Bank Rakyat Home Financing-i

    Bank Rakyat Home Financing-i is a Shariah-based home loan product that works on the Murabahah and the Tawarruq principles. Know the details of the loan scheme to appreciate the benefits provided by the scheme.

    Loan Tenure 35 years or up to an age of 70 years, whichever is earlier.
    Financing Rate Type Variable.
    Finance Margin Up to 95% including Takaful, valuation fee, and legal fee.
    Profit Rates Starts at BR + 0.80% for financing with takaful coverage.
    Lock-in Period None.

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

    Features and Benefits

    • Financing is available to properties that are under construction or completed.
    • You can get a refinancing on your existing home loan.
    • Get a repayment period of 35 years or up to an age of 70 years, whichever is earlier.
    • Get financing to pay your Mortgage Reducing Term Takaful (MRTT).
    • A number of payment methods are accepted to make your monthly instalment payments hassle-free.
    • The profit rates vary based on the loan amount approved and the MRTT subscription status. Refer to the table below to know more:
    Financing with MRTT Subscription Financing without MRTT Subscription
    Approved Financing Amount Applicable Profit Rate Approved Financing Amount Applicable Profit Rate
    RM200,000 or less BR + 1.30% RM200,000 or less BR + 1.40%
    RM200,000-RM349,999 BR + 1.00% RM200,000-RM349,999 BR + 1.10%
    RM350,000 or more BR + 0.80% RM350,000 or more BR + 0.90%

    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 charges.

    Eligibility Requirements

    • 18 years and above.
    • Not more than 70 years by the end of the loan tenure.
    Type of Applications
    • Individual and joint applications.
    Other Criteria
    • You must not be bankrupt.
    • You must not have any bad records with any bank/financial institution.
    • For a joint application, you can apply with a direct family member only.

    Documents Required

    Fixed Income Earners
    • A copy of MyKad.
    • Authority Card of Police or Military.
    • Latest 3 months’ bank account statement.
    • Latest 3 months’ salary slips.
    • Latest EPF statement/Form EA.
    • Confirmation Letter from your employer.
    • A copy of MyKad.
    • Police or Military—Authority Card.
    • Latest 6 months’ personal/company 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

    Online Application
    • 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.
    Offline Application
    • Visit the nearest branch office.
    • Ask for a home loan application form.
    • Fill up the details and attach the required documents.
    • Submit the documentation to the branch.

    The Bank Rakyat Home Financing-i comes with a finance margin, and is applicable to a number of purposes ranging from completed houses to residential plots. Since the scheme does not include a lock-in period, you can complete the loan quicker without having to pay an early settlement fee.


    Q. What are the available methods to pay the monthly instalments?

    A. You can choose one of the following methods to pay your monthly instalments:

    • Biro Perkhidmantan Angkasa.
    • Salary Deduction.
    • Savings Account-i Deduction.
    • Electronic Payment.

    Q. What happens if I fail to make the payments on time?

    A. The following may happen if you fail to make payments on time:

    • Within the Loan Tenure: If you fail to pay within the set due date, a late payment fee of 1% may be added to your overdue amount.
    • After the Loan Tenure: If your loan is not cleared after the completion of the loan tenure, an additional finance charge will be included to your existing finance rate. The additional rate is based on the prevailing overnight Islamic Interbank Money Market rate. It will be applicable to the remaining outstanding balance.

    Q. Does the loan provide financing for me to buy a house in an auction?

    A. Yes. The loan scheme provides financing for you to buy a house in an auction and even in a sub-sale.

    Q. What is the effective financing rate applicable?

    A. The effective financing rate applicable, if you opt for MRTT, starts at 4.90% p.a. and may go up to 5.40% p.a. based on the loan amount approved and disbursed. If you don’t opt for MRTT, the effective finance rate may range from 5.00% p.a. to 5.50% p.a.

    Q. Can I get a loan to purchase a residential land?

    A. Yes. Unlike other home loans limited to residential properties, you can get financing to purchase a residential land with Bank Rakyat Home Financing-i. In addition, you can also get financing to construct a house.

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