• AmBank Islamic Housing Loan

    AmIslamic Home Loan

    AmBank is a popular bank that offers a comprehensive range of products and services in Malaysia. You can choose from their deposits, loans, priority banking, cards, etc.

    The bank specialises in providing great loan options to individuals and businesses for different purposes. You can choose from both conventional and Islamic financing. If you are looking to buy a home by following the Shariah concept of Islamic principles, you can go for the AmBank Home or Property Financing-i.


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

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    AmIslamic Bank Home Loan Minimum Age

    At least 21 years old

    AmIslamic Bank Home Loan Maximum Age

    Less than 65 years old

    AmIslamic Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    AmIslamic Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your AmIslamic Bank Home Loan amount eligibility is based on these factors

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    AmIslamic Bank Home Loan Minimum Salary

    Instalment limited to about 50%
    of monthly income

    AmIslamic Bank Home Loan Maximum Loan to property value

    Loan capped @ Up to 95%

    AmIslamic Bank Home Loan EMI

    Instalments of other loans lower
    your eligibility


    Increase your eligible AmIslamic Bank Home Loan amount by these steps

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    AmIslamic Bank Home Loan Add Spouse as Co-applicant

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

    AmIslamic Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    AmIslamic Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an AM 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.

    AmIslamic Bank Home Loan Interest RatesUpdated on 28 Jul 2017

    AmIslamic Bank Home Loan Details
    Margin of Finance Up to 95%
    Tenor 30 years
    Guarantor Requirement No Guarantee Required

    Features and benefits of AmBank Islamic Home or Property Financing

    These are the features and benefits of this financing product:

    • You do not have to worry about any risk associated with this financing product as you will get protection for the full financing tenure.
    • The profit for this home financing product will be computed depending on variable rates.
    • For AmBank Home Financing-i, your margin of finance will be up to 95%. This comprises the MRTT as well.
    • For the AmBank Islamic home and property financing, you do not have to pay any processing fee for up to a certain loan amount as you will get a waiver.
    • When you choose the AmBank Home Financing-i, you can repay it within 35 years or by the time you turn 70 years old.
    • When you go for the AmBank Property Financing-i, you will be required to repay your amount within 25 years or before you turn 70 years old.
    • This home or property financing product does not follow profit capitalisation. The profits will not get compounded over intervals.
    • If you choose new financing for a residential space, you can enjoy a discount of 20% on the stamp duty. This special discount is valid until December 31, 2017.
    • AmBank Home or Property Financing-i allows you to apply for an AmBank Islamic credit card. You will be able to obtain numerous privileges and benefits with this card.

    Types of AmBank Islamic Home or Property Financing

    Let us take a look at the types of these financing facilities:

    • AmBank Home Financing-i: This financing option will help you buy residential spaces and you will have to give this house as a collateral. It is a Shariah-compliant financing facility.
    • AmBank Commercial Property Financing-i: With this product, you can buy a commercial or industrial property and you will need to pledge this property as a collateral. The profit for this product is determined by a variable rate. It follows the principles of the Shariah rules governed by the Islamic banking law.
    • AmBank My First Home Scheme-i: This financing facility allows you to purchase your first house. You will have to make your payments through fixed terms. You will have to give your house as  collateral. You can go for two kinds of profit rates. Under the first one, the profit will be ascertained through a variable rate or a blend of variable rates as well as fixed rates. Under the second option, the profit will be arrived at through only a fixed rate. This financing scheme also follows the Shariah principles of Islamic banking.
    • AmBank Johor Affordable Housing Scheme: This scheme helps an eligible Johorean buy a cost-efficient house that is fully built or that is being constructed in Johor. This financing option follows a variable rate.

    Interest rates

    The current Base Financing Rate is 6.65% p.a. as on December 1, 2016.

    The current Base Rate is 3.80% p.a. as on December 1, 2016.

    The financing rate for these Islamic home and property financing will be determined by the prevailing base financing rate and base rate.

    Fees and charges

    The fees and charges for this financing are as follows:

    Letter of Undertaking RM20 and RM1.20 GST for the first document RM10 and RM0.60 GST for subsequent document(s)
    Processing fee

    For home and property financing

    Below RM25,000: No fee

    RM25,000 to RM30,000: RM50 plus RM3.00 GST

    RM30,001 to RM100,000: RM100 plus RM6.00 GST

    Above RM100,000: RM200 plus RM12.00 GST

    For My First Home Scheme-i

    RM 100,000 and above: RM 212.00

    RM 30,001 to RM 99,999: RM 106.00

    Up to RM 30,000: RM 53.00

    Trading fee RM15 per million
    Confirmation letter to withdraw from EPF RM21.20
    Audit confirmation RM21.20
    Late payment fee 1% p.a. of the outstanding amount

    Eligibility criteria

    Let us take a look at the eligibility criteria required to apply for a home loan from AmBank:

    • You will have to be at least 18 years old in order to apply for this financing.
    • You will need to be a Malaysian citizen or a Permanent Resident or an employee with a work permit in Malaysia or an expatriate.

    How to apply for AmBank Islamic Home or Property Financing

    You can first fill an online form for home or property financing from AmBank which is available on the website. Here, you will have to provide your basic personal information including name, email ID, contact number, and Passport No or IC No. Once this form is reviewed, you will receive a call from the bank’s representative. They will help you in completing the entire application process.

    How to make monthly installment payments

    You can make your monthly installment payments for AmBank Islamic home financing by using the bank’s e-Banking services. The payments can be made through fund transfers, e-AmPayDay, AmOnline, etc.

    Documents required

    While applying for this financing, you will have to submit the following documents:

    • Most recent EPF statement
    • Most recent salary slips for 3 months
    • Your NRIC or Passport or Employment Pass or Work Permit
    • Bank statements for the most recent 3 months

    How to Calculate Loan Installment for AmIslamic Home Loan?

    Calculating the installment for your AmIslamic home loan is a very simple and easy process. This can be achieved within seconds by using the online AmIslamic home loan installment calculator hosted at bbazaar.my. This online calculator takes in raw data in the form of desired home loan amount, preferred loan tenure and the corresponding profit rate to yield the monthly home loan installment that customers need to shell out from their pocket. Using this calculator you can plan your finances even before availing your home loan. This calculator can also be used to adjust the input parameters to reach that value of monthly installment which is most affordable to any customer.

    FAQs

    1. What is the lock-in period for AmBank Islamic home and property financing?

      The lock-in period is 2 years for AmBank Islamic home and property financing.

    2. When I take AmBank Islamic home and property financing, how is the Ibra (rebate) calculated?

      The general formula for Ibra is: Deferred profit minus Early settlement charge

    3. How much is the stamp duty for AmBank Islamic home and property financing?

      You will have to pay stamp duty according to the Stamp Act 1949 (Revised 1989).

    4. Under the AmBank Johor Affordable Housing Scheme, what are the types of houses that can be purchased?

      The houses that can be purchased with the AmBank Johor Affordable Housing Scheme include RM150,000 (Johor Affordable Housing and Medium Low Cost Stores), RM80,000 (Community House Type B), and RM42,000 (Community House Type A).

    5. Under the AmBank Johor Affordable Housing Scheme, what is the deferment period?

      With the deferment period offered by this scheme, you do not have to give any profit when the house is being constructed. This applies until the deferment period lapses or till the construction project is done, whichever is earlier.

    6. What are the Shariah concepts that are utilised in the AmBank Islamic home and property financing?

      The Shariah concepts that are followed in these financing options include Murabahah, Tawarruq, and Wakalah.

    7. Do I have to pay Wakil fee to secure AmBank Islamic home or property financing?

      Yes, you will have to pay Wakil fee of RM21.20 to get this financing.

    Other Products offered by AmIslamic:

    Apart from offering Home Loan,AmIslamic offers other products and services which include:

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