Public Islamic Bank offers multiple home loan schemes to its retail customers based on Shariah-based principles. The Public Islamic Bank HomeSave Financing-i works on the Shariah principle of Musharakah Mutaniqisah or Bai Bithaman Ajil.
|Profit Rate||BR + 0.83% p.a.|
Note: BR stands for Base Rate. The value of Base Rate is set to 3.77% as updated by the bank effective from 30 January 2018.
|Termination Fee (if cancelled before disbursement)||RM2,000.|
|One-Time Set-up Fee||RM200.|
|Monthly Maintenance Fee||RM10.|
|Request for Redemption||RM50 per request.|
Make flexible payments for your home financing with the Public Bank HomeSave Financing-i scheme. The daily profit calculation saves you money, as you don’t need to pay the profit for the remaining days of the month. Read the fine print of the financing facility to make sure how the facility works.
Q. What are the available methods to make payments to my loan?
A. You can make payments via one of the available channels, such as bank branches, PBe, and ATMs.
Q. How does the Musharakah Mutanaqisah principle work?
A. Under the Musharakah Mutanaqisah principle, you will acquire the property jointly with the bank and own it. You, being a tenant and an owner, will promise to periodically acquire the bank’s ownership of the property.
Q. What is the effective financing rate applicable to the scheme?
A. Though effective financing rate may vary, the indicative effective financing rate is 4.60% p.a. The indicative rate considers a loan tenure of 30 years for an amount of RM350,000 without a lock-in period.
Q. Do I have to make fixed monthly repayments by the due date?
A. Yes. You have to make the fixed repayments by the due date every month. The PIB HomeSave Financing-i allows you to pay any extra amount at any time based on your convenience and withdraw whenever required.
Q. Is it required to maintain a minimum balance in the current account-i?
A. Yes. You have to maintain a minimum balance of RM10,000 in the Wadiah Current Account-i.