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AFFIN Tawarruq Home Financing-i

AFFIN Tawarruq Home Financing-i is a home financing facility that can be utilised to acquire a residential property. The scheme functions on the Shariah concept of Tawarruq. Read further to know more about the home financing plan.

Margin of Financing
  • Up to 90%
Additionally,
  • 5% of MRTT (for individuals) and
  • Up to 60% of MRTT (for limited companies)
Financing Tenure
  • Up to 35 years of up to the age of 70 years (for individuals)
  • Minimum of 5 years to a maximum of 20 years (for limited companies)
Profit Rate
  • For property value between RM200,000 and RM1 million = BR + 1.31% p.a.
  • For a property value above RM1 million = BR + 1.26% p.a.
Type of Properties Covered Acquisition of residential properties (under construction)
Type of Loan/Financing NA
Current Base Rate 4.10% p.a.

Features and Benefits

  • Both an individual applicant and a private limited company can obtain financing under this scheme.
  • Enjoy up to 95% (inclusive of MRTT) financing as an individual customer.
  • Get lengthy financial tenure of up to 35 years.
  • No processing fee is charged.
  • No restructuring or rescheduling charges are imposed.
  • Takaful coverage is optional.

Fees and Charges

Stamp Duty Charges As per the Stamp Act 1949 (revised in 1989)
Ceiling Rate As per the bank’s discretion, based on the base rate
Disbursement Charges Includes registration fee, land search, and bankruptcy search charges
Processing Fee No processing fee
Legal Fee As per the bank’s discretion
Compensation Charges (Ta’widh) 1% p.a. on the unsettled amount
Agency Fee RM5 per RM1 million

Requirements

Nationality Malaysian and non-Malaysian citizens (as per the bank’s discretion)
Age Criterion Minimum age: 18 years

Documents Required

For a 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 to confirm your income
For a 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
For a Guarantor
  • All supporting documents applicable for an applicant
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 documents (if applicable)

How to Apply

Offline Application
  • Visit any nearest branch of the Affin Islamic Bank.
  • Get the application form for the home financing facility.
  • Fill the form with all necessary information.
  • Submit this duly filled 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.

The AFFIN Tawarruq Home Financing-i scheme is available for both individual applicants as well as private limited companies. You can consider this scheme if you are looking to acquire an under construction residential property.

FAQs

Q. Is it compulsory to have a Mortgage Reducing Term Takaful cover?

A. Mortgage Reducing Term Takaful or MRTT is optional, however, it is strongly recommended by the bank to take up the Takaful cover.

Q. Which takaful cover I must obtain?

A. The House Owner Takaful cover is compulsory and you have to provide the takaful receipt every year to the bank.

Q. What should I do if I want to change my contact details registered with the bank?

A. As per the bank’s policies, you need to inform your changed contact details in writing with your valid signature on it to the bank.

Q. What is the Ceiling Rate?

A. It is the maximum profit rate that a bank offers to the customer throughout the financing tenure. Even if the base rate increases, the bank has to stop at the ceiling rate that is decided in your loan agreement.

Q. Where should I contact for any additional information about the product?

A. You can call the bank’s Contact Centre on 03-8230 2222 for any further information about the product.  

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