Bank Muamalat Shophouse Financing-i is a Shariah-compliant home loan scheme that can be used to refinance completed shophouses or shophouses under construction. You get a high finance margin and a longer tenure with this facility. Read further to learn more about the loan scheme.
|Margin of Financing||Up to 80% + Moving Costs & Related Expenses (MCRE).|
|Type of Financing||Term loan.|
|Loan Tenure||Up to 70 years of age or a maximum of 25 years.|
|Profit Rate||Base rate + spread.|
|Will Writing Fee||RM371.|
|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|
How to Apply
|Application Method 1||
|Application Method 2||
If you are looking to refinance a shophouse, this loan scheme is ideal for you. You get up to 80% finance margin along with MCRE. You also get a fee waiver on stamp duty when you refinance from conventional schemes to Islamic financing. Read the facility’s product disclosure sheet before applying for the scheme.
Q. Can I use this loan facility to refinance a completed residential property?
A. No. You can only use this facility for shophouse that are completed or those under construction.
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. You can also opt for takaful coverage from other takaful providers, subject to the approval of the bank.
Q. What are the modes of instalment payment are available?
A. You can use the following modes to make your instalment payments:
Q. Do I need a guarantor or collateral when I apply for this facility?
A. The bank will decide if you need a guarantor or collateral.
Q. What should I do if I retire during the loan tenure?
A. If you retire during the loan tenure or you are unable to make the monthly payments due to certain reasons, you must visit the bank as soon as possible to discuss repayment alternatives.