Hong Leong Islamic Home Loan
The Hong Leong Islamic Bank offers a home loan with competitive profit rates to its customers. The loan scheme works on the Shariah principle of Islamic banking which includes concepts like Murabaha and Tawarruq. For more details on the Hong Leong Islamic Home Loan/Financing scheme, read below.
Interest/Profit Rates Of CM Flexible Property Financing-i
The profit rate is based on the current IBR i.e. Islamic Base Rate. The profit rate of the scheme would amount to IBR + Spread. The current IBR is 4.03%.
Fees & Charges Of CM Flexible Property Financing-i
A customer needs to pay the following fees and charges if he/she opts for the Hong Leong Islamic Home Loan:
|Hong Leong Islamic Home Loan
||Fees and Charges
|Stamp Duty Charges
||As per the Stamp Duty Act 1949 (Revised in 1989)
||As per the scale in the Solicitor’s Remuneration Order (SRO)
||As per the 7th Schedule of the scale fees set by Board of Valuers
||As per the bank’s discretion (Includes registration fee, goods and services tax, search fee, and any other taxes)
||As per the bank’s discretion (Includes online IBG payment, cheque processing fee, IBG payment via ATM machine, and other fees)
|Late Payment Fee
||1% p.a. on the unsettled instalment amount
Eligibility Criteria For CM Flexible Property Financing-i
||Maximum age: Up to 75 years
||As per the bank’s discretion
Documents Required For CM Flexible Property Financing-i
Listed below are the documents required to be presented by an applicant while obtaining the Hong Leong Islamic Home Loan scheme:
- NRIC or authentic Malaysian identity card (front and back side)
Income Documents Accepted:
For Salaried Individual Applicants:
- Latest EPF statement
- Letter of employment
- Latest savings passbook or bank statement (for 3 months)
- Latest Borang BE along with tax payment receipt
- Latest salary slips (for 3 months)
For Self-employed Individual Applicants:
- Latest Borang B along with tax payment receipt
- Latest savings passbook or bank statements (for 6 months)
- Latest commission statements (for 6 months)
For Private Limited Companies:
- Latest bank statements (for 6 months)
- Latest audited account (for 3 years)
- Latest Borang B of the directors along with tax payment receipt
Type Of Hong Leong Islamic Home Loan
- CM Flexible Property Financing-i: The home loan scheme is offered for both residential as well as commercial properties which are completed properties or under construction properties. The scheme comes with tenures of up to 35 years and prepayment facility.
Features & Benefits Of CM Flexible Property Financing-i
- The home loan scheme can be accessible for Sole Proprietorship and Partnership, Private Limited Companies along with individuals.
- The scheme allows a prepayment facility to its customers without having to provide any prior notice about the same.
- Customers can earn financial flexibility as this financing scheme allows them to start the monthly instalment for their property financing even when the property is under construction.
- The scheme also offers shop financing along with home financing.
- The customer is provided with a financing period of 35 years or until they attain the age of 70 years.
- Both Muslims and non-Muslims can opt for this financing scheme.
- The financing package comes with a ceiling rate which would prevent extreme fluctuations in monthly instalments.
- Any new financing gets the stamp duty exemption of up to 20% while 100% stamp duty exemption is given for refinancing.
- The home loan scheme also offers an optional Mortgage Takaful (MRTT) coverage.
- A customer is entitled to get rebates on early settlement of his/her home loan.
- The CM Flexible Property Financing-i comes with easy monthly payment methods that include:
- Fixed instructions from Hong Leong Islamic Bank or Hong Leong Bank savings and current accounts
- Internet bank
- Via mobile app or tablet app
- Via Malaysian Electronic Payment System (MEPS)
- Offer Between Giro Bank (IBG)
How To Apply For CM Flexible Property Financing-i
- Offline Application: A customer or desired applicant can go to the nearest branch of Hong Leong Islamic Bank and fill in the application form. The bank representatives will help a customer to choose a loan best suited for him/her so that he/she can make a reasonable choice. A customer can submit the documents required along with the completed application form to complete the application process.
- Online Application: Applicants can also apply through the official website of the Hong Leong Islamic Bank. They can click on the Apply Now tab and fill in their personal details and loan requirements in the online form and submit all the mandatory documents. After finishing the process and submission of all the details, the applicant will receive a phone call from the bank representatives to carry the process forward.
Contact Number - CM Flexible Property Financing-i
In case of any queries or doubts regarding the application process and home financing schemes, a customer can reach the bank representatives with the help of the hotline: 603-7626-8899 or 1-800-22-2575 (toll free).
Q. Can I make the prepayment of my home loan scheme?
A. Yes, prepayment is permitted through this home loan scheme. You can do it so even without giving any prior notice to the bank.
Q. When can I get rebate from the bank?
A. The rebates will be offered by the bank in following circumstances:
- If the amount of profit based on the Effective Indicative Profit Rate is lesser than the total profit based on the ceiling rate
- If the property gets completed early
- In case of prepayment and other instances
- If restructuring or refinancing takes place
- If the customer chooses to settle the loan or non-repayment
- In case of termination or cancellation of the financing facility before its maturity
Q. What is the purpose of the mortgage takaful?
A. The mortgage takaful coverage offered by the bank is helpful if there are any unforeseen instances like the applicant’s death or permanent disability. Due to MRTT, the applicant’s family is protected from unexpected financial burden.
Q. Can I begin paying the instalments when the construction of the property is going on?
A. Yes, you can start your repayments even when the property is under construction itself.
Q. I am a non-Muslim residing in Malaysia. Can I get the Hong Leong CM Flexible Property Financing-i?
A. CM Flexible Property Financing-i is available to any Malaysian citizen irrespective of his/her religious beliefs. If you meeting the required eligibility criteria for the home loan scheme, you can apply for the same.