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    Bank Islam Property Financing-i (Tawarruq) - Wahdah Home Refinancing

    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.

    Features and Benefits

    • You can get competitive financing rates for this facility.
    • No processing fee is charged for this type of home financing.
    • Enjoy Payment Holiday feature every year in November and December when you do not have to pay your repayment instalments.
    • There is no lock-in period involved.
    • The bank may grant you Ibra’ (rebate) if you choose to settle the facility before its set date (early settlement).

    Fees and Charges

    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)
    • 1% p.a. on the unsettled amount (before maturity of the facility)
    • As per Islamic Interbank Money Market Rate on outstanding balance (after maturity of the facility)
    Agency Fee RM25 (waived if the bank is appointed as the sales or purchase agent)

    Requirements

    Nationality Criterion Malaysian citizen
    Age Criteria
    • Minimum age: 18 years old
    • Maximum age: 70 years old
    Income Criteria NA
    Other Criteria You must not be bankrupt or with any legal action

    Documents Required

    For a salaried applicant
    • A copy of MyKad or NRIC (both sides)
    • Sales and Purchase Agreement
    • Latest salary slips (for 3 months)
    • Latest statements for salary crediting account (for 3 months)
    • Employer’s confirmation letter
    • EPF statement or
    • BE Form or
    • Annual income statement
    • Any other supporting income document as asked by the bank
    For a self-employed applicant or businessperson
    • A copy of MyKad or NRIC (both sides)
    • Sales and Purchase Agreement
    • Company or Business Registration Certificate
    • Latest bank statements (for 6 months)
    • Latest financial statements (for 3 years)
    • Latest Form B
    • Any other supporting income document as asked by the bank

    How to Apply

    Online Application
    • Visit the official website of Bank Islam.
    • Click on your desired product.
    • Then click on the ‘Apply Now’ tab.
    • Fill the online form with all essential details.
    • Submit the online form.
    • A bank official will contact you for the further procedure.
    Offline Application
    • Visit any nearest branch of the Bank Islam.
    • Get the application form for the home financing facility.
    • Fill the form with all required information.
    • Submit this duly filled form with the set of all supporting documents.

    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.

    FAQs

    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. 

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