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.
At least 21 years old
Less than 60 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 90%
Instalments of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 35 years
Alternatively add your parents
|Margin of Finance||Up to 90%|
|Guarantor Requirement||No Guarantee Required|
Following are the features and benefits of Al Rajhi Bank home loan:
Al Rajhi Bank offers the following home loan schemes:
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.
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.
Following are the applicable fees and charges:
|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.|
|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.
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.
You can apply for the Al Rajhi Bank home loan through the following ways:
You can walk into the nearest Al Rajhi Bank branch and apply for the home loan.
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.
You can call 03-7985-2828 and the bank representative will guide you the process.
You can pay the monthly installments through the following ways:
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 [email protected]. The international number is +603-2332-6000. You can also send a fax to +603-2332-6062.
If you have complaints, you can mail [email protected].
You will have to submit the following documents along with the duly filled application form:
Al Rajhi Bank offers a maximum home loan tenure of 35 years.
You get a maximum margin of financing of up to 90% of the property value.
You can get home financing for purchasing a land, investment property, a home, or to construct a home.
Yes, you will get a comprehensive takaful coverage on your home loan.
Al Rajhi Bank offers a minimum home loan tenure of 5 years.
Al Rajhi Bank offers a minimum of RM50,000 under Special House Financing scheme.
If you settle the loan within the first 5 years from the date of disbursement, the bank will claim the actual entry cost.
You get 3 packages under Home Financing-i, they are fixed rates- residential, structured rates – business premises, and structured rates- residential.