• Home Loan BYTES FROM OUR KITCHEN

    Al-Rajhi Bank Home Financing-i

    Al-Rajhi Home Financing-i comes with two packages—Residential and Business Premises. The residential loan scheme comes with profit rates that do not affect you due to the fluctuations in government policies.

    Minimum Financing Amount RM50,000.
    Financing Tenure Up to 35 years or 65 years of age, whichever is earlier.
    Finance Margin Up to 90% + 5%.
    Profit Rate Type Variable.
    Loan Type Term Loan.

    Features and Benefits

    • Get flexible payment tenures based on your preference.
    • The profit rates are pegged to the base rate of 4.35% p.a. as updated by the bank on 2 February 2018.
    • Receive financing for acquisition and properties under construction.
    • Refinance your existing home loan maintained with any bank/financial institution.
    • Get competitive profit rates with Al-Rajhi Home Financing-i scheme.
    • Enjoy a financing margin of up to 90% with an additional 5% for Mortgage Reducing Term Takaful (MRTT).
    • Reduce the burden on your pocket as the loan provides you with a repayment tenure of up to 35 years or until you reach an age of 65 years.

    Fees and Charges

    Processing Fee None.
    Legal Fee As per legal firm schedule.
    Disbursement Fee Includes fees for registration of charge, bankruptcy search, and land search.
    Stamp Duty As per the Stamp Duty Act 1949.
    Bursa Transaction Fee RM15 per RM1 million.
    EPF Withdrawal Letter RM10.
    Redemption Statement RM10.

    Documents Required

    Salaried Employees
    • A copy of the identification document.
    • Latest 3 months’ salary slip.
    • Latest 3 months’ bank account statement.
    • Sales & Purchase Agreement/booking receipt/property title.
    Self-employed Individuals
    • A copy of the identification document.
    • Last 6 months’ bank account statement.
    • Business registration certificate/Form D/MNA/Form 24/Form 49.
    • Income tax payment proof.
    • Sales & Purchase Agreement/booking receipt/property title.

    How to Apply

    Method 1
    • Download the home loan application form from the bank’s official website.
    • Fill up the form with relevant information.
    • Attach your NRIC, Military/Police ID.
    • Fax the documents with the application form to the number 03-23326057.
    • Send an email with the specified documents to home.financing@alrajhibank.com.my.
    Method 2
    • Visit the nearest branch office.
    • Express your interest to apply for the home loan scheme.
    • Fill up the application form.
    • Attach the required documents.
    • Submit the documentation to the branch.

    Conclusion

    The Al-Rajhi Home Financing-i provides you with the flexibility getting a financing on properties that are under construction. You can seek financing for property acquisition and refinance your existing home loan to reduce the profit rates and monthly instalment amount.

    FAQs

    Q. Is it mandatory to purchase MRTT?

    A. The bank recommends you to buy a takaful coverage, such as MRTT, so your house is covered in case of any misfortunate events. The bank also provides finance for you to buy the takaful coverage if you buy from the bank-specified takaful provider. Al-Rajhi has partnered with Syarikat Takaful Malaysia Berhad and Great Eastern Berhad to provide coverage. In addition, you have the option to choose your own takaful provider.

    Q. Does the financing include a ceiling rate?

    A. Yes. Al-Rajhi Home Financing-i comes with a ceiling rate of 10% p.a. The ceiling rate protects from extreme fluctuations in the base rate, which directly affects your profit rate.

    Q. What is the minimum financing tenure available?

    A. The minimum financing tenure available under Al-Rajhi Home Financing-i is 5 years.

    Q. When should I start repayment?

    A. If the property is completely built at the time of financing, you can start repayment at the end of 1 month from the date of complete drawdown. If the property is under construction, you have to pay the monthly profit based on the disbursed amount during the construction. Once the construction is completed, you can start paying the principal component with the profit.

    Q. What should I do if I am unable to make monthly payments due to a financial issue?

    A. If you have any issues regarding the payments, you must contact the bank staff immediately. Talk to the staff and agree on the best alternative payment option possible. If you cannot walk into the branch, you may contact the bank on the bank’s customer care number 1 300 82 6000. You may also send an email to customersupport@alrajhibank.com.my.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.