AmBank offers a home loan scheme that works on the Shariah concept of Tawarruq. The scheme enables customers to obtain financing for the purchase of their home while enjoying flexibility in tenures and competitive profit rates.
|Loan Tenure||Profit Rate|
|Up to 35 years||Variable profit rate based on the bank’s discretion (Ceiling Profit Rate is capped at 9.99% p.a.)|
|Home/Property Financing-i Home Loan||Fees and Charges|
|Processing fee for Approved Financing||Based on financing amount: Below RM25,000 = No fee charged Between RM25,000 to RM30,000 = RM50 Between RM30,001 to RM100,000 = RM100 Above RM100,000 = RM200|
|Stamp Duty||As per the Stamp Act 1949 (Revised 1989)|
|Early Termination Fee (Early Settlement Fee)||Principal Balance Outstanding × 2% if loan settled within lock-in period|
|Late Payment Fee||1% p.a. on overdue instalments or outstanding balance amount|
|Disbursement Fee||As per the bank’s discretion (includes fees for registration etc.)|
|Valuation Fee||As per the bank’s discretion (for preparation of formal valuation report)|
|Trading Fee||RM15 per million on pro rata basis|
|Confirmation letter for withdrawal from EPF||RM21.20|
*The above-mentioned fees are inclusive of 6% GST charges.
|Nationality Criterion||Malaysian citizen|
Home/Property Financing-i: This property financing is based on the Shariah concept of Tawarruq. The scheme offers variable rates on home and property solutions. With this loan facility, a customer can opt for building, buying, or renovating his home.
Offline Application: An applicant can visit the nearest branch of the AmBank or AmBank Islamic and fill in the application form provided by the officials. The bank representatives will help a customer to complete the further formalities. A customer should submit all the required documents along with the completed application form.
Online Application: Candidates can also apply through the official website of the bank. They can click on the ‘Apply Now’ tab given on the site and fill in their personal details and loan requirements in the online form. After finishing the process and submission of all the details, the customer will receive a phone call from the bank representatives regarding the status of their application.
Customer can use the Home Financing-i Calculator available on the official website of the AmBank to find out their estimated eligible financing amount for the housing property. While calculating, they need to fill the fields with the details like cost of house, margin of financing, financing period, profit margin and monthly income and hit the ‘calculate’ button to know the results. A customer can also apply for the home financing on the same section/page on the calculator.
For any queries and doubts related to the Home/Property Financing-i scheme, a customer can contact the customer care representatives of the bank at: 03 – 2178 8888.
Q. Do I have to pay the same profit rate throughout my loan tenure?
A. Home/Property Financing-i offers financing with variable rate. The profit rate is fixed only for first few years decided by the bank. After that, as per any change in the Base Rate, the profit rate will vary. However, the increase in the profit rate is capped at the ceiling profit rate 9.99% p.a.
Q. Do I need to provide a guarantor while applying for the loan?
A. Though it is not mandatory to provide a guarantor, it depends on your creditworthiness whether you need to provide one or not.
Q. What is the lock-in period for Home/Property Financing-i?
A. The lock-in period for the financing scheme is 2 years.
Q. Do I get any early settlement benefit?
A. AmBank Islamic provides you with rebates (ibra) if you choose to settle your home loan early. The rebate is calculated with the following formula:
Ibra’ (Rebate) = Deferred Profit – Early Settlement Charges
Q. What are the Shariah concepts applicable in AmBank Islamic Home Loan?
A. The Shariah concepts applicable for the home financing scheme are Tawarruq, Murabahah and Wakalah.
Q. What is the commodity used for AmBank Home/Property Financing-i?
A. Any Shariah compliant commodity is used in this type of financing. For example, Crude Palm Oil (CPO) etc. can be used as a commodity, traded in Bursa Suq al-Sila’ and any other platform approved by AmBank Islamic Berhad.