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  • Maybank Foreign Currency Offshore Property Financing-i
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    Maybank Foreign Currency Offshore Property Financing-i

    The Maybank Foreign Currency Offshore Property Financing-i is an Islamic housing loan that is based on the principles of Shariah. This financing scheme allows you to purchase residential properties in London. Other than providing financing to purchase properties, this facility also provides refinancing on existing loans.

    Product Name Type of Financing Margin of Financing Financing Tenure Profit Rate
    Maybank Foreign Currency Offshore Property Financing-i Flexi Up to 80% Up to 35 years Islamic Cost of Finance (ICOF) + 2.30% p.a.

    Features and Benefits

    • Acquire financing for up to 80% of the property price.
    • Get financing for legal fees and valuation fees associated with your property purchase.
    • Enjoy a long tenure of up to 35 years.
    • Get a rebate when you settle your loan before the tenure ends.
    • Get financing for purchasing more than one residential property in London.
    • Pay extra amount each month and reduce your principal amount.
    • Enjoy no limitations on the number of properties you can purchase.
    • Get refinancing for existing mortgage loans with Malaysian or UK-based banks.

    Fees and Charges

    Profit Rate ICOF + 2.30% p.a.
    Stamp Duty Waived for this product
    Stamp Duty Land Tax for Property Transfer 0% to 5% depending on the total value of the residential property
    Processing Fee RM50 for financing up to RM30,000 RM100 for financing between RM30,001 and RM100,000 RM200 for financing above RM100,000
    Brokerage Fee Waived for this product
    Redemption Letter RM50 (each request)
    Foreign Current Account Charges £2.50 (each transaction)
    Telegraphic Transfer RM25
    Valuation Fee Initial fee: 0.1% of the valuation amount Updated valuation fee: 50% of the initial fee
    Legal Fee Any solicitor’s fee for loan documentation , registration of charge, bankruptcy search, land search, and other searches
    Late Payment Fee Before the end of loan tenure: 1% of the total outstanding amount After the end of loan tenure: IIMM rate on the total outstanding amount
    Early Exit Penalty None

    Eligibility

    Nationality Only for Malaysians and permanent residents (Not applicable for residents of UK or European Economic Community)

    Required Documents

    Salaried Applicants Copy of NRIC (front and back) Latest Form BE Latest salary slips (3 months) Copy of the Sales and Purchase agreement Copy of the title deed Copy of the valuation report (if required)
    Self-employed Applicants Copy of NRIC (front and back) Latest Form B Latest financial statements (3 years) Latest bank statements (6 months) Copy of the Sales and Purchase agreement Copy of the title deed Copy of the valuation report (if required)

    How to Apply

    Online Application Complete and submit the enquiry form available on the bank website. A Maybank representative will contact you to assist you with this process.
    Branch Application Visit your nearest branch to speak to a branch representative. Carry the mandatory documents with you. Complete and submit the application form along with the mandatory documents to apply for this loan.

    You can use the Maybank Foreign Currency Offshore Property Financing-i to purchase completed properties or properties under construction in London. If you have an existing mortgage loan with an UK-based bank or any Malaysian bank that finances purchase of properties in UK, you can get refinancing on that loan. Read through all terms and conditions before you apply for a loan.

    FAQs

    Q. How much rebate will I get if I settle my loan early?

    A. The rebate would be calculated by Maybank during the time of loan settlement. The actual amount would depend on the period of tenure already completed, loan amount, and any outstanding dues. You will be informed of the rebate amount at the time of settlement.

    Q. Will the rebate be credited to my account?

    A. The rebate on early settlement is not a cash rebate where it will be credited to your account. Instead it would be a reduction on the total amount you need to pay as the settlement amount to close your loan.

    Q. Do I need to take any Takaful cover for this loan?

    A. Yes. You are required to take up a MRTT (Mortgage Reducing Term Takaful) cover for this loan. This Takaful will provide cover in the event of death, and permanent and total disability. You also need to take up Fire Takaful or Home Building Takaful with a reputed Takaful provider in UK to cover the property you are planning to purchase.

    Q. Do I need to present a guarantor or collateral to be eligible for this loan?

    A. A guarantor or a collateral is not compulsory, but Maybank could insist on one based on your credit assessment.

    Q. If I’m required to provide collateral, what can I present as collateral?

    A. Fixed deposits or guarantees are accepted by Maybank as collateral for this loan.

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