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)
|Peninsular Malaysia||RM35,000 to RM250,000|
|Sabah and Sarawak||RM35,000 to RM300,000|
|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|
|Nationality||Malaysians and non-Malaysians|
|Age Criterion||Minimum age: 18 years|
|For Salaried Applicant||
|For Self-Employed Applicant||
|Other Supporting Documents||
|Additional Documents Required||
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.
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.