• Home Loan BYTES FROM OUR KITCHEN

    Bank Muamalat Home Loan

    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.

    Quick Reads

    Interest/Profit Rates

    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.

    Fees & Charges

    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)

    Eligibility Criteria

    Nationality Criterion Malaysian citizen
    Age Criteria
    • Minimum age: 18 years
    • Maximum age: 70 years
    Income Criteria -

    Documents Required

    An applicant needs to submit the following documents at the time of applying for home loan facility from Bank Muamalat:

    • Photocopy of the applicant or joint applicants
    • Latest salary slips (for 3 months)
    • Latest J/ EA Form
    • Confirmation or validation letter from employer
    • Original S and P Agreement or booking sheet or down payment receipt
    • For self-employed applicants:
      • Business Registration Certification or Form 24 or Form 49 or Form A or B or Form D (whichever applicable)
      • Bank statements (for latest 3 months)
    • Any additional documents if requested by the Bank

    Types Of Bank Muamalat Home Financing

    • Home Financing-i: This is a Shariah-compliant home financing facility offered by Bank Muamalat for the purchase of completed or under construction residential housing property.
    • Shophouse Financing-i: The loan facility is offered to purchase a new shophouse from a developer or vendor. This is also applicable for the refinancing for the existing home financing from any other financial institute. The Shophouse Financing-i is also used to re-mortgage an unencumbered house.

     

    Features & Benefits

    • Through this loan facility, the Margin of Financing (MOF) offered to a customer is up to 90% in addition to the Moving Costs and Related Expenses (MCRE).
    • With it, a customer gets an additional facility of obtaining the takaful coverage which could be financed as part of his/her margin of financing.
    • A customer can get a financial tenure of up to 35 years or till he/she turn 70 years old.
    • The interest rates offered are competitive and they are capped at 10.50%.
    • Financing of will writing (wasiat) facilities can be provided.
    • Until 31 December 2017, a new customer will get 20% reduction of the stamp duty charges when he/she applies for an Islamic home financing, as announced by the government.
    • After refinancing from conventional to Islamic Financing facility, a customer can obtain 100% stamp duty waiver on this redemption.

    How To Apply

    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.

    Calculator

    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.

    Contact Number

    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.

    FAQ's

    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.

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