Alliance Islamic Bank home loans provide borrowers an easy way to own their dream home by offering a home loan facility that comes free of hidden fees and costs, competitive profit rates and flexible tenures.
|Loan Tenure||Profit Rate|
|Up to 35 years||Effective/Prescribed Profit Rate= BR + Spread|
|Alliance Bank i-Wish Home Financing-i||Fees and Charges|
|Processing fee||No fee charged|
|Monthly Fee||No fee charged|
|Early Termination Fee (Early Settlement Fee)||Up to 3% on financing amount|
|Late Payment Charges||Before maturity: 1% on monthly instalment amount in arrears After maturity: IIMM (Islamic Inter-bank Money Market (%) ) rate on outstanding balance|
|Legal and Disbursement Fee||As per the bank’s discretion|
|Stamp Duty||As per the Stamp Duty Act 1949 (Revised in 1989)|
|Valuation Fee||As per the bank’s discretion (applicable to completed properties only)|
|Nationality Criterion||Malaysian or Non-Malaysian resident|
|Income Criteria||As per the bank’s benchmark|
The Alliance Bank Islamic home loan application process can be completed by the following ways:
Offline Application: Applicants can visit the nearest branch of Alliance Bank Malaysia Berhad and collect the application form for the home loan. They must fill the form and attach all required documents to it before submitting it to the customer service agents at the bank.
Online Application: Interested candidates can find the application form for Alliance Bank Home Loan on the official website of the bank. On completing the name and contact details column, the application can be submitted through the website. Documents submission and further procedures should be carried out as informed by the bank or on the website.
To know the application status or application process, customers can reach Alliance Bank on 03-5516 9988 (telephone) or on 03-5516 9399 (fax). A customer can also write a mail on [email protected] to obtain any further information or queries. If a customer has any complaint regarding the product, a customer can contact the hotline at 03-2604 3300. For additional details, the Customer Service Centre is available on 03-5516 9988 or one can also visit any Alliance Bank/Alliance Islamic Bank branch.
Q. Do I need a takaful coverage to obtain the i-Wish Home Financing-i?
A. A takaful or insurance coverage or the Mortgage Reducing Term Takaful (MRTT) is not compulsory while acquiring the bank’s Islamic home loan. But it is encouraged by the bank for the protection purpose against any unforeseen events or circumstances. However, fire takaful coverage is compulsory over the home loan applications.
Q. What are the rebates offered by the bank for i-Wish Home Financing-i?
A. Alliance Bank gives rebates or ibra on the following occasions:
Rebate is calculated using the following formula:
Rebate = Unearned Profit – Early Settlement Charges (if any)
Q. How can I make my monthly instalment payment?
A. A customer can pay-off the instalments by the following methods:
Q. What is the current base rate for the Alliance Bank home loan products?
A. As effective from July 20, 2016, the current base rate of Alliance Bank is 3.82%
Q. How does the concept of Bai Bithaman Ajil (BBA) work?
A. i-Wish Home Financing-i is based on the Shariah concept of Bai Bithaman Ajil (BBA). This comprises of a sale and purchase transaction. For i-Wish Home Financing-i, the residential property to be financed is used as the primary asset for the customer to sell to the bank. The sale of the asset by the bank to the customer takes place at a marked up price and on deferred payment terms.