Wahdah Home Refinancing scheme is offered by Bank Islam to refinance your completed residential property. Under this scheme, you have to keep your property as collateral. Let us find out more about the scheme that’s based on the Shariah concept of Tawarruq.
|Margin of Financing||Up to 90% (financing is offered for MRTT, LTHT, stamp duty charges, legal fees, valuation fees, etc.)|
|Financing Tenure||Up to 30 years or up to the age of 70 years|
|Ceiling Profit Rate||10.75% p.a.|
|Effective Profit Rate||4.70%|
|Type of Properties Covered||Refinancing for a completed residential property|
|Type of Loan/Financing||Refinancing|
|Current Base Rate||3.90% p.a.|
|Stamp Duty Charges||As per the Stamp Act 1949 (revised in 1989)|
|Disbursement Charges||Includes registration fee and other charges|
|Processing Fee||No processing fee charged|
|Legal Fee||As per the bank’s discretion (pertaining to securities documentation)|
|Compensation Charges (Ta’widh)||
|Agency Fee||RM25 (waived if the bank is appointed as the sales or purchase agent)|
|Nationality Criterion||Malaysian citizen|
|Other Criteria||You must not be bankrupt or with any legal action|
|For a salaried applicant||
|For a self-employed applicant or businessperson||
If you are looking to lower the instalments for your home financing scheme, or seeking a home financing scheme that will let you use some extra cash for your personal requirements, you can choose Property Financing-i (Tawarruq) - Wahdah Home Refinancing. Visit your nearest bank or the official website of the bank for an application or any other information about the product.
Q. Will I need to present a guarantor while obtaining this financing scheme?
A. Depending on your credit assessment and as per the bank’s discretion, you may or may not need to present a guarantor for this plan.
Q. Is it mandatory to have a takaful coverage?
A. Mortgage Reducing Term Takaful (MRTT) is mandatory for this facility, however you can also take Long Term Houseowner Takaful if it is applicable.
Q. How does the Payment Holiday work?
A. In this financing facility you get a Payment Holiday in the months of November and December every tear. This is a features that permits you not to make any payment instalments for the months- November and December, throughout your financing tenure.
Q. Can I switch from Payment Holiday to a normal payment method during the financing tenure?
Q. Yes, you are allowed to shift from payment Holiday to a normal payment method. However, once shifted, you cannot switch back to the payment holiday.
Q. What action should I take if there is a change in my contact information?
A. On any change in your contact details, you need to inform the bank immediately. This is very important to receive your correspondence regularly and in-time. You can call up in 03-26900900 for any further information.