The Al-Rajhi Bank Special House Financing scheme is dedicated to acquisition properties. It gives you flexible repayment tenures so you can clear the loan as soon as possible without having to pay an early settlement fee. Read on to know more about the loan scheme.
|Loan Tenure||Up to 35 years.|
|Margin of Financing||Up to 90%.|
|EPF Withdrawal Letter||RM10 per request.|
|Annual Financing Statement Fee||RM5 per request. The first request in a year is free of charges.|
|Redemption Statement Fee||RM10 per request.|
|Bursa Transaction Fee||RM15 per RM1 million.|
|Photocopy/Retrieval of Security Documents||Actual cost.|
|Age||21 years to 65 years.|
The Al-Rajhi Bank Special House Financing provides financing for you to acquire a property based in Malaysia. You can follow the simple application process as mentioned above and get the financing to own the house of your dream.
Q. Can I make the payments according to my convenience?
A. No. The loan scheme does not provide you with the flexibility to make payments according to your convenience. You are required to make the monthly payments on or before the specified due date.
Q. How early can I clear my home loan?
A. You can clear the home loan as early as possible. However, the minimum repayment tenure allowed is 5 years. If you make full payment after completing 5 years, you don’t have to pay an early settlement fee.
Q. Can I get financing to buy takaful coverage?
A. Yes. Al-Rajhi Bank provides up to 5% of the financing for you to purchase the takaful coverage—MRTT.
Q. Is the loan scheme based on a Shariah concept?
A. Yes. Al-Rajhi Bank Special House Financing scheme works on a Shariah-based concept called Commodity Murabahah. According to the principle, you have to make deferred repayments to fulfil the bank’s Sale Price, which includes a profit margin agreed by you and the bank. Until you completely repay the Sale Price, the commodity will be owned by the bank.
Q. Is the profit rate subject to fluctuations?
A. Yes. Since the profit rate is pegged to the base rate, you can notice fluctuations in the profit rate often. However, the bank has set a ceiling rate for your benefit in which case the profit rate will not be raised beyond the ceiling rate. Currently, the ceiling rate is set at 10% p.a.