• Al Rajhi Home Loan Malaysia

    Al-rajhi Bank Home Loan

    Al-Rajhi bank offers various home loan solutions for different purposes. The Al-Rajhi bank home loan can be applied for the purpose of constructing a home, buying home, buying land or buying an investment property.


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

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    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

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    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

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    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 09 Dec 2016

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

    Why Opt For Al Rajhi Home Loan

    Here are some of the main reasons why to opt for the Al Rajhi Home Loan

    • Simple Process – The loan application process is simple with minimal documentation required.
    • Attractive Rates – The interest rates are quite competitive and fixed in most cases.
    • No Down Payment – Other than the 30 year home loan, no down payment is required for the home loan products.
    • Maximum Finance – Maximum loan amounts are available depending on the salary of both applicants.
    • Fixed rates available- With fixed rates available you can easily ride out the possible changes of profit rate to the higher side.
    • Takaful Coverage- Comprehensive coverage available for all applicants

    Features of Al Rajhi Home Loan

    The main features of Al Rajhi Home loans include:

    Structured Home Financing-i scheme: For buying a completed house

    • Joint Application for a home loan can be made by 2 persons (it is not necessary for applicants to be in a relationship).
    • Applicants must have a minimum monthly salary as required by the bank.
    • All applicants must have minimum employment experience of 6 months with the current employer.
    • The employer must be approved by the bank.
    • Tenure offered up to 35 years.
    • A down payment of 10% is required if the loan tenure is 35 years.

    Structured Home Financing-i scheme: For constructing house

    • Applicant can build a home on a pre-owned land or can buy a land and build a home on it.
    • Applicants must have minimum 6 months employment history with the current employer who must be approved by the bank.
    • The land on which the home will be constructed should have an independent title deed.
    • Main applicant and joint applicant (if any) must have minimum salary as prescribed the bank.
    • The land area has to be as prescribed by the bank to be eligible for the loan.

    Al Rajhi Home Loan Interest Rates

    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 30 years for repayment and 95% margin can be used for the home loan.

    Types of Loans Available in Al Rajhi Home Loans

    There are two types of home and property loans available from Al Rajhi. Here they are with their salient features:

    1. Structured Home Financing-i scheme: For buying a completed house
    2. Structured Home Financing-i scheme: For constructing house

    How to Apply For Al Rajhi 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

    • 21 to 60 years of age,
    • Minimum income required should be met
    • May have any nationality.

    Documentation

    Following are some of the documents that you might be required to submit while applying for this Al Rajhi Home Loan -

    1. Photocopy of IC/Identification document
    2. Sales & Purchase Agreement/ Booking receipt
    3. Documentation for salaried applicants:

      1. Latest 3 months salary slip
      2. Latest 3 months bank statement
    4. Documentation for self-employed applicants:

      1. Latest 6 months salary slip
      2. Business registration/Form D/MNA/Form 24/Form 49 etc
      3. Copy of Income Tax & proof of tax payment

    FAQS on Al Rajhi Home Loan

    1. Can I show additional income to increase borrowing limit?

    2. Yes, up to 50% of additional income will be considered for increasing finance as long as the monthly installment will not exceed salary of main applicant.

    3. Can I apply for a loan with joint applicant as a person other than my spouse?

    4. Yes, it is not necessary for applicants to be in a relationship.

    5. Will the property be registered under my name?

    6. No, it will be under Al-Rajhi Development Company and transferred to you once the dues are settled.

    7. Can I close the loan early?

    8. Yes, but some charges will apply for early settlement of the loan.

    9. Do I need to make any down payment before the loan is disbursed?

    10. Most often, there is no necessity for down payment. A 10% down payment is required for 35 year home loan. In other cases, if the value of property is higher than the borrowing eligibility, the applicant has to cover the additional amount by paying it as down payment.

    11. Will the bank take responsibility for the property maintenance during the loan period?

    12. No, maintenance responsibilities are always with the customers.

    13. How fast can I expect notification from the bank once the documents are submitted?

    14. The bank will notify you within 4 working days of receiving application form.

    15. How to Calculate Loan Installment for Al-Rajhi Bank Home Loan?

    16. Calculating the loan installment on your home loan from Al-Rajhi bank is a simple and easy task with the home loan installment calculator hosted at bbazaar.my. This calculator is quite a handy tool if you wish to know the loan installment that you will be required to pay each month. Here are a few parameters that the calculator takes as input to calculate the home loan installment –

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

      The above listed input factors can be modified to reach the most appropriate monthly installment amount. This means that taking the calculator’s information as base, customers are able to choose their most suitable loan amounts, loan tenures as well as a lending entity of their choice.

    Other Products offered by Al-Rajhi Bank :

    Apart from offering Home Loan,Al-Rajhi Bank offers other products and services which include:

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