Bank Muamalat Home Financing-i is a Shariah-compliant home loan scheme that provides up to 90% finance margin for refinancing completed residential properties and residential properties under construction. You will get a competitive capped rate at 10.50% as well as will writing services when you choose this scheme.
|Margin of Financing||Up to 90% + Moving Costs & Related Expenses (MCRE).|
|Type of Financing||Term loan.|
|Loan Tenure||Up to 70 years of age or a maximum of 35 years.|
|Profit Rate||Base rate + spread.|
|Will Writing Fees||RM371.|
|Legal Fees||Based on product package offered, if any.|
|Valuation Fees||Based on product package offered, if any.|
|Stamp Duty||As per the Stamp Act 1949 (revised 1989), subject to any stamp duty exemption or remission orders.|
|Late Payment Charges||1% on the monthly arrears.|
|For All Applicants||Documents Required|
|Application Method 1||
|Application Method 2||
This loan facility is ideal for those who are looking for Shariah-compliant financing schemes. You can also opt for this facility for refinancing from conventional financing. It is recommended to go through the product disclosure sheet before applying for the facility.
Q. Do I need to take any takaful coverage with this loan scheme?
A. Yes. It is mandatory to take takaful coverage with this loan scheme. You can choose the takaful plan as per your choice and from any takaful providers. You can select a non-panel takaful provider subject to the bank's terms.
Q. What are the takaful coverage plans provided by Bank Muamalat?
A. Bank Muamalat offers the following takaful coverage:
MRTT and LTHT could be financed by the bank together with the financing amount.
Q. Do I need a guarantor or collateral?
A. The bank will decide if you need a guarantor or collateral.
Q. Does the Base Rate differ from bank to bank?
A. Yes. The Base Rate differs from bank to bank.
Q. What should I do if I retire during the loan tenure?
A. You must visit the bank at the earliest to discuss repayment alternatives.