The Al-Rajhi Bank Malaysia My Second Home (MM2H) is a Malaysian government initiative to welcome foreigners and stay in Malaysia. The government provides foreigners with multiple-entry social visit pass so you can bring your family and stay in Malaysia. Know more about the scheme here:
|Profit Rate Type||Variable.|
|Margin of Finance||Up to 80%.|
|Financing Tenure||Up to 35 years.|
|Annual Financing Statement Fee||RM5 per ad-hoc request.|
|EPF Withdrawal Letter||RM10 per request.|
|Redemption Statement Fee||RM10 per request.|
|Bursa Transaction Fee||RM15 per RM1 million.|
|Photocopy/Retrieval of Security Documents||Actual cost.|
|Nationality||Open to citizens of all Malaysia-recognised countries.|
Al-Rajhi Bank Malaysia My Second Home scheme provides you with an opportunity to visit Malaysia and stay in your own home for as long as you like. There are certain criteria you should fulfil to get qualified to enjoy the benefits of the scheme.
Q. How long is the Social Visit Pass valid?
A. The Social Visit Pass will be valid for a period of 10 years.
Q. Can I renew the Social Visit Pass after the completion of the validity period?
A. Yes. The Social Visit Pass is renewable after the completion of the validity period.
Q. Can I apply for Al-Rajhi Bank Malaysia My Second Home scheme to buy a commercial property?
A. No. Al-Rajhi Bank Malaysia My Second Home scheme is limited to financing for residential properties.
Q. Is the financing based on Shariah principles?
A. Yes. Al-Rajhi Bank Malaysia My Second Home scheme works based on Shariah-based Commodity Murabahah principle. The principle refers to the Bank purchasing the commodity and selling it to the customer at a price that includes a profit margin. The customer is allowed to make deferred payments to the bank. Once the payments are completed, the customer will get the ownership of the property.
Q. Is there a restriction on bringing my family with me to Malaysia with the pass?
A. Yes. You will be given a multiple-entry Social Visit Pass. However, you can bring only your spouse and unmarried children aged below 21 years with you.