OCBC Idaman-i

    OCBC Idaman-i is an Islamic home financing plan (Manarat Home-i) based on the Shariah concept of Ijarah Muntahiah bi Al-Tamlik. As per the concept, the bank buys a property from you and leases it back to you under the Ijarah contract. The customer then pays back the rental to the bank and at the end of the set financing tenure, the bank sells the property to him at a nominal price.

    Let us know about the features of this plan offered by OCBC Al-Amin.

    Margin of Financing As per the bank’s discretion
    Financing Tenure Whichever is earlier between a maximum of 35 years and up to 70 years of age
    Type of Properties Covered NA
    Type of Loan NA
    Interest/Profit Rate (p.a.) Base rate + spread (current base rate (BR) is 4.08% p.a.)
    Base Financing Rate 7.01% p.a. (current)
    Effective Financing Rate 5.05% p.a.


    Features and Benefits

    • The Idaman-i plan offers competitive financing rates that are pegged to the bank’s current base rate.
    • The profit rate is calculated on daily rest basis.

    Fees and Charges

    Stamp Duty Charges As per the Stamp Act 1949 (revised in 1989)
    Processing Fee Waived
    Late Payment Charges 1% of the overdue amount (during the financing tenure) As per the applicable IIMM (Islamic Interbank Money Market) rate (after the maturity of financing tenure)


    Age Criteria Maximum age: 70 years

    Documents Required

    • A copy of identity card (NRIC or MyKad)
    • Latest salary slips
    • Latest EPF statement
    • Any other document as requested by the bank

    How to Apply

    Offline Application
    • Visit your nearest bank branch.
    • Fill up an application form with all the necessary information.
    • Submit the form with all relevant documents.
    Telephonic Application Dial 603-8314 9310 for the assistance regarding the application process.

    The Idaman-i plan offers competitive financing rate along with flexible tenures. You can consider this scheme if you are looking to buy your first home.  

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