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    Affin BNM Priority Sector Home Financing-i

    The Affin BNM Priority Sector Home Financing-i is a home financing scheme for low and medium cost housing. It is available for the applicants from lower and middle income group. Musharakah Mutanaqisah (MM) or Diminishing Musharakah is the Shariah concept applied for this plan.

    Read further to know more about the home financing plan.

    Margin of Financing Up to 90% or S&P Price + 5% (MRTT and legal fee)
    Financing Tenure Whichever is earlier between a maximum of 35 years and up to 65 years of age
    Ceiling Rate 9% (maximum Ijarah rate)
    Type of Properties Covered Under-construction residential properties and completed residential properties
    Type of Loan NA
    Rental Rate BR+1.61% p.a.
    Base Rate 4.10% p.a.

    *(S&P = Sales and Purchase)

    Features and Benefits

    • This home financing facility offers 2 different packages based on different regions:
    Area/Region S&P Price
    Peninsular Malaysia RM35,000 to RM250,000
    Sabah and Sarawak RM35,000 to RM300,000
    • The home financing scheme is exclusively designed for low cost housing properties and it caters to the customers from lower and middle income group.
    • You can get a margin of financing of up to 90% or as per the S&P price plus 5% of MRTT.
    • You can obtain a financing tenure of up to 35 years or until the age of 65 years.
    • No processing fee is imposed on this scheme.

    Fees and Charges

    Stamp Duty Charges As per the Stamp Act 1949 (revised in 1989)
    Disbursement Charges Includes registration fee, land search, bankruptcy search, and other applicable charges as per the bank’s discretion
    Processing Fee No processing fee
    Valuation Fee Applicable for completed properties
    Compensation Charges (Ta’widh) 1% p.a. on the overdue payment

    Requirements

    Nationality Malaysians and non-Malaysians
    Age Criterion Minimum age: 18 years

    Documents Required

    For Salaried Applicant
    • Latest salary slips (for 3 months)
    • Latest fund statement (for a pensioner)
    • Latest commission statements for 6 months (for a commission earner)
    • EA Form or Borang B along with income tax payment receipt or e-filing acknowledgement receipt
    • Latest EPF statement
    • Latest bank account statements for 3 months (where salary/pension is credited)
    • Letter from employer confirming your income
    For Self-Employed Applicant
    • Latest Borang B along with income tax payment receipt or e-filing acknowledgement receipt
    • Latest business account statements for 6 months (sole proprietorship/partnership)
    • Latest personal account statements for 6 months (limited company/sdn bhd)
    • Latest details of management account or profit and loss account
    Other Supporting Documents
    • Tenancy agreement or rental income receipt
    • Unencumbered time deposits certificates
    • Director’s fee (as reflected in audited profit and loss account)
    • Other deposits/unit trusts, or investments (if applicable)
    • Sales vouchers (for agro-based sector)
    Additional Documents Required
    • A copy of NRIC
    • Sales and purchase agreement
    • Booking receipt from developer (for under construction properties)
    • A copy of valuation report acquired from bank’s approved panel of valuers (if required)
    • Any additional income document (if applicable)

    How to Apply

    Offline Application
    • Visit any nearest branch of the Affin Islamic Bank.
    • Collect the application form for the home financing facility.
    • Fill the form with all required information.
    • Submit the form with the set of all supporting documents.
    Online Application
    • Visit the official website of Affin Bank Islamic.
    • Click on ‘Consumer Financing-i’.
    • Then click on the ‘Forms’ tab.
    • Here, you can find a downloadable application form.
    • Fill the form with all necessary details.
    • Submit it to a bank officer with a set of supporting documents.

    If you are looking for a home financing plan for a low or medium cost housing, you can consider this scheme by Affin Islamic Bank. The facility is based on the concept of ‘Diminishing Musharakah,’ where the bank leases out the property to you, which you can acquire fully by making gradual repayments.

    FAQs

    Q. Is there any lock-in period involved for this scheme?

    A. There is no lock-in period applied to this home financing package.

    Q. Can I opt for refinancing under this scheme?

    A. This scheme is not available for refinancing or residential land financing purpose.

    Q. Is MRTT obligatory for this home financing package?

    A. Yes, you need to take the MRTT (Mortgage Reducing Term Takaful) along with this scheme.

    Q. Do I need to inform about my changed contact details?

    A. You must inform the bank about any changes in your correspondence address. This way, it is easier to make timely communication with you.

    Q. Where to contact if I need any additional information about the package?

    A. You can reach to the bank’ Contact Centre on 03-8230 2222 for any further details regarding the product.  

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