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||
|Type of Properties Covered||Acquisition of residential properties (under construction)|
|Type of Loan/Financing||NA|
|Current Base Rate||4.10% p.a.|
|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|
|Nationality||Malaysian and non-Malaysian citizens (as per the bank’s discretion)|
|Age Criterion||Minimum age: 18 years|
|For a Salaried Applicant||
|For a Self-Employed Applicant||
|For a Guarantor||
|Other Supporting Documents||
|Additional Documents Required||
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.
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.