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.
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 95%
Instalments of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
|Margin of Finance||Up to 95%|
|Guarantor Requirement||No Guarantee Required|
These are the features and benefits of this financing product:
Let us take a look at the types of these financing facilities:
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.
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)|
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|
|Late payment fee||1% p.a. of the outstanding amount|
Let us take a look at the eligibility criteria required to apply for a home loan from AmBank:
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.
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.
While applying for this financing, you will have to submit the following documents:
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.
The lock-in period is 2 years for AmBank Islamic home and property financing.
The general formula for Ibra is: Deferred profit minus Early settlement charge
You will have to pay stamp duty according to the Stamp Act 1949 (Revised 1989).
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).
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.
The Shariah concepts that are followed in these financing options include Murabahah, Tawarruq, and Wakalah.
Yes, you will have to pay Wakil fee of RM21.20 to get this financing.
Apart from offering Home Loan,AmIslamic offers other products and services which include: