• Bank Rakyat Home Loan

    Bank Rakyat  Home Loan

    Owning a house is something everyone dreams of. Bank Rakyat offers Home Financing-i to those who aren’t able to raise funds. The loans offered by Bank Rakyat are Home Financing-i, Home Financing-i ZEC, Home Financing-i My 1st Home Scheme, and Home Financing-i Commercial. The interest rates offered are lower. The housing loan is offered under Murabahah and Tawarruq.


    You’re probably eligible for an Bank Rakyat Home Loan if you are

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    Bank Rakyat Home Loan Minimum Age

    At least 18 years old

    Bank Rakyat Home Loan Maximum Age

    Less than 65 years old

    Bank Rakyat Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    Bank Rakyat Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your Bank Rakyat Home Loan amount eligibility is based on these factors

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    Bank Rakyat Home Loan Minimum Salary

    Instalment limited to about 50%
    of monthly income

    Bank Rakyat Home Loan Maximum Loan to property value

    Loan capped @ Up to 95 % including MRTT

    Bank Rakyat Home Loan EMI

    Instalments of other loans lower
    your eligibility


    Increase your eligible Bank Rakyat Home Loan amount by these steps

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    Bank Rakyat Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Bank Rakyat Home Loan Maximum Tenure

    Choose longer tenure loan up to 35 years

    Bank Rakyat Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an BANK RAKYAT Bank Home Loan

    • 1. A copy of the Identification Card (MyKad).
    • 2. Copies of the latest 3 months payslips.
    • 3. Account / Bank statements of the latest 3 months (salary credited).
    • 4. Latest EA Form / EPF statement.
    • 5. Documentation for salaried applicants:
      • A certified copy of the original valid passport
      • Employer Verification Letter (last 12 months)
    • 6. Documentation for self-employed applicants:
      • Form B submitted to the LHDN / payment receipt

    Bank Rakyat Home Loan Interest RatesUpdated on 25 Jun 2017

    Bank Rakyat Home Loan Details
    Margin of Finance Up to 95 % including MRTT
    Tenor 35 years
    Guarantor Requirement Guarantee Required

    Features and benefits of Bank Rakyat Home Financing-i

    Following are the features and benefits of Bank Rakyat Home Financing-i:

    • You get financing up to 95% of the property value.
    • Since floating interest rate is offered, you get buffer against rate hikes.
    • You can get a loan for up to 35 years.
    • You get financing for fully constructed property, property under construction, or if you want to refinance your loan.
    • Lock-in period is 5 years and you can prepay the loan only after 5 years.

    Types of Bank Rakyat Home Financing-i schemes

    Following are the various types of home financing offered by Bank Rakyat:

    • Home Financing-i:
    • The loan is offered for under construction, refinancing, completed property, construction of the house, and purchase and redemption of residential land.

      Age 18 years – 70 years.
      Tenure Maximum – 35 years or till 70 years.
      Requirements

      Must have a good credit record and must not have been bankrupt.

      Joint applications are allowed as long as it is taken with your spouse, parents, siblings, or children.

      Margin of financing Up to 95% of the property value.
      Profit rate

      Below RM200,000: Base rate plus 1.30% (1.40% without MRTT).

      RM200,000 – RM349,999:Base rate plus 1% (1.10% without MRTT).

      RM350,000 and above: Base rate plus 0.80% (0.90% without MRTT). Base rate is 3.85%. MRTT – Mortgage Reducing Term Takaful.

      The effective financing rate for Home Financing-i for amount RM350,000 for 30 years with no lock-in period is 3.85% + 0.80% which is 4.65%.

    • Home Financing-i Zero Entry Cost:
    • This financing helps you finance the valuation cost, legal cost, and stamp duty charges. The Home Financing-i Zero Entry Cost loan is offered for refinancing, under construction properties, and for completed or subsale or auction properties. Up to 2.5% of the loan approved will bear the cost of legal fees, stamp duty charges, and valuation costs. This loan is available to Malaysian citizen only.

      Age 18 years – 70 years.
      Tenure Maximum – 35 years or till 70 years.
      Requirements

      Must have a good credit record and must not have been bankrupt.

      Joint applications are allowed as long as it is taken with your parents, spouse, siblings, or children.

      Margin of financing Up to 95% of the property value.
      Profit rate

      Base rate plus 1.33% (1.43% without MRTT).

      Base rate is 3.85%.

      MRTT – Mortgage Reducing Term Takaful.

    • Home Financing-i My 1st Home Scheme:
    • This scheme allows young adults to get up to 110% of financing and help them own their first home. The loan is offered for constructed, subsale, auctioned, and under construction properties. The loan is offered for Malaysian Citizen who is a first-time buyer.

      Age Should not exceed 40 years.
      Tenure Maximum – 35 years or till 70 years.
      Requirements

      Individual or joint applications with spouse are allowed.

      The property must be purchased for own occupation.

      Margin of financing Up to 110% of the property value including Mortgage Reducing Term Takaful, valuation cost, and legal fee.
      Financing limit Up to RM2 million.
      Profit rate

      Up to RM2 million – Base rate plus 1.18%.

      Base rate is 3.85%.

      MRTT – Mortgage Reducing Term Takaful.

    • Home Financing-i – Shophouse or commercial:
    • The loan is offered for financing commercial or shophouse properties. The loan is offered for constructed, subsale, auctioned, and under construction properties. The margin of finance is higher. The loan is available to Malaysian citizens.

      Age 18 years – 70 years.
      Tenure Maximum – 35 years or till 70 years.
      Requirements Must have a good credit record and must not have been bankrupt. Joint applications are allowed as long as it is taken with your siblings, parents, spouse, or children.
      Margin of financing Up to 90% of the property value including valuation cost, legal fee, and Mortgage Reducing Term Takaful.
      Profit rate

      Base rate plus 1.50%.

      Base rate is 3.85%.

      MRTT – Mortgage Reducing Term Takaful.

    Bank Rakyat Home Loan interest rates

    The interest rates offered are attached to the base rate. The margin of financing offered is up to 95% of the value of the property. The margin of financing for 1st time buyers is 110%.

    Fees and charges

    Following fees and charges will be applicable:

    Agency fee or Wakalah fee RM60 plus 6% GST
    Issuance of statement for EPF withdrawal RM15.90 per document plus 6% GST
    Custodian of security documents after full settlement RM10.60 per month per set plus 6% GST

    Eligibility criteria

    You can apply for a home loan if you are above the ages of 18 and above. The loan tenure should end when you are 70 years old. You will have to meet the minimum income requirement as well. You can be a Malaysian citizen in order to avail a loan. You should have a good credit history. You can take a joint loan with your spouse, siblings, parents, and children.

    How to apply for Bank Rakyat Home Financing-i?

    You can apply for the Bank Rakyat Home Financing-i through the following ways:

    • Face to face:

      You can walk into the nearest Alliance Bank branch and apply for the home loan.

    • Online:

      You can provide all your information online and the bank representative will get in touch with you.

    • By phone:

      You can call 1-300-80-54-54 and the bank representative will guide you the process.

    How to make monthly installments payments?

    You can pay the monthly installments through the following ways:

    • Salary deduction.
    • Electronic payment.
    • Biro Perkhidmatan Angkasa.
    • Savings Account-i deduction.

    Bank Rakyat Home Financing-i hotline number

    If you want further information about the product, you can call at 1-300-80-54-54.  

    Documents required

    You will have to submit the following documents along with the duly filled application form:

    • Property documents:
      • Copy of title.
      • Sales and Purchase Agreement.
      • Booking receipt.
      • Offer to purchase from developer.
      • Valuation report.
      • Memorandum of Sale: Auction.
    • Non-fixed income:
      • Authority card for police or military.
      • Business registration or Form 24 or 49.
      • Copy of MyKad.
      • Latest 6 months bank statement.
      • B Form with Payment receipt.
    • Fixed income:
      • Confirmation letter of employment.
      • Latest EPF statement or EA Form.
      • Latest 3 months bank statement.
      • Latest 3 consecutive months’ salary slips.
      • Authority card for police or military.
      • Copy of MaKad.

    Bank Rakyat Housing Loan FAQs

    1. What is the maximum margin of financing offered?

      The maximum margin of financing offered is 95%.

    2. What is the minimum age required to avail a home loan?

      You must be a minimum of 18 years old to avail a home loan.

    3. What is the maximum age allowed for me to avail Home Financing-i My 1st Home Scheme?

      You must be within 40 years to avail Home Financing-i My 1st Home Scheme.

    4. What is the base rate on which the profit rate is set?

      The base rate on which the profit rate is determined is 3.85%.

    5. What is the maximum tenure offered?

      The maximum financing period offered is 35 years or till the age of 70 years.

    6. What are the various purposes for which I can avail a home financing?

      You can get home financing to purchase a property under construction, refinancing, completed, subsale, auction, purchase and redemption of residential land, and to construct a house.

    7. What are the other requirements I should be aware of?

      You must not be bankrupt and you must not have a bad record with any other financial institution.

    8. What are the benefits of availing Home Financing-i Zero Entry Cost?

      When you avail a Home Financing-i Zero Entry Cost, your legal fees, stamp duty charges, and valuation costs will be borne by the bank.

    9. What are the different methods of payments accepted by Bank Rakyat?

      Bank Rakyat accepts payments through electronic methods, savings account-i deduction, Biro Perkhidmatan Angkasa, and salary deduction. 

    Other Products offered by Bank Rakyat:

    Apart from offering Home Loan,Bank Rakyat offers other products and services which include:

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