There are four different types of house financing schemes offered by the bank that includes, Home Financing-i, Home Financing-i ZEC, Home Financing-i My 1st Home Scheme, Home Financing-i Commercial, and Home Financing-i (PR1MA). The financing schemes come with a high margin of financing, competitive profit rates and flexible tenures.
The profit rates for different schemes under Bank Rakyat Home Loan are as follows:
|Financing Amount||Profit Rate||Financing Amount||Profit Rate|
|Home Financing-i||Below RM200,000||BR + 1.30%||Below RM200,000||BR + 1.40%|
|RM200,000 - RM349,999||BR + 1%||RM200,000 - RM349,999||BR + 1.10%|
|RM350,000 and above||BR + 0.80%||RM350,000 and above||BR + 0.90%|
|Home Financing-i ZEC||Open||BR+1.33%||Open||BR+1.43%|
|Home Financing-i My 1st Home Scheme||Up to RM2 million||BR+1.18% until BR+1.48||-||-|
|Home Financing-i (Shophouse / Commercial)||Open||BR+1.50%||-||-|
|Home Financing-i PR1MA||Open||BR+0.58% (Profit Rate)|
(Base Rate (BR)= 3.85%); (MRTT = Mortgage Reducing Term Takaful)
|Type of fee||Amount|
|Stamp duty charges||0.5% of total financing amount as per the Stamp Duty Act 1949 (Revised in 1989)|
|Agency fee or Wakalah fee||RM30|
|Custodian of security documents after full settlement||RM10.60 per month|
|Issuance of statement for EPF withdrawal||RM15.90 per document|
|Disbursement fee||As per the bank’s discretion (Includes registration fee)|
|Legal fee||As per the bank’s discretion|
|Valuation fee||As per the bank’s discretion (Applicable for completed properties only)|
|Nationality Criterion||Malaysian citizen|
For An Applicant With Fixed Income:
For An Applicant With Non-fixed Income:
Offline Application: Customers can go to the nearest branch of Bank Rakyat and request for the application form. The duly filled form must be submitted along with the documents requested along to finish the application process.
Online Application: While applying on the bank’s website, a customer can click on the tab and fill in their personal details and loan requirements. Upon submission of all the details, a customer will receive a phone call from the bank representatives to carry the process forward.
(All the fees and charges are inclusive of 6% Goods and Service Tax)
For repayment purpose, a customer can choose any mode of payment from the following:
Home Financing-i and Home Financing-i ZEC (Zero Entry Cost) are two schemes from Bank Rakyat that allow customers.
Customers who have any queries or require any additional information regarding the products offered by the bank, can contact the bank representatives on the bank’s hotline at: 1-300-80-54-54.
Q. What are the benefits a customer can get from Home Financing-i (ZEC) Zero Entry Cost?
A. When you get a Home Financing-i Zero Entry Cost, your legal fees, stamp duty charges, and valuation costs will be borne by the bank.
Q. Do I need a guarantor to obtain the home financing?
A. The requirement of a guarantor depends on various factors including the applicant’s credit history, amount of financing etc.
Q. Do I need to pay a security deposit?
A. The security deposit is asked to be paid only when the customer is obtaining a refinancing scheme. Here, 2 months instalment amount will be deducted from the customer’s financing and credited into his/her Special Account upon disbursement.
Q. Do I need to have a houseowner takaful coverage?
A. Houseowner Takaful coverage for residential and Fire Takaful for shophouse or commercial lot is mandatory.
Q. Will I get a rebate if I settle my home loan earlier than the allotted tenure?
A. The bank will provide you with Ibra (rebate) for early repayment of your home financing-i.