Hong Leong offers Islamic home loan at a floating rate of interest. This helps you finance your dream property. The loan is based on the Shariah concept of Murabaha and Tawarruq.
At least 21 years old
Less than 70 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 90% + 5% MRTT
Instalments of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 35 years
Alternatively add your parents
|Margin of Finance||Up to 90% + 5% MRTT|
|Guarantor Requirement||Guarantee Required|
Following are the features and benefits of Hong Leong Islamic home loan:
Hong Leong offers only one scheme which is Property Financing-i. The loan is offered to private limited companies, sole proprietors, partnerships, and individuals. You can buy completed or under construction property which is either residential or commercial. You will be protected against a higher rate by the ceiling rate. You will not be charged more than the Contracted Profit Rate even if the IBR fluctuates. Mortgage Reducing Term Takaful is optional, but you are encouraged to opt for it as it protects your family from losing the property due to unexpected circumstances.
The interest rate is based on the current IBR. One rate is offered for the first year, another is offered for 2 – 3 years. The rate for more than 3 years will be different. The current IBR is 3.69%.
Following fees and charges will be applicable:
|Stamp duty charges||As per the Stamp Duty Act 1949.|
|Legal fees||As per SRO.|
|Valuation fees||As per the 7th Schedule of the scale fees.|
|Disbursement fees||Includes registration fee, goods and services tax, search fee, and any other taxes.|
|Miscellaneous fees||Includes online IBG payment, cheque processing fee, IBG payment via ATM machine, and other fees.|
|Termination fee||RM2,000 is charged based on the Gharamah and Ta’widh.|
This loan is available to Muslims and non-Muslims. The maximum tenure offered is 35 years or till you turn 75 years. The loan is available to individuals, private limited companies, sole proprietors, and partnerships. Residential, commercial, completed, and under construction properties can be purchased.
You can apply for the Hong Leong Islamic home loan through the following ways:
You can walk into the nearest Hong Leong branch and apply for the home loan.
You can provide all your information online and the bank representative will get in touch with you.
You can call +603-7626-8899 and the bank representative will guide you the process.
You can pay the monthly installments through the following ways:
If you want further information about the product, you can call at +603-7626-8899. You can send a fax to +603-7873-8228. You can send the email to [email protected] The toll-free number you can call is 1-800-22-2575.
You will have to submit the following documents along with the duly filled application form:
Yes, the Hong Kong Islamic home loan is offered to non-Muslims.
The maximum tenure offered is 35 years or till you turn 75 years.
The Hong Leong Islamic home loan is available to individuals, private limited companies, sole proprietors, and partnerships.
You can purchase completed and under construction residential and commercial properties.
Yes, you can prepay the home loan without prior notice.
Yes, you can pay the monthly installments immediately even while the property is still under construction.
You will get a 20% stamp duty waiver for new financing and 100% waiver for refinancing case.
Rebate is granted for early construction during the grace period, early settlement, settlement due to finance restructuring, settlement in the case of default, and settlement in the event of termination of the financing facility before the loan has matured.
Apart from offering Home Loan,Hong Leong Islamic offers other products and services which include: