is earlier) to buy the residential property or invest in a property for the purpose of gaining profits. The margin of finance is up to 95% with 5% of MRTT financing.

    4. Affin Invest Plus-i:

      The Invest Plus-i is only for limited companies for the purpose of acquisition, sub-sale, financing and re-financing of under construction/finished properties. The loan is available for up to RM 5,000,000 with the finance margin of up to 85% for commercial and 90% for residential purposes. The maximum duration of loan tenure is 20 years.

    5. Affin BNM Priority Sector Home Financing-i:

      If you want to buy a residential property in the parts of East Malaysia or West Malaysia under the financing cost of up to RM 120,000, then this loan package is specifically for you. The margin of finance available is up to 90% of OMV/S&P value including 5% MRTT along with legal costs. The loan tenure is available upto the age of 65 years or duration of 35 years; whichever is earlier.

    6. Affin Premier Corporate Home Financing-i:

      The employees of only a particular set of corporations and companies are eligible to apply for this loan for the purpose of financing a residential property of up to RM 150,000. The finance margin is available upto 95% including MRTT and the tenure is either 35 years or upto the age of 70; whichever is earlier.

    7. Affin Home Build-i:

      This customized home loan plan could be applied for financing or refinancing the purchase of residential property or under-construction property of upto RM 5,000,000 with the margin of finance available upto 80% and 85% respectively. This is an ideal loan for those who want to complete the construction of an unfinished house or residential premises.

    How to Apply For Affin Islamic Home Loan

    You can apply for the home loan online but you have to keep in mind the following eligibility criterias and documentation before you apply for the loan. Loan application can also be done in the bank branch nearest to you:

    Eligibility

    • They should be 21 to 70 years of age
    • Minimum income required is based on the package and as long as it is met the individual is eligible.
    • They should be a salaried or self-employed individual with regular source of income.

    Documentation

    1. Applicant(s) Identity Card(s).
    2. Title Deed.
    3. Income Tax (last 3 years- Borang B/BE/E-filing with tax receipt/ cash pay-in slip/ cheque pay-in slip with clearance proof) (where applicable).
    4. Sale & Purchase Agreement/Booking Receipt
    5. Documentation for salaried applicants:
      • Payslips (last 3-6 months), (12 months for variable income)
      • EPF statement (last 12 months)
      • Bank's Savings Account or Current Account statements (last 6 months) where salary was credited
      • Employment confirmation Letter (if current employment is less than 6 months)
    6. Documentation for self-employed applicants:
      • Business Registration / Form 24 & 49
      • Business Current Account Bank statements (last 12 months)
      • Personal Savings & Current Account Bank statements (last 12 months)
      • Financial Statements (last 3 years) with latest Company Profile

    FAQS on Affin Islamic home Loans

    1. Are the Affin Islamic Home Loans Flexi?

      Currently, the Affin Bank does not offer Flexi Home Financing Plans i.e. the customers are not allowed to over or under pay the amount of installments on the loan. The installments are fixed and must be paid on fixed time intervals.

    2. Who is eligible to apply for Affin Islamic Home Loans?

      The individuals who are Malaysians as well as non-citizens living in Malaysia of 18 years of age or above can apply easily. The minimum requirement amount for financing is at least RM 100,000.

    3. What documents are needed while applying for Affin Islamic Home Financing Plan?

      The following documents along with the completed application form are required while applying:

      NRIC/Valid ID Proof, Last 3 salary slips, Last 3 bank statement copies, Title Deed, Latest EPF statement, Booking/Down payment agreement, Employment letter, etc.

    4. What are the ways to pay the Affin Islamic Home Loan installments?

      There are various options to make the payment, including-

      • Online Transfer: You can transfer the amount from your savings/current account via online transfer.
      • Interbank Giro: It allows you to pay the money at participating branch of the bank or through online banking system.
      • MEPS: You can pay the instalments at any of MEPS ATMs of Affin Bank. There are over 5000 branches located all over Malaysia.
      • Express Payment Machine: You can also make the payment through cash deposit or cheque submission at the Affin Bank branches.
      • Phone Banking: This is the easiest way to make the payment instructing the bank to deduct the payment from your bank account through phone.

    How to Calculate Loan Installment for Affin Islamic Bank Home Loan?

    Bbazaar.my hosts an online home loan installment calculator which lets you know your tentative monthly home loan installment. The calculator takes certain basic home loan related parameters as input and processes this data to yield information like monthly repayment amount, outstanding loan balance at various points of the loan period and the balance interest amount as well. Following is the set of data required by the installment calculator as input –

    • Desired home loan amount
    • Preferred loan tenure
    • Profit rate
    • Processing fee

    Using this online calculator for knowing your home loan installment can be extremely useful since it helps you plan your monthly budget accordingly. Also, this calculator saves a lot of effort that is required for calculating monthly loan repayments, manually.

    Other Products offered by Affin Islamic Bank:

    Apart from offering Home Loan, Affin Islamic Bank offers other products and services which include:

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