Bank Muamalat specialises in offering both consumer banking and business banking services in Malaysia. You can get in touch with this bank to get mortgages, deposits, vehicle financing, Islamic hire purchase, wealth management, etc.
The bank gives outstanding home financing options that are compliant with the Shariah concept of Islamic banking principles. The bank offers mortgages that follow this concept with 3 different categories.
At least 21 years old
Less than 70 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 90% + 10% MCRE
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 35 years
Alternatively add your parents
|Margin of Finance||Up to 90% + 10% MCRE|
|Guarantor Requirement||Guarantee Required|
Let us take a look at the features and benefits of this home financing product:
Bank Muamalat provides mortgage under 3 main types. Let us take a look these 3 types of home and property financing:
The interest rate for home financing offered by Bank Muamalat is determined by the base rate. The base rate comprises the Statutory Reserve Requirement (SRR) cost as well as Cost of Funds (COF). These 2 aspects will be fixed by Bank Negara Malaysia. The base rate can change when there are changes in the SRR and the benchmark COF.
Let us take a look at the fees and charges that you will have to pay for Bank Muamalat Home Financing-i:
|Fees and charges||Amount|
|Stamp duty||According to the Stamp Act 1949 (Revised 1989)|
|Valuation fees or other fees||This depends on the financing product chosen by you.|
|Legal fees||This depends on the financing product chosen by you.|
|Takaful||Amount that is paid to the Takaful Operator|
You will have to meet the following eligible criteria to apply for Bank Muamalat Home Financing-i:
You can apply for Bank Muamalat Home Financing-i by downloading the application form from the bank’s website. After filling it, you can submit it any Bank Muamalat bank branch. You can also apply by directly going to the bank branch to finish the application process.
You can make your monthly payments for the home financing by registering yourself for the internet banking platform of the bank.
You will be required to submit the following documents to apply for Bank Muamalat Home Financing-i:
Muamalat home loan installment calculator does for you in just under a minute what manual processing would normally take hours to do. Feeding in some important parameters like the desired loan amount, preferred loan tenure, applicable profit rate and then clicking the ‘calculate’ button is all that its takes to know the estimated monthly installment for your Bank Muamalat home loan. This calculator can also be used to vary the input parameters like personal loan amount and preferred loan tenure to reach that optimum monthly installment amount which you think is most suitable to you. It is also very helpful to know what percentage of your monthly income would supposedly go towards home loan repayment.
Yes, you will correct information regarding any change in the fees and charges of the home financing-i product at least 21 days before the changes are made.
The Shariah concept that is followed in this financing is known as Tawarruq.
You will have to give 1% p.a. on the unsettled amount of your financing.
Yes, it is fine. You will receive an Ibra (rebate). This will be equal to the deferred profit at that current point.
You will have to pay 6% GST on the fees and charges that include GST.
No, you do not have to pay a valuation fee for spaces that are being constructed. A valuation fee is charged only for fully constructed spaces.
Apart from offering Home Loan,Bank Muamalat offers other products and services which include: