• Al Rajhi Bank Home Loan

    Al-rajhi Bank Home Loan

    Buying a home requires a huge funding. With the increasing property prices, it is difficult to have enough finances to be able to buy the house of your dreams. Al Rajhi offers home loan for purchasing a home, land, investment property, or to construct a home.


    You’re probably eligible for an Al-Rajhi Bank Home Loan if you are

    01
    02
    03
    04
    Al-Rajhi Bank Home Loan Minimum Age

    At least 21 years old

    Al-Rajhi Bank Home Loan Maximum Age

    Less than 60 years old

    Al-Rajhi Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    Al-Rajhi Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your Al-Rajhi Bank Home Loan amount eligibility is based on these factors

    01
    02
    03
    Al-Rajhi Bank Home Loan Minimum Salary

    Instalment limited to about 50%
    of monthly income

    Al-Rajhi Bank Home Loan Maximum Loan to property value

    Loan capped @ Up to 90%

    Al-Rajhi Bank Home Loan EMI

    Instalments of other loans lower
    your eligibility


    Increase your eligible Al-Rajhi Bank Home Loan amount by these steps

    01
    02
    03
    Al-Rajhi Bank Home Loan Add Spouse as Co-applicant

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

    Al-Rajhi Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 35 years

    Al-Rajhi Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an Al Rajhi Bank Home Loan

    • 1. Photocopy of IC/Identification document
    • 2. Sales & Purchase Agreement/ Booking receipt
    • 3. Documentation for salaried applicants:
      • Latest 3 months salary slip
      • Latest 3 months bank statement
    • 4. Documentation for self-employed applicants:
      • Latest 6 months salary slip
      • Business registration/Form D/MNA/Form 24/Form 49 etc
      • Copy of Income Tax & proof of tax payment

    Al-Rajhi Bank Home Loan Interest RatesUpdated on 20 Nov 2017

    Al-Rajhi Bank Home Loan Details
    Margin of Finance Up to 90%
    Tenor 35 years
    Guarantor Requirement No Guarantee Required

    Features and benefits of Al Rajhi Bank home loan

    Following are the features and benefits of Al Rajhi Bank home loan:

    • Minimum documentation is required
    • Competitive and fixed interest rates are offered.
    • No down payment is required.
    • The loan is offered for a maximum tenure of 35 years.
    • The maximum loan amount depends on your income.
    • The fixed interest rate rules out the possible change in profit rate to the higher side.
    • You get comprehensive takaful coverage.

    Types of Al Rajhi Bank home loan schemes

    Al Rajhi Bank offers the following home loan schemes:

    1. Special House Financing:

      With this scheme, you can purchase completed property and property that is under construction. This scheme offers flexible payment tenures. The profit rates are capped which will protect you from the rising interest rates. Competitive profit rates are offered.

      Margin of financing Up to 90% of the property value.
      Loan tenure Minimum - 5 years Maximum - Up to 35 years or till your turn 65 years old.
      Takaful Comprehensive takaful coverage is provided. 5% MRTT.
      Shariah concept applicable Murabahah.
      Minimum loan amount RM50,000
      Maximum loan amount Subject to meeting the maximum coverage criteria.

      You will have to service the monthly profit during the construction period based on the amount disbursed. After the full amount has been disbursed, you will have to service the monthly installment. The monthly installment will vary when the base rate changes, but it will not exceed the Bank Sale Price. If you make a late payment, you will have to incur the cost of recovery. The financing rate will increase if you fail to pay installments for 3 consecutive months. If the loan is settled within the first 5 years from the date of disbursement, the bank will claim the actual entry cost.

    2. Home Financing-You get assistance while buying the house of your dreams. You have the flexibility with the payment tenures. The profit rates are protected against the rising interest rate. You get 3 different packages under this scheme. They are:
      1. Fixed rates- Residential:
        1. You get competitive profit rates and a comprehensive takaful coverage. The margin of financing is high. The loan is offered for up to 25 years.
      2. Structured rates – Business premises:
        1. Profit rates offered are competitive. You also get a comprehensive takaful coverage. Up to 80% of the property value will be financed. The loan is offered for a maximum of 25 years.
      3. Structured rates – Residential:
        1. You get competitive profit rates and also comprehensive takaful coverage. The margin of financing available is up to 90% of the property value. The loan is offered for a maximum of 35 years.
    3. Business Premises Financing:You get assistance from Al Rajhi Bank to buy your business premises. Flexible payment tenures are offered. There is a cap on the profit rate to protect you from the rising interest rate. Competitive profit rates are offered. The margin of financing is up to 80% of the property value. You get a comprehensive takaful coverage. The loan is offered for a maximum of 25 years.
      1. Malaysia My Second Home:
        1. The Government of Malaysia promotes Malaysia My Second Home which allows foreigners to stay on a multiple-entry social visit pass. Al Rajhi Bank offers home financing to expats who are living in Malaysia. You get two packages under this scheme, they are:
      2. Structured rates – Residential:
        1. You get competitive profit rates. You also get a comprehensive takaful coverage. The margin of financing offered is up to 80% of the property value. The maximum tenure the loan is offered for is 35 years.
      3. Fixed rates – Residential:
        1. Al Rajhi Bank offers competitive profit rates. The margin of financing offered is high. The tenure offered is a maximum of 25 years. You also get a comprehensive takaful coverage. The Social Visit Pass is for a period of 10 years and it is renewable. This package is available to the citizen of all countries regardless of age, gender, race, and religion.

    Al Rajhi Bank home loan interest rates  

    The base rate is used as a reference to price the loan facilities. The profit rate is base rate plus or minus spread p.a. that is subject to the current market rate. The current base rate is 4.10% p.a. The Bank Sales Price is based on the ceiling rate at 10% p.a.  

    Fees and charges

    Following are the applicable fees and charges:

    Processing fee Nil.
    Takaful Subject to financing amount.
    Bursa Transaction fee Actual Bursa charges – RM1 million = RM15.90.
    Stamp duty charges 0.5% of the total financing amount.
    Letter for EPF withdrawal RM10.60.
    Redemption statement RM10.60.
    Retrieval or photocopy of security documents The actual cost is charged.
    Annual financing statement fee RM5.30 per request.

    The above charges are inclusive of 6% GST.

    Eligibility criteria

    Al Rajhi Bank offers home loan to Malaysian citizens who are above the ages of 21 and up to 65 years. You will also have to meet the minimum income requirement as well.  

    How to apply for Al Rajhi Bank home loan?

    You can apply for the Al Rajhi Bank home loan through the following ways:

    • Face to face:

      You can walk into the nearest Al Rajhi Bank branch and apply for the home loan.

    • Online:

      You can provide all your information online after which the bank representative will get in touch with you. You can also find the nearest Al Rajhi Bank branch on their website.

    • By phone:

      You can call 03-7985-2828 and the bank representative will guide you the process.

    How to make monthly installments payments?

    You can pay the monthly installments through the following ways:

    • Internet banking.
    • Over-the-counter.
    • Cash deposit machines.
    • ATM transfer.
    • Standing instructions from your bank current or savings account.

    Al Rajhi Bank home loan hotline number

    If you want further information about the product, you can call at the domestic number 1-300-82-6000. You can also send an email to home.financing@alrajhibank.com.my. The international number is +603-2332-6000. You can also send a fax to +603-2332-6062.

    If you have complaints, you can mail customersupport@alrajhibank.com.my.

    Documents required

    You will have to submit the following documents along with the duly filled application form:

    • Salaried:
      • A copy of NRIC.
      • A copy of passport.
      • A copy of Police or Military ID.
      • Latest 3 months’ salary slip.
      • Latest 3 months bank statement.
      • Leasehold agreement.
      • Booking receipt.
      • Sales & Purchase Agreement.
      • A copy of Deeds of Endowment.
      • A copy of Title.
    • Self-employed:
      • ITR endorsed by IRB or latest 2 years EA Form.
      • Latest 6 months company bank statement.
      • Form 24, 49, 9.
      • Form M&A.
      • Form D or Business Registration Form.
      • A copy of NRIC.
      • A copy of Police or Military ID.
      • A copy of passport.

    Al Rajhi Bank home loan FAQs

    1. What is the maximum home loan tenure offered by Al Rajhi Bank?

      Al Rajhi Bank offers a maximum home loan tenure of 35 years.

    2. What is the maximum margin of financing available?

      You get a maximum margin of financing of up to 90% of the property value.

    3. What can I get home financing for?

      You can get home financing for purchasing a land, investment property, a home, or to construct a home.

    4. Will I get any insurance coverage?

      Yes, you will get a comprehensive takaful coverage on your home loan.

    5. What is the minimum home loan tenure offered by Al Rajhi Bank?

      Al Rajhi Bank offers a minimum home loan tenure of 5 years.

    6. What is the minimum loan amount offered by Al Rajhi Bank?

      Al Rajhi Bank offers a minimum of RM50,000 under Special House Financing scheme.

    7. What happens if I settle Special House Financing within the first 5 years from the date of disbursement?

      If you settle the loan within the first 5 years from the date of disbursement, the bank will claim the actual entry cost.

    8. What are the various packages offered under Home Financing-i?

      You get 3 packages under Home Financing-i, they are fixed rates- residential, structured rates – business premises, and structured rates- residential.

  • Contact Us on Mail
    Facebook
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.