A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Home Loan BYTES FROM OUR KITCHEN

    AmIslamic Home Loan

    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.

    Interest/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.)

    Fees & Charges

    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
    Wakil Fee RM21.20
    Audit Confirmation RM21.20
    Confirmation letter for withdrawal from EPF RM21.20

    *The above-mentioned fees are inclusive of 6% GST charges.

    Eligibility Criteria

    Nationality Criterion Malaysian citizen
    Age Criteria
    • Minimum age: 21 years
    • Maximum age: 70 years
    Income Criteria -

    Documents Required

    • Documents regarding the Sale and Purchase Agreement with developer or Booking Receipts (if applicable)
    • 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 3/6 months’ current account statements
      • Business registration certification (if applicable)
      • Tax payment receipts (if applicable)

    Type of AmIslamic Bank Home Loan

    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.

    Features & Benefits

    • Profit rate in this scheme is calculated based on variable rate basis.
    • It is protected with a capping rate throughout the financing period.
    • For home financing, a customer can obtain a margin of finance of up to 95% including the Mortgage Reducing Term Takaful (MRTT).
    • A customer can get a tenure of up to 35 years or up to the age of 70 years, whichever is earlier.
    • No profit capitalisation or compounding of profit rate is done for Home/Property Financing-i.
    • The home financing scheme gives a complete waiver on the processing fee below the loan amount of RM25,000.
    • A customer can get easy access to the funds through ATM machines, and AmOnline facility.
    • On obtaining the home loan scheme, a customer will get an AmBank Islamic Credit Card (only for single applicants).

    How To Apply

    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.

    Calculator

    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.

    Contact Number

    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.

    FAQ's

    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.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.