The HSBC Amanah Home Loan is a housing financing provided by HSBC Malaysia that operates on the principles of Islamic banking. This Islamic home loan scheme provides flexibility to a customer by allowing reuse of his/her funds and offers stability with regular payments.
|Loan Tenure||Profit Rate|
|Up to 35 years||As per the Base Rate and amount financed|
|Nationality Criterion||Malaysian or Non-Malaysian resident|
Offline Application: Customers can walk into the nearest HSBC branch or HSBC Amanah department to fetch a copy of the application form. After filling the necessary fields, they can then submit the form along with the required documents.
Online Application: Customers can also apply online for the Amanah Home Loan facility. An application form is available on the official website of the bank through which the application process will be carried out.
A Home Loan Repayment, Lump Sum, Product Comparison, Rent vs. Buy Calculator are some of the few calculator facilities given on the official website. A customer can log in to their internet banking account and use the calculator facility which will fetch calculations as per his/her requirements. The actual loan amount granted to a customer is dependent on the credit evaluation process.
Customers can refinance their existing conventional home loan with HomeSmart-i in attempt to reducing their monthly payments and pay off the loan faster. The refinancing allows for better flexibility in managing the cash flow of a borrower.
A foreigner/expat or a non-Malaysian citizen can also apply for the HSBC Amanah Home Loan i.e. HSBC HomeSmart-i.
For any queries related to HSBC Amanah Home Loan or HSBC HomeSmart-i or its application process, a customer can contact the customer care representatives on 1300 80 2626.
Q. Do I need to have a takaful for obtaining the HSBC Amanah Home Loan?
A. You are advised to have a takaful coverage from any authentic and licensed takaful operators to give financial protection to your property against fire, explosion, malicious damage, riots or any other adversities.
Q. What is Diminishing Musharakah?
A. It is a concept in Islamic banking where a customer buys a property along with a partnership with the bank. As the customer pays of his instalments, the bank’s share from the property will start reducing and over the loan period, the customer will be the sole owner of the property.
Q. How will the ‘daily profit calculation’ help in in clearing my instalments?
A. As the profit rate is calculated daily, any excess amount that you deposit in your account from your salary, savings accounts or even from your bonus, will help in reducing the total payment of your home loan. The longer the money is in the account, the more you reduce the total payments for your housing loan.
Q. Can I use the HSBC Amanah Home Loan for my under construction property?
A. Yes, you can use the housing long for your developing home or residential property.
Q. What are the concepts of Diminishing Musharakah for home financing?
A. Diminishing Musharakah which means co-ownership is based on three underlying contracts i.e. co-ownership, lease and purchase. All these contacts are independent from each other.