KFH Ijarah Mawsufah Fi Al-Zimmah Asset Acquisition Financing-i is a financing facility that provides you financing for under construction residential and commercial properties. The scheme works on the Shariah concept of Ijarah Mawsufah Fi Al-Zimmah and offers you a high margin of financing with a range of repayment tenures to choose from.
|Margin of Financing||Up to 90% of the property’s open market value (OMV)|
|Available Repayment Tenures||For residential properties: Up to 35 years|
|For commercial properties: Up to 15 years|
|Types of Properties Covered||Under construction residential and commercial properties|
|Profit Rate||(*B.R. + 1.05)% p.a. to (B.R. + 1.39)% p.a.|
*B.R. = Base rate that currently stands at 3.65% p.a.
|Stamp Duty||Will be charged as per the Stamp Duty Act 1949.|
|Processing Fee||For residential properties: RM200.|
|For commercial properties: RM500.|
|Late Payment Charges (during the tenure)||1% of the outstanding instalment amount charged on a daily basis.|
|Late Payment Charges (after the term’s maturity)||Will be charged according to methods of Association of Islamic Banking Institutions in Malaysia (AIBIM).|
|Who Can Apply||Individual applicants and joint applicants|
|Non-individuals like limited companies, partnerships, and sole proprietorships.|
|Age Requirement||18 years old or older at the application date.|
|Applicant Type||Documents Required|
|Variable income earners||
KFH Ijarah Mawsufah Fi Al-Zimmah Asset Acquisition Financing-i assists you to get the financing for under-construction residential and commercial properties. This scheme comes with a high financing margin and a flexible range of repayment tenures that range up to 35 years for residential and 15 years for the commercial property financing.
Q. What is the margin of financing I can get for commercial properties with this scheme?
A. You can get a maximum of 80% financing margin with this scheme for under-construction commercial properties.
Q. What are the factors that affect the amount of monthly instalment I need to pay with this financing facility?
A. The monthly instalment depends upon the financing package you have chosen, the financing amount, tenure opted for, and a few other factors. You can calculate the monthly repayment instalment by following the steps given below:
Q. What is the maximum allowed entry age for application of this facility?
A. Although there is no maximum limit for the entry age with this facility, the maximum allowed age at the time of maturity is 70 years for residential property financing and 60 years for the financing for commercial properties.
Q. Is there any other fee or charge I need to bear with KFH Ijarah Mawsufah Fi Al-Zimmah Asset Acquisition Financing-i package?
A. The following are the fees and charges you need to bear with this package on the basis of the property type, financing amount applied for, and the tenure you have chosen:
Q. Is it mandatory to take the MRTT coverage with KFH Ijarah Mawsufah Fi Al-Zimmah Asset Acquisition Financing-i package?
A. Although it is not mandatory to opt for the MRTT coverage with the scheme, it is highly recommended to take this protection scheme in order to stay secured against any unfortunate event during the facility’s tenure.
Q. Does the institution allow me to settle the outstanding amount of the scheme before the agreed upon tenure ends?
A. Yes, you can opt to settle the outstanding amount of this scheme before the tenure ends. All you have to do is to inform the institution 30 days before in the form of a written notice. Early settling of your outstanding financing amount can help you get a rebate (Ibra’) that will be calculated on basis of the portion of tenure unused.