Bank Islam My First Home Scheme is a house financing plan offered by Bank Islam that is dedicated to the first time home buyers. Based upon the Shariah principle of Tawarruq, the scheme provides a high margin of financing at competitive profit rates to customers.
Features & Benefits
- The financing scheme provides up to 100% financing for purchase of a residential property.
- The financing scheme covers the properties whose valuation is up to RM500,000.
- The financing tenure associated with this scheme can be extended to 35 years.
- The financing facility covers Mortgage Reducing Term Takaful (MRTT) and Long Term House Takaful (LTHT).
- The processing fee for the financing scheme is waived for the entire financing period.
The Effective Profit rate is 4.70% p.a.
Ceiling Profit rate is 10.75% p.a.
Base Rate (BR) effective 30 January 2018 is 3.90% p.a.
Base Financing Rate (BFR) effective 30 January 2018 is 6.85% p.a.
- Any Malaysian citizen who is 40 years old or younger can apply for the Bank Islam My First Home Scheme.
- The facility is open only for the applicants who are buying their first house.
- The applicants must be gainfully employed.
- The individual customers applying for the financing scheme must not have a monthly salary more than RM5,000.
- For a joint application, the combined salary should not be more than RM10,000 per month.
Documents RequiredFor Applicants Who Are Salaried Employees: The salary earner applicants need to present the following documents:
- A copy of identity card.
- Copies of salary slips for the 3 latest months.
- Employment confirmation letter from the employer.
- Bank statements for the last 3 months from the salary crediting account.
- Sales and purchase agreement.
- EPF statement, or
- BE form, or
- Annual income statement.
- Any other salary confirming documents.
For Applicants Who Are Businessmen: The applicants who are businessmen need to present the following set of documents:
- One copy of identity card.
- Sales and purchase agreement.
- Business or company registration.
- Latest B form.
- Financial statement for the 3 recent years.
- Bank statements for the 6 latest months.
- Any other supporting salary documents.
How To Apply
- Offline Application: The customers who want to apply for Bank Islam My First Home Scheme can visit the nearest Bank Islam branch. The request for the same can be put to the bank via the customer service or hotline numbers of the bank.
- Online Application: The Bank Islam My First Home Scheme application can also be completed online at the official website of Bank Islam.
Fees & Charges
|Late payment charges (Before the maturity of the financing period)||1% p.a. on the amount of overdue instalment.|
|Late payment charges (After the maturity of the financing period)||To be determined using IIMM (Islamic Interbank Money Market) rate.|
|Request for EPF withdrawal||Manual application: RM21.20 per request.|
|Online application: RM10.60 per request.|
|Request for redemption statement||RM53.00 per request.|
|Stamp Duty||As per the Stamp Duty Act 1949.|
For more details regarding Bank Islam My First Home Scheme, customers can contact the bank via its customer service number 03-26 900 900.
Q. What is the financing amount one can get via Bank Islam My First Home Scheme?
A. The Bank Islam My First Home Scheme covers properties that have a valuation of RM100,000 to RM500,000.
Q. I need to apply for the Bank Islam My First Home Scheme. Do I necessarily have to take the takaful coverage on my financing facility?
A. Yes. It is compulsory for the applicants to take MRTT (Mortgage Reducing Term Takaful) with their Bank Islam My First Home Scheme.
Q. Can I apply for the Bank Islam My First Home Scheme with my spouse jointly?
A. Yes. You can opt for a joint application for Bank Islam My First Home Scheme given that the joint monthly salary doesn’t exceed RM10,000.
Q. Can I settle the entire pending financing amount of Bank Islam My First Home Scheme before the expiration of the facility? If yes, is there a lock-in period associated with the same?
A. You can opt for an early settlement on the facility. There is no lock-in period associated with Bank Islam My First Home Scheme.
Q. What are the benefits (if any) associated with the early settlement of Bank Islam My First Home Scheme?
A. In such cases, you will earn a rebate on the unused portion of the financing tenure.