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  • Home Loan BYTES FROM OUR KITCHEN

    Alliance Islamic Bank Home Loan

    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.

    Interest/Profit Rates

    Loan Tenure Profit Rate
    Up to 35 years Effective/Prescribed Profit Rate= BR + Spread

    Fees & Charges

    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)

    Eligibility Criteria

    Nationality Criterion Malaysian or Non-Malaysian resident
    Age Criteria
    • Minimum age: 21 years
    • Maximum age: 70 years
    Income Criteria As per the bank’s benchmark

    Documents Required

    • Documents related to the Sale and Purchase Agreement with developer or Booking Receipts
    • Property Valuation Report (if any)
    • For Salaried Individual:
      • Copy of identity card or passport
      • Latest 3 months’ salary slips
      • Latest EPF Statement
      • Latest EA Form
    • For Self-employed Individual:
      • Latest 6 months’ current account statements
      • Business registration certification (if applicable)
      • Tax payment receipts (if applicable)

    Type Of Alliance Islamic Home Loan

    • i-Wish Home Financing-i: The loan offers easy financial tenures to customers with the maximum tenure going up to 35 years. The profit rate comes with a capped ceiling rate preventing major fluctuations from affecting the monthly instalments.

    Features & Benefits

    • The home loan does not involve any extra charges such as set-up fee or monthly maintenance fee, as it is a Shariah compliant home financing.
    • The home loan is based on Bai Bithaman Ajil (BBA) concept. According to this concept of financing, a contract is made for the selling and purchasing of an asset on a deferred payment and instalment basis. It involves a pre-agreed payment period. Here, the sale prices will also include the profit margin.
    • A customer is entitled for a full stamp duty fee waiver if he/she is refinancing from a conventional loan to Islamic financing.
    • Home financing for repurchases, sub sale, top up, and unencumbered property financing offers 20% stamp duty waiver to a customer.
    • Due to a capped ceiling rate, a customer gets rate protection from the Base Rate (BR).
    • In i-Wish Home Financing-i, the profit rate is a variable rate pegged to the Base Rate.
    • A tenure of up to 35 years can be obtained by a customer on his/her home financing.
    • Margin of financing provided for the loan is up to 90% while additional 5% Mortgage Reducing Term Takaful (MRTT) and/or Financed Entry Cost is also provided.
    • For the Cashline Facility-i, the maximum amount of the margin of finance provided is 70%.
    • The types of financing involved under i-Wish Home Financing-i, is for completed or under construction property, sub sale, top up financing, and refinancing from another bank with or without cashout.
    • On early settlement of the home loan, the customer gets rebate (ibra) from the bank.

    How To Apply

    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.

    Contact Number

    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 info@alliancefg.com 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.

    FAQ's

    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:

    • When the customer makes early redemption/settlement, where the customer has given prior written notice to the Bank
    • When there is a settlement due to restructuring of the financing facility
    • If settlement is made by a customer where the financing facility is in default/after foreclosure of the asset
    • In the event of termination or cancellation of financing before maturity date

    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:

    • Interbank GIRO (IBG)/Instant Interbank Funds Transfer (IBFT) via ATM or Internet Banking
    • From your Alliance Current Account/Savings Account - Direct Debit via Alliance Online Banking or Standing Instruction (SI)
    • By over-the-counter means at any self-service kiosk or Alliance Bank Branch

    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.

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