Buying a home has never been so easy with the Maybank Islamic Home Loan schemes for its customers. Now any individual, who has been dreaming of buying his own home or acquiring some tangible property, can apply for the Maybank Islamic house financing at the most competitive interest rates available in the current market. The bank offers Shariah compliant home loan packages which come with the option of fixed or variable interest rates.
You’re probably eligible for an Maybank Islamic Bank Home Loan if you are
At least 21 years old
Less than 60 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your Maybank Islamic Bank Home Loan amount eligibility is based on these factors
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 100% with MRTT
Instalments of other loans lower
Increase your eligible Maybank Islamic Bank Home Loan amount by these steps
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
Documentation needed to apply for an Maybank Islamic Home Loan
- 1. For Residents – NRIC/Identity Card.
- 2. For Non-residents – Latest valid passport & visa/working permit/employment pass.
- 3. Copy of Sales & Purchase/Booking Receipt or Letter of Offer from Developer.
- 4. Copy of Individual Title Deed.
- 5.Copy of Individual Title Deed
- 6. Documentation for salaried applicants:
- Latest 3 consecutive months salary slips/vouchers
- latest 6 consecutive months of commission statement
- 7. Documentation for self-employed applicants:
- Latest certified/audited financial statements
- latest statement of commission Issued by company
Maybank Islamic Bank Home Loan Interest RatesUpdated on 21 Oct 2016
|Margin of Finance||Up to 100% with MRTT|
|Guarantor Requirement||Guarantee Required|
Why choose Maybank Islamic Home Loans?
Maybank Islamic bank has designed multiple house financing schemes keeping in mind its broad class of customers and their financial standing. The lock in period on these loans is quite flexible and allows the customers to pay off their loan as per their convenience. To facilitate the calculation of loan amount and the interest on the principal, Maybank Islamic official website has a Loan Calculator which helps the customers in determining the accurate monthly installments along with the applicable rate of interest.
What are Maybank Islamic Home Loan Packages?
The bank has 4 special home funding plans for Islamic as well as Non-Islamic customers.
ASB Financing-i: ASB Financing-i is a Murabahah via Tawarruq based housing loan which transfers the ownership of the house to the customer on completion of the loan installments. Any individual of the age 18 years or above and below the age 60 years can apply for this plan with a finance margin of up to 105% including conditional Mortgage Reducing Term Takaful (MRTT). The maximum loan amount is RM400,000 which can be paid off in installments of up to 25 years or when an individual reaches the age of 60, whichever is earlier. The payment of installments in this plan can be made through standing instructions only.
Home Equity-i: This Musharakah Mutanaqisah concept based home loan package has been specifically designed for business enterprises and individuals who require property financing for purchase of residential units (completed /under construction), refinancing, restructuring or any additional improvement in the property. Under this, the bank enters in a joint ownership with the applicant with the share of bank reducing as the payment of installments are made until the full ownership goes to the applicant. The maximum loan tenure is 35 years and finance margin is up to 100% including an optional MRTT.
Commodity Murabahah Financing-i: These home loans are based on the Commodity Murabahah concept of Shariah and are available to any individual, small business owner, joint applicant or non-resident for purchase of properties (completed/under construction) for business or investment purposes such as office lots, shop areas, factories, buildings, complexes etc. The finance margin available is up to 90% including MRTT and 85% without MRTT. This loan can be paid off in installments for a period of 25 years or when the applicant reaches the age of 65, whichever is earlier.
Shophouse Equity-i: Another Shariah compliant product for business enterprises as well as individuals aged between 21-60 years who need loan to finance the purchase of commercial buildings and properties (completed/under constructed), restructuring, refinancing and other additional financing. This is also a Diminishing Partnership based home loan and offers finance margin of up to 100% including MRTT.
What are the documents required while applying for Maybank Islamic Home Loans?
An application form along with relevant documents such as NRIC/ID, last 3 months of Salary Slips, last 6 months of Bank Statement, latest EPF statement, Letter of Confirmation of Employment/Business, etc. are required while applying for the loan.
Can the loan amount be settled earlier?
Maybank Islamic has no strict lock in periods for the settlement of the home loans hence customers are free to pay off the entire loan earlier than the initial agreement with the bank. But, an intimation to the bank or the loan officer must be made before settling the amount or a very low early settlement penalty may be charged.
Are there any late payment penalty charges?
In case the customer fails to pay the installments on time, a late fee charge of 1% shall be paid by the customers on the outstanding amount. It is advised to keep track of installments due dates to avoid penalty charges.
What are the methods to pay the installments?
With the exception of ASB Financing-i home loan scheme, which can be paid off by standing instruction only, all the other home loan installments can be paid via online banking, phone banking, Maybank ATMs, standing instructions, cash deposits or cheques.
How to Calculate Loan Installment for Maybank Islamic Home Loan?
Calculating the installment for your Maybank Islamic home loan is a very simple and easy process. Just a few steps of feeding in the raw data in the form of your desired loan amount, preferred loan tenure and applicable profit rate is enough to let you know all the ground level information that is required while making an informed choice of home loan. bbazaar.my hosts the online home loan installment calculator tool that processes the raw input data to furnish the final home loan installment amount that a customers is required to pay each month. This is an extremely useful tool which helps you plan your finances well in advance.
Other Products offered by Maybank Islamic:
Apart from offering Home Loan,Maybank Islamic offers other products and services which include: