Bank Muamalat offers different kinds of financing products to its customers including personal financing, car loans etc. The home loan facility provided by the bank is a Shariah-compliant home financing. While providing attractive and competitive profit rates, it also offers long tenure and high margin to the applicants. Mortgage reducing Term Takaful (MRTT) plan is also part of the bank’s home financing facility.
As the loan facility is Shariah compliant, profit rate is charged instead of the interest rate.
|Loan Tenure||Profit Rate|
|Up to 35 years||Calculated as per the further formula: Effective Profit Rate= Base Rate +/- Spread|
*Profit Rate is capped at 10.50% p.a.
Following fees and charges needs to be paid by a customer on obtaining a home loan facility:
|Bank Muamalat Home Loan||Fees and Charges|
|Processing Fee||No fee charged|
|Stamp Duty||As per the Stamp Duty Act 1949 (Revised in 1989)|
|Early Termination fee (Early settlement Fee)|
|Late Payment Fee||1% p.a. on the unsettled instalments|
|Legal Fee||As per bank’s discretion; Based on product package offered (if any)|
|Valuation Fee||As per bank’s discretion; Based on product package offered (if any)|
|Nationality Criterion||Malaysian citizen|
An applicant needs to submit the following documents at the time of applying for home loan facility from Bank Muamalat:
Offline Application: A customer or desired applicant can go to the nearest branch of Bank Muamalat and request for the application form. Then, a customer requires to submit the documents requested along with the completed application form to finish the application process.
Online Application: While applying on the bank’s website, a customer can click on the tab and fill in his/her personal details and loan requirements in that form. After finishing the process and submission of all the details, a customer will receive a phone call from the bank representatives.
To calculate the monthly instalment amount for the home financing, a customer can go to the bank’s official website and fill in his/her loan amount and loan tenure details to find the monthly amount he/she needs to pay.
If a customer has any query or doubts regarding the home financing products offered by the bank, he/she can contact the customer care representatives on the following hotline: 1300-88-8787.
Q. Do I need to have a takaful coverage to obtain the Bank Muamalat Home Financing-i?
A. Yes. Having a takaful or insurance is mandatory for a customer. You can choose the services of the bank or any other agencies to obtain the coverage. A customer is free to choose any particular takaful plan to cover his/her financing. A Takaful coverage is important to cover your outstanding financing during the period of financing and/or term of coverage in the event of any unfortunate situations occur.
Q. Do I get a rebate on settling my loan in advance?
A. Yes. A rebate or ibra is provided to you by the bank if you choose to make an early settlement i.e. before the end of the financing tenure, of your loan amount. The rebate amount will be as per the discretion of the bank and it is calculated with a set formula.
Q. What are the Shariah contracts applicable to the bank’s home financing scheme?
A. The Shariah concepts applied to the product include Tawarruq, Murabahah, and Wakalah.
Q. What are the takaful plans available? How can I choose the right plan for me?
A. Mortgage Reducing Term Takaful (MRTT), Long Term House Owner Takaful (LTHT), and Fire or House Owner Takaful are some of the plans offered by the Bank Muamalat Malaysia Berhad (BMMB). A takaful coverage is provided according to your margin of financing.
Q. Do I need a guarantor or collateral?
A. Though it is not a mandatory practice to provide a guarantor and/or collateral, it depends on the bank whether a customer needs to provide the same or not. The need for the guarantor can also be based on your creditworthiness and other factors.