• Home Loan BYTES FROM OUR KITCHEN

    Bank Islam Home Loan

    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%.

    Quick Reads

    Interest/Profit Rates

    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)

    Fees & Charges

    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

    Eligibility Criteria

    Nationality Criterion Malaysian or Non-Malaysian resident
    Age Criteria
    • Minimum age: 18 years
    • Maximum age: 70 years
    Income Criteria
    • Minimum RM1,000 per month (for SKJP)
    • Not more than RM5,000 per month (for My First Home Scheme)

    Types Of Bank Islam Home Financing-i

    • Property Financing-i (Tawarruq) - Baiti Home Financing: The home financing scheme is a Shariah compliant financing facility that offers competitive financing rates to the customers. It provides financing for Mortgage Reducing Term Takaful (MRTT), Long Term House Takaful (LTHT), Stamp Duty, Legal Fee, and Valuation Fee. The loan is offered with a tenure of 35 years or until the applicant completes 70 years of his/her age. Under Property Financing-i (Tawarruq) - Baiti Home Financing, SJKP Housing Scheme and My First Home Scheme are two facilities offered to the customers.
      • SJKP Housing Scheme: This is a scheme that caters to the purchase of the residential house under the priority sector for low cost and medium cost properties. The maximum margin of financing offered is 100% (including takaful) and maximum amount of financing offered is RM300,000.
      • My First Home Scheme: The scheme provides financing facility for the purchase of residential property worth RM100,000 to RM500,000. The Margin of Finance provided is up to 100%. Individuals more than 40 years old of age cannot apply for this category of home loan.
    • Property Financing-i (Tawarruq) – Wahdah Home Refinancing: This type of home refinancing allows borrowers to lower the monthly instalments and free up some cash for personal needs. The Wahdah Home Refinancing offers up to 35 years of financial tenure with competitive financing rates. The refinancing scheme comes with added benefits of providing financing for Mortgage Reducing Term Takaful (MRTT), Long Term House Takaful (LTHT), Stamp Duty, Legal Fee, and Valuation Fee.

    Features & Benefits

    • The home financing schemes of Bank Islam offers Margin of Financing up to 90%.
    • The home loan schemes come with competitive financing rates.
    • A customer does not have to pay any processing fee for Baiti Home Financing or Wahdah Home Refinancing.
    • Both the schemes offer a Payment Holiday feature that allows borrowers to refer their instalments in the months of November and December.
    • No lock-in period is applied for both the products.

    (Base Financing Rate (BFR)= 6.60% p.a. and Base Rate (BR) = 3.65%. Effective from July 27, 2016)

    Documents Required

    • Copy of the applicant’s identity card
    • Sales and Purchase Agreement (if any)

    For Salaried Employees:

    • Latest 3 months’ salary slips
    • Latest 3 months’ salary crediting account statements
    • Confirmation or validation letter from employer
    • Annual Income Statement/BE Form/EPF statement
    • Any other supporting income documents (if applicable)

    For Self-employed Individuals Or Businesspersons:

    • Company or Business Registration Certification (if any)
    • Last 6 months’ Bank Statements
    • Latest 3 years’ Financial Statement
    • Latest B Form
    • Any other supporting income documents
    • Income must be verified and confirmed by Village Headsman (Penghulu/ Penggawa) or JKKK or Government Officer Category A (for SJKP)

    How To Apply

    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.

    Calculator

    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.

    Contact Number

    An applicant can reach out to a customer representative on the following hotline numbers: 03-26900900 (telephone) and 03-27821352 (fax).

    FAQ's

    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.

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