• Home Loan BYTES FROM OUR KITCHEN

    Al-Rajhi Bank Home Loan

    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.

    Interest/Profit Rates

    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.

    Eligibility Criteria

    Nationality Criterion Malaysian citizens; Non-Malaysian citizens can apply for Malaysia My Second Home - MM2H scheme
    Age Criteria
    • Minimum age: 21 years
    • Maximum age: 65 years
    Income Criteria As per the bank’s discretion

    Fees & Charges

    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)

    Documents Required

    For Salaried Employee:

    • A copy of NRIC or Malaysian identity card
    • Valid national identity card (for foreigners applying for MM2H)
    • A copy of passport
    • A copy of police or military ID (if applicable)
    • Latest salary slips (for 3 months)
    • Latest bank statements (for 3 months)
    • Leasehold agreement
    • Property booking receipt
    • Sales and purchase agreement
    • A copy of deeds of endowment
    • A copy of property title

    For Self-employed Individual:

    • A copy of NRIC or Malaysian identity card
    • Valid national identity card (for foreigners applying for MM2H)
    • ITR endorsed by IRB or
    • latest EA form (for 2 years)
    • Latest company bank statements (for 6 months)
    • Form 24, 49, 9
    • Form M&A
    • Form D or business registration form
    • A copy of police or military ID
    • A copy of valid passport

    Types Of Al Rajhi Bank Home Financing

    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:

    • Fixed Rates- Residential: This plan is also offered for refinancing purpose. Along with competitive profit rates, high margin on finance is offered under this plan. Flexible financing tenures of up to 25 years are granted to the customer and a comprehensive takaful coverage is also provided.

     

    • Structured Rates- Residential: This plan is utilised for acquisition, refinancing and under construction housing properties. The margin of financing offered here is up to 90% at flexible tenures of up to 35 years. A customer can also get takaful coverage along with this plan.

     

    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:

    • Fixed Rate- Residential: It is a plan with financial tenure of up to 25 years and a comprehensive takaful coverage.

     

    • Structured Rate- Residential: This program offers up to 80% margin on financing and a tenure of up to 35 years.

     

    Features & Benefits

    • The Shariah concept applicable for the loan schemes is Commodity Murabahah. The payment of Bank Sale Price happened on a deferred basis.
    • The financing schemes come with competitive profit rates.
    • The margin of financing offered under various home loan programs of the A Rajhi bank is up to 95% depending on the loan scheme.
    • A comprehensive takaful coverage is offered with all the home financing schemes of the bank.
    • Affordable tenures of up to 35 years are available under the home loan schemes.
    • Malaysian citizens as well as citizens of other nations can also purchase a residential property in Malaysia through the Al Rajhi Home Loan schemes.

    How To Apply

    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.

    Al Rajhi Home Loan Refinance

    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.

    Al Rajhi Home Loan for Foreigners (expats)

    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.

    Contact Number

    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.

    FAQ's

    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.

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