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.|
Note: BR is the Base Rate. BR is set to 4.10% as updated by the bank on 6 February 2018.
|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%|
|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.|
|Type of Applications||
|Fixed Income Earners||
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:
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:
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.