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.
|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.|
|Loan Application Type||
|Fixed Income Earners||
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:
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.