Bank Rakyat Home Financing-i Zero Entry Cost

    The Bank Rakyat Home Financing-i Zero Entry Cost scheme provides financing for the legal fees, valuation charges, and stamp duty. That is, you don’t have to pay anything from your pocket to get the financing. Enjoy owning the house at zero entry cost.

    Finance Margin Up to 95% including takaful coverage.
    Lock-in Period 5 years.
    Loan Tenure 35 years or up to an age of 70 years, whichever is earlier.
    Profit Rate From BR + 1.33% to BR + 1.43% based on takaful coverage purchase.
    Effective Profit Rate With Takaful: 5.43% p.a. Without Takaful: 5.53% p.a.

    Note: BR stands for Base Rate. BR is set to 4.10% as updated by the bank on 6 February 2018.

    Features and Benefits

    • The loan scheme provides a repayment tenure of up to 35 years or until you reach an age of 70 years.
    • Bank Rakyat bears up to 2.5% of the approved loan amount to cover legal fees, valuation charges, and stamp duty.
    • Get financing up to 95% of the property value including the financing for Mortgage Reducing Term Takaful (MRTT) coverage and other expenses.
    • Get a reduced profit rate of BR + 1.33% when you buy MRTT coverage as compared to the profit rate of BR + 1.43% when you do not buy MRTT coverage.

    Fees and Charges

    Fee Type Description
    Wakalah/Agency Fee RM30.
    Custodian of security documents after settlement RM10 per set per month.
    EPF Withdrawal Statement RM15 per document.
    Stamp Duty 0.5% of the total financing amount as directed by the Stamp Duty Act 1949 (Revised in 1989).
    Disbursement Fee Includes registration of charge and other fees.

    Eligibility Requirement

    Nationality Malaysian citizens.
    • 18 years and above.
    • Not more than 70 years old by the end of the loan tenure.
    Loan Application Type
    • Individual application.
    • Joint application.
    Other Criteria
    • You must not be bankrupt.
    • You must not hold bad records with other banks/financial institutions.
    • Joint applications are valid only if you apply with a direct family member.

    Documents Required

    Fixed Income Earners
    • A copy of MyKad.
    • Police or Military-Authority Card.
    • Latest 3 months’ salary slips.
    • Latest 3 months’ bank account statement.
    • Latest EPF statement/Form EA.
    • Employment Confirmation Letter.
    Self-employed Individuals
    • A copy of MyKad.
    • Police or Military-Authority Card.
    • Latest 6 months’ personal/business account statement from the bank.
    • Business registration certificate/Form 24 or 49.
    • Form B with the tax payment receipt.
    Property Documents
    • Sale & Purchase Agreement.
    • A copy of Title Deed.
    • Offer letter from the developer.
    • Booking receipt.
    • Auction—Memorandum of Sale.
    • A valuation report of the property.

    How to Apply

    Offline Method
    • Visit the nearest branch office.
    • Ask for a home loan application form.
    • Fill up the details in the application form and attach the required documents.
    • Submit the documentation to the branch.
    Online Method
    • Visit the official website of the bank.
    • Open the loan page and click on “Apply Now”.
    • Fill up your contact details and select the product of your choice.
    • Click on “Submit”.
    • A representative from the bank will contact you to take the process forward.

    The Bank Rakyat Home Financing-i Zero Entry Cost scheme provides you with home financing along with financing for other applicable fees and charges. You don’t have to worry about spending money from your pocket for the process. Enjoy staying at your own house while you make your repayments on time.


    Q. Does the financing scheme work on Shariah principles?

    A. Yes. The Bank Rakyat Home Financing-i Zero Entry Cost scheme works based on Shariah principles. Specifically, it follows the concept of Murabahah and Tawarruq. In other words, the bank purchases a commodity from a trader and then sells the same to you based on Murabahah selling price based on deferred payments.

    Q. Can I get a refinancing on an existing home loan?

    A. Yes. You can get a refinancing on your existing home loan that is maintained with Bank Rakyat or with another bank/financial institution.

    Q. What are the eligible property types to get financing under the Zero Entry Cost scheme?

    A. You can get financing on properties that are completed and under construction. You can also get financing to purchase a sub-sale/auction property under the Zero Entry Cost facility.

    Q. How should I make the monthly payments?

    A. You can follow one of the available options to make your monthly payments:

    • Biro Perkhidmatan Angkasa.
    • Salary Deduction (Savings Account-i Deduction).
    • Electronic Payment.

    Q. Can I settle the financing completely before the loan tenure?

    A. Yes. You can settle the financing completely before the specified loan tenure. However, if you settle the financing before the completion of the 5-year lock-in period, you have to pay an early settlement fee equivalent to the sum of legal costs and the actual expenses paid by the bank.

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