Bank Islam offers a range of financing schemes to help individuals finance the purchase of their house or help them refinance their home loans. The schemes offer flexible tenures and competitive profit rates and offer a high margin of financing of up to 90%.
|Loan Type||Loan Tenure||Profit Rate|
|Baiti Home Financing||Up to 35 years||As per the bank’s discretion (Depending on the Base Financing Rate)|
|Wahdah Home Refinancing||Up to 35 years||As per the bank’s discretion (Depending on the Base Financing Rate)|
The fees and charges applied for Bank Islam Home Financing-i are as follows:
|Bank Islam Home Financing-i||Fees and Charges|
|Processing fee||No fee charged|
|Stamp Duties||As per the Stamp Duty Act 1949 (Revised 1989)|
|Disbursement Fee||As per the bank’s discretion|
|Late Payment Fee||1% p.a. on overdue instalment amount (before maturity) Outstanding Sale Price less ibra’ (after maturity)|
|Legal Fees pertaining to securities documentations||As per the bank’s discretion|
|Valuation Fee||As per the bank’s discretion (Applicable only for completed properties)|
|Agency Fee||RM25.00 - Appointment of the Bank as Purchase Agent (ABPA) = Waived RM25.00 - Appointment of the Bank as Sales Agent (ABSA) = Waived|
|Nationality Criterion||Malaysian or Non-Malaysian resident|
(Base Financing Rate (BFR)= 6.60% p.a. and Base Rate (BR) = 3.65%. Effective from July 27, 2016)
For Salaried Employees:
For Self-employed Individuals Or Businesspersons:
Offline Application: An interested borrower can walk into the nearest Bank Islam branch and fill the application form. The duly filled application form must be submitted along with the required supporting documents.
Online Application: A customer may visit the official website of Bank Islam and apply for the suitable home loan facility according to his income and requirements. After submitting the form online, the customer care representative of the bank will contact the applicant and carry the process forward.
To calculate for Baiti Financing, a customer can make use of the calculator provided on the official website of the bank which will provide the tally of rebates, yearly instalments, sale price, profit rate etc.
An applicant can reach out to a customer representative on the following hotline numbers: 03-26900900 (telephone) and 03-27821352 (fax).
Q. Who are eligible candidates for payment holiday?
A. The customers of home financing and refinancing schemes who are under the floating rates and meet the criteria for payment holiday can enjoy the facility. However, the request for the Payment Holiday facility should be made in advance, ideally during the initial application process.
Q. If I choose to switch to the normal payment facility, can I go back to the payment holiday facility again?
A. No, once shifted to the normal payment feature from the payment holiday facility, you cannot go back to the holiday payment facility throughout your financial tenure.
Q. Is the late payment facility or Ta’widh subjected to the Goods and Service Tax charges?
A. No, the Ta’widh is excluded from the GST.
Q. Is having takaful coverage compulsory for Bank Islam Home Financing-i?
A. The Mortgage Reducing Term Takaful (MRTT) is mandatory for a home loan applicant while Long Term Houseowner Takaful is not applicable for every applicant.
Q. I am an expat in Malaysia. I want to apply for a home loan scheme. Can I opt for Bank Islam Home Financing-i scheme?
A. The schemes listed above are applicable only for the Malaysian citizens. As a non-resident or Malaysia, if you are looking for a home loan, please contact the bank’s customer care department for more information regarding the same.