• Home Loan BYTES FROM OUR KITCHEN

    Bank Muamalat Home Financing-i

    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.

    Features and Benefits

    • Get a finance margin up to 90% + MRCE.
    • Get a competitive capped rate at 10.50%.
    • Will writing services (wasiat) are available with this scheme.
    • Get 20% off stamp duty for new purchases.
    • Get 100% stamp duty waiver when you refinance from conventional to Islamic financing facility.

    Fees and Charges

    Setup Fees RM212.
    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.

    Required Documents

    For All Applicants Documents Required
     
    • 1 photocopy of IC (both sides).
    • Latest 3 months’ salary slips.
    • Latest J/EA Form.
    • Letter from employer confirming employment.
    • Original S&P Agreement/booking sheet/down payment receipt.
    • Latest 3 months’ bank statement.
    • Business Registration certificate, Form 24, Form 49, Form A or B, Form D (for self-employed whichever applicable).
    • Any other documents required by Bank Muamalat.

    How to Apply

    Application Method 1
    • Visit Bank Muamalat’s official website.
    • Click on the ‘Consumer Banking’ tab.
    • Click on the ‘Mortgage’ tab.
    • Under the drop-down menu, select ‘Home Financing-i’.
    • Download the application form provided.
    • Fill in the application form.
    • Print the filled form and submit it to the nearest branch.
    Application Method 2
    • Go to the nearest Bank Muamalat branch.
    • Express your interest to apply for the Home Financing-i loan facility.
    • Fill in the application form provided.
    • Submit all the mandatory documents along with the filled application form.

    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.

    FAQs

    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:

    • Mortgage Reducing Term Takaful (MRTT)
    • Long Term House Owner Takaful (LTHT)
    • Fire/houseowner takaful.

    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.

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