Alliance i-Wish Home Financing-i is a Shariah-compliant financing solution based on the concept of Bai Bithaman Ajil. The facility is provided for financing a completed residential property or a residential property that’s under construction. You can also use this scheme to refinance an existing mortgage facility.
|Margin of Financing||
|Type of Financing||Term loan|
|Loan Tenure||35 years or 70 years of age, whichever is earlier.|
|Profit Rate||Variable rate pegged to Base Rate.|
|Set up Fees||NA|
|Early Settlement Fees||Up to 3% of the approved financing amount.|
|Late Payment Charges||
|Age Requirement||21 years and above.|
Alliance i-Wish Home Financing-i is ideal for those who are looking to buy a new home. This facility comes with high finance margin and also gives you the option to refinance from a conventional loan to Islamic financing. Before applying for this scheme, go through the product disclosure sheet.
Q. What is the range for effective profit rates?
A. The effective profit rate ranges from Base Rate + 0.54% p.a. to Base Rate + 1.6% p.a.
Q. What does the valuation fee include?
A. The valuation fees will include the charges for preparing a valuation report for completed properties.
Q. What are the modes that I can use to pay off my monthly instalment?
A. You can pay your monthly instalment in the following ways:
Q. Do I need to take takaful coverage with this scheme?
A. Fire takaful coverage is compulsory with this loan. Though MRTT is optional, it is advisable to take an MRTT policy.
Q. What is ceiling profit rate?
A. The ceiling profit rate is the maximum all-in rate chargeable for the financing scheme. The effective profit rate will always be lower than the ceiling profit rate.