Al Rajhi offers different plans for home financing to its customers. The home loan schemes by the bank can be utilised for purchasing or constructing a house, land, or for property investment. The loan packages come with competitive rates and a high margin of financing.
The base rate is used as a reference rate to charge the loan facilities. The profit rate is base rate plus or minus spread p.a. that depends on the current market rate. The current base rate is 4.35% p.a. (w.e.f. 2 February, 2018).
The Bank Sales Price is based on calculation of the Ceiling Rate which is 10.00% p.a.
|Nationality Criterion||Malaysian citizens; Non-Malaysian citizens can apply for Malaysia My Second Home - MM2H scheme|
|Income Criteria||As per the bank’s discretion|
|Al Rajhi Home Loan||Fees and Charges|
|Processing Fee||No fee charged|
|Disbursement Fee||As per the bank’s discretion|
|Takaful||Subject to the amount financed|
|Stamp Duty Charges||As per the Stamp Duty Act 1949 (revised in 1989)|
|Bursa Transaction Fee||According to Bursa charges RM15.90 for each million|
|Early Termination Fee||Whichever is lower between, 1% p.a. on instalment sum in arrears or total recovery of actual collection cost as approved by the bank’s Shariah Board|
|EPF Withdrawal Confirmation Letter Charges||RM10.60 for each request|
|Redemption Statement Fee||RM10.60 for each request|
(Fees and charges are inclusive of 6% GST)
For Salaried Employee:
For Self-employed Individual:
Home Financing-i: The financing scheme comes with flexible payment tenures as well as with fixed profit rate thus offers no risk of increasing fluctuating monthly instalments. It is utilised for acquisition and refinancing. The scheme offers following packages for residential properties:
Special House Financing (SHF): The profit rate is capped under this scheme giving more financial flexibility to the customer. The financial tenure offered under the scheme is up to 35 years. Moreover, up to 90% margin of financing is provided to the customer.
Malaysia My Second Home- MM2H: This is a home financing scheme specially designed for foreigners by the Government of Malaysia. The Malaysia My Second Home- MM2H plan is provided exclusively to the foreigners who stay in Malaysia on a multiple-entry social visit pass and want to purchase a residential property in the country. If the applicants fulfil the required criteria for the scheme, they will be allowed to take up financing for their residential property in the country. The scheme comes with two packages:
Offline Application: Customers can visit the nearest branch of the Al Rajhi bank and ask for an application form according to the scheme they wish to apply for. The mandatory documents need to be submitted as per the bank’s requirements while applying for the financing.
Online Application: Customers can download the application form from the official website of the bank. They can consult the customer care department regarding the submission of the form and about the mandatory documents. A product enquiry can also be placed on the bank’s website. A bank representative will contact the customer once they fill the required details on the website.
If a customer is looking for a refinancing home loan scheme, Home Financing-i (Fixed Rates- Residential) can be considered as it offers competitive profit rates and flexible tenures.
Foreigners can also own a dream home in Malaysia through the Malaysia My Second Home- MM2H scheme. On providing all the valid documents, a customer can get up to 80% of finance and a loan tenure of up to 35 years.
For any queries and additional information regarding the schemes and plans of the Al Rajhi Home Financing, a customer can contact the bank representatives on the hotline: 1 300 82 6000.
Q. What is the minimum home financing amount for Structured Home Financing-i?
A. The minimum financing amount applicable for Home Financing-i (Structured Rates- Residential) is RM50,000.
Q. Will the bank take any legal action against me if I fail to make the repayments?
A. On failing to pay the instalments consecutively, the bank may take legal action against you. Along with sending notices, the bank can proceed with foreclosure of the property or take legal action against you. Additionally, all the cost that involves expenditure on these legal formalities must be borne by you.
Q. Which takaful coverage is mandatory for the home financing?
A. You will need to be adequately covered by Houseowner Takaful/insurance while obtaining Al Rajhi Home Financing scheme. A customer can willingly opt for any other additional coverage.
Q. What is the capped profit rate for Special House Financing (SHF)? Also, what is the current Base Rate I have to bear on the SHF scheme?
A. The profit rate is capped at 10% p.a. by the bank and the current base rate applicable for the financing scheme is 4.35% p.a. applicable from 2 February 2018.
Q. Are any dependants allowed with the applicant for Malaysia My Second Home Program (MM2H)?
A. The applicant is allowed to have his/her spouse and unmarried kids below the age of 21 as dependants.