• Alliance Islamic Bank Home Loan

    Alliance Islamic Bank Home Loan

    Alliance Bank offers two types of Islamic home loans, i-Wish Home Financing-i and Home Complete-i personal financing. They are both Shariah-compliant products. i-Wish Home Financing-i is based on the Bai Bithaman Ajil concept and Home Complete-i personal financing is based on Commodity Murabaha.


    You’re probably eligible for an Alliance Islamic Bank Home Loan if you are

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    Alliance Islamic Bank Home Loan Minimum Age

    At least 21 years old

    Alliance Islamic Bank Home Loan Maximum Age

    Less than 70 years old

    Alliance Islamic Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    Alliance Islamic Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your Alliance Islamic Bank Home Loan amount eligibility is based on these factors

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    Alliance Islamic Bank Home Loan Minimum Salary

    Instalment limited to about 50%
    of monthly income

    Alliance Islamic Bank Home Loan Maximum Loan to property value

    Loan capped @ Up to 90% + 5% MRTA

    Alliance Islamic Bank Home Loan EMI

    Instalments of other loans lower
    your eligibility


    Increase your eligible Alliance Islamic Bank Home Loan amount by these steps

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    Alliance Islamic Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Alliance Islamic Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 35 years

    Alliance Islamic Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an Alliance Islamic Bank Home Loan

    • 1. NRIC / Identity Card.
    • 2. Copy of Sales and Purchase or Booking Receipt or Letter of Offer from Developer.
    • 3. Copy of Individual Title Deed.
    • 4. Property Valuation Report (for completed properties).
    • 5. Latest 3 consecutive months of salary slips / vouchers.
    • 6. Latest EPF statements (with 3 consecutive months or more transaction history).
    • 7. Latest 6 months Bank Statement.

    Alliance Islamic Bank Home Loan Interest RatesUpdated on 28 Jul 2017

    Alliance Islamic Bank Home Loan Details
    Margin of Finance Up to 90% + 5% MRTA
    Tenor 35 years
    Guarantor Requirement No Guarantee Required

    Alliance Bank offers two types of Islamic home loans, i-Wish Home Financing-i and Home Complete-i personal financing. They are both Shariah-compliant products. i-Wish Home Financing-i is based on the Bai Bithaman Ajil concept and Home Complete-i personal financing is based on Commodity Murabaha.

    Alliance Bank offers two types of Islamic home loans, i-Wish Home Financing-i and Home Complete-i personal financing. They are both Shariah-compliant products. i-Wish Home Financing-i is based on the Bai Bithaman Ajil concept and Home Complete-i personal financing is based on Commodity Murabaha.

    Features and benefits of Alliance Bank Islamic home loan

    Following are the features and benefits of Alliance Bank Islamic home loan:

    • You can prepay the loan before the tenure ends.
    • You can avail loan up to 90% of the home value.
    • The home loan tenures range between 5 – 35 years.
    • The home loan offered is Shariah compliant.
    • The concept it is based on is Bai Bithaman Ajil and Murabaha.
    • Stamp charges, processing fees, etc. will be charged.
    • Set-up fee or monthly maintenance fee is not charged.

    Types of Alliance Bank Islamic home loans schemes

    Alliance Bank offers the following types of Islamic home loan schemes:

    1. i-Wish Home Financing-i:

      i-Wish Home Financing-i is a Shariah compliant product and it is based on the Bai Bithaman Ajil concept. This product does not charge any set-up feeYou will be entitled to a full waiver on the stamp duty when you refinance from conventional to Islamic financing. The goods are sold on a deferred payment basis.

    2. Age 21 years and above.
      Profit rate Variable rate that is attached to the base rate.
      Financing type Completed or under-construction property. Refinancing from another bank. Subscale. Top-up financing.
      Loan tenure Up to 35 years or 70 years of age
      Margin of financing Up to 90% of the value of the home + 5% Financed Entry Cost or Mortgage Reducing Term Takaful. Maximum 70% MOF for Cashline Facility-i.
    3. Home Complete-i personal financing:

      Home Complete-i personal financing is a personal financing product that is attached with home financing-i. You need not offer a collateral and you also needn’t have a guarantor. The loan is offered for up to 10 years. You get up to RM150,000 financing for renovation or contingency purposes.

    4. Profit rate Variable rate attached to the base rate.
      Age 21 years – 55 years.
      Minimum income requirement RM3,000 per month.
      Ceiling rate 10%
      Loan tenure Up to 10 years.
      Financing limit Up to RM150,000.
      Profit calculation Reducing balance, term financing.
      Financing type Single applicant. No guarantor or collateral required. Applicable for those who don’t have more than 2 home/term financing.

    Alliance Bank home loan interest rates

    The interest rates offered are floating or variable interest rates which are attached to the base rate. The margin of financing is up to 90% of the value of the home.

    Fees and charges

    Following fees and charges will be applicable:

    Stamp duty charges 0.5% of the total amount approved.
    Handling fees RM12.
    Goods and Services fee 6% on handling fees.
    Compensation charges 1% p.a. of the installment amount overdue.

    Eligibility criteria

    You can apply for a home loan if you are above the ages of 21 and above. The loan tenure should end when you are 70 years old. You will have to meet the minimum income requirement as well. You can be a Malaysian citizen or a non-Malaysian citizen. You should have a good credit history. The nature of your employment is also crucial.

    How to apply for Alliance Bank home loan?

    You can apply for the Alliance Bank home loans through the following ways:

    • Face to face:

    You can walk into the nearest Alliance Bank branch and apply for the home loan.

    • Online:

    You can provide all your information online and the bank representative will get in touch with you.

    • By phone:

    You can call 03-5516-9988 and the bank representative will guide you the process.

    How to make monthly installments payments?

    You can pay the monthly installments through the following ways:

    • ATM.
    • Direct debit.
    • From your savings or current account.
    • Interbank GIRO or Instant Interbank Funds Transfer.
    • Online banking.
    • Over-the-counter at Alliance Bank Branch.
    • Standing instruction.

    Mortgage calculator

    You can use the mortgage calculator available on the Alliance Bank Website. You must enter the house cost, monthly income, loan tenure, and profit rate. After you have hit the calculate button, you will get the monthly repayment value, and the maximum loan amount you can get and the maximum monthly repayment you have to pay.

    Alliance Bank home loan hotline number

    If you are having difficulty with making payments, you can call at 03-5516-9988 or send a fax to 03-5516-9399. The toll-free number is 1-800-22-2575. You can drop an email at info@alliancefg.com. If you want to place a complaint, you can call 03-2604-3300, send a fax to 03-2691-8229, or email at info@alliancefg.com.

    Documents required

    You will have to submit the following documents along with the duly filled application form:

    • A copy of Individual Title Deed.
    • A copy of Sales and Purchase, or Letter of Offer from Developer, or Booking receipt.
    • Identity card or NRIC.
    • Latest 3 months’ salary slips.
    • Latest 6 months bank statement.
    • Latest EPF statements.
    • Property valuation report.

    Alliance Bank home loan FAQs

    1. What should I do if I change my contact details?

      If there has been any change in your contact details, you must inform the bank immediately or call 03-5516-9988.

    2. What is the maximum margin of finance offered?

      You get a maximum margin of finance of up to 90% of the home value + 5% mortgage reducing term assurance. Maximum MOF 70% overdraft facility is offered under the scheme.

    3. Can I fully settle Home Complete-i personal financing before the maturity?

      Yes, you can fully settle Home Complete-i personal financing before its maturity. You will not be charged any penalty, lock-in period if not imposed, notice is not required, and you will have to pay the outstanding balance, monthly profit and amount due.

    4. Will I be charged any monthly maintenance fee?

      No, you will not be charged any monthly maintenance fee.

    5. What are the different types of Islamic home loan schemes offered by Alliance Bank?

      Alliance Bank offers Home Complete-i personal financing and i-Wish Home Financing-i.

    6. What is the minimum income required to avail Home Complete-i personal financing?

      You must earn a minimum of RM3,000 per month to avail Home Complete-i personal financing.

    7. How is the profit calculated on Home Complete-i personal financing?

      The profit is calculated on term financing and reducing balance method.

    8. Who can avail Home Complete-i personal financing?

      An individual who has not more than 2 home/term financing can avail Home Complete-i personal financing.

    How to Calculate Loan Installment for Alliance Islamic Bank Home Loan?

    Availing a home loan isn’t a small decision and hence customers want to be doubly sure before settling down on a particular home finance scheme. The Alliance Islamic Bank home loan installment calculator helps customers be confident about their monthly installments before they actually avail home finance. This online calculator takes as input the following set of data and processes it to furnish the monthly installment amount and also the amortization table which lists down the repayment schedule in an easy-to-understand way:

    • Desired home loan amount
    • Preferred loan tenure
    • Corresponding profit rate
    • Processing fee

    Home loan amount and loan tenure can be adjusted to reach the most suitable installment amount. Various bank rates and processing fees can be used as input to calculate monthly loan installments and thereby customers can zero down on one particular lending entity which suits them the best.

    Other Products offered by Alliance Islamic Bank:

    Apart from offering Home Loan,Alliance Islamic Bank offers other products and services which include:

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