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  • Home Loan BYTES FROM OUR KITCHEN

    HSBC Amanah Home Loan

    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.

    Interest/Profit Rates

    Loan Tenure Profit Rate
    Up to 35 years As per the Base Rate and amount financed

    Eligibility Criteria

    Nationality Criterion Malaysian or Non-Malaysian resident
    Age Criteria
    • Minimum age: 18 years
    • Maximum age: 65 years
    Income Criteria -

    Documents Required

    • Copy of identity card or passport
    • Latest 3 months’ salary slip
    • Latest income tax return form (Form B/BE) or EA form or latest EPF statement not more than 12 months old
    • For New Salaried Employees (at least 3 months in service):
      • Letter of Appointment or Confirmation letter from employer stating salary/allowances
    • Housing developer’s Sale and Purchase Agreement or deposit or booking receipt or letter of offer
    • A copy of the land title (if any)
    • Latest bank statements of at least six months (compulsory in the absence of salary slips and/or EA Form) showing salary/payment credited to the applicant’s account
    • For Self-employed:
      • Business registration documents
      • Latest 6 months bank statements
      • latest financial statements
      • Other supporting documents to support his/her income

    Type Of HSBC Amanah Home Loan

    • HSBC HomeSmart-i: The HomeSmart-i allows a customer to deposit or withdraw excess payments anytime. Such flexibility in financing and making payments is a plus for the HSBC Amanah Home Loan.

    Features & Benefits

    • The Amanah Home Loan is based on the principle of Diminishing Musharakah where the financier and the applicant will have a joint ownership of a property or the share of a financier is divided into a number of units that will later on be purchased by the applicant on periodic basis.
    • The home loan is an ideal scheme for completed homes, under construction properties as well as refinancing.
    • The home financing scheme provides the flexibility to withdraw excess payments through various easy methods i.e. via ATM, cheque book as well as online.
    • A customer can deposit the excess payment any time without any notice or charges imposed on him/her.
    • A customer can consolidate their current account, salary account and home financing account into one easy to manage account.
    • For any new purchases, a customer will get 20% reduction on stamp duty on financing documents.
    • With these features, a customer can decrease the total amount of his/her payment and reduce the financial tenure at the same time.
    • The home loan scheme is open to all i.e. residents and non-residents of Malaysia.

    How To Apply

    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.

    Calculator

    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.

    HSBC Amanah House Loan Repayment

    • Tenures Available: Up to 35 years
    • Modes of Repayments: Monthly instalment, merging or current or saving account with the loan account is provided
    • Prepayment: Facility available
    • Any Extra Charges For Early Payment: No charges

    HSBC Amanah Home Loan Refinance

    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.

    • The refinancing is offered at a lower interest rate.
    • It will help reduce the monthly instalments.
    • Customers have extra freed up cash with them to use when required.
    • Importantly, a customer can apply for a larger refinancing loan amount as the property’s value is on the rise.
    • He/she can also pay off his/her current loan with the help of a refinancing scheme.
    • There are no restrictions put on how a customer chooses to use the balance amount.

    HSBC Amanah Home Loan For Foreigners/Expats

    A foreigner/expat or a non-Malaysian citizen can also apply for the HSBC Amanah Home Loan i.e. HSBC HomeSmart-i.

    Contact Number

    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.

    FAQ's

    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.

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