Maybank Islamic Home Loan
Maybank Islamic Home Loan facility is offered to both completed and under construction property and it is secured against any residential or commercial property. You can enjoy easy monthly instalment with the longer repayment period of up to 35 years. Read on to find out more about this home financing facility.
The Profit Rate is pegged to the Base Rate plus Spread. The current Base Rate is 3.25% p.a. effective 29 January 2018.
The indicative Effective Rate is 4.60% p.a. (RM350,000 housing loan for 30 years).
||Malaysian citizens and Non-Malaysian citizens (depending on the plan)
||Minimum age: 18 years Maximum age: Up to 70 years
||As per the bank’s discretion
Fees & Charges
||RM10.00 for every Letter of Offer. RM5.00 for every RM1,000 for the Principal document.
|Legal & Disbursement Fees
||Includes solicitor fees, land search, and bankruptcy search.
||RM50 - RM200.
|Excess Payment Withdrawal
|EPF Withdrawal Letter
||RM10 per request.
- For residents - A copy of NRIC (both sides).
- For non-residents - Valid Passport & VISA/Work permit/Employment Pass.
- For self-employed - Business Registration/Form 24 & 49 along with any of the above.
Income Evidences For Salaried Applicants:
- Latest 3 months' salary slips
- Consecutive 6 months of commission statement
- Latest EPF statements
- Latest EA form
- Last 6 consecutive months’ bank statements.
- Confirmation letter from the employer.
For Self-employed Applicants (Including Sole-proprietorship, Partnership, And Commission Earners), The Latest Copies Of The Following Documents Are Required:
- Certified/audited financial statements
- Statement of commission issued by the company
- EPF statements
- B/BE Form/e-Filing
- 6 months bank statements
- Tax payment receipt
Property Documents Required:
- Copy of Sales & Purchase or Booking Receipt/Letter of Offer from Developer.
- Copy of Individual Title deed.
- Property Valuation Report.
Types Of Maybank Islamic Home Loan
- Commodity Murabahah Home Financing-i- This is a Shariah-compliant home loan which is based on the Murabahah principle (cost plus profit) via Tawarruq or Commodity Murabahah arrangement. This provides home financing facility through trading of Shariah-compliant commodities like crude palm oil and RBD palm olein. If you are a Malaysian resident, non-resident, joint applicant, then you can apply for this loan. The minimum property value is RM75,000 and a minimum financing amount that you can get is RM10,000.
- Foreign Currency Offshore Property Financing-I - This is yet another Shariah-compliant home financing scheme which helps you to acquire your dream property in London by using foreign currency. If you are a Malaysian citizen or a permanent resident, then you can apply for this financing facility.
- Commodity Murabahah Term Financing-i: This term financing facility allows you to acquire completed/under construction properties (both residential and commercial), vessels, plant and machinery, as well as commercial vehicles. This is based on the Shariah concept of Murabahah. Any eligible individual/non-individual customers (both local and foreigner) can apply for this financing facility.
Features & Benefits
- Enjoy periodic payments through monthly, quarterly, or yearly basis.
- The loan packages are available with flexible repayment tenures of up to 35 years or until the borrower attains the age of 70 years by the end of the financing tenure, whichever is earlier.
- There are no early settlement charges/exit penalty.
- You can get high finance margin of up to 80%.
- You can get refinance facility and save on profit charges.
- You can enjoy the flexibility of converting the conventional loan to Islamic financing.
How To Apply
- Online Application: You can download the application form from the official website of the bank. You must submit the duly-filled online form along with the supporting documents to process your home loan application.
- Offline Application: You can visit the nearest Maybank branch and collect the application form for the home loan. You must submit the duly-filled form along with the necessary documents to the customer service desk.
If you wish to calculate your monthly instalments, you can use the online calculator. You can then obtain the value of the monthly payment after filling up fields like loan amount, finance margin, loan tenure, and profit rate.
Maybank Islamic Home Loan for Foreigners
The Maybank Islamic home financing packages are open to Malaysians and non-Malaysians as well, provided they meet the required eligibility criteria.
Maybank Islamic Home Loan Refinance
The Commodity Murabahah Home Financing-i, Foreign Currency Offshore Property Financing-i, and Commodity Murabahah Term Financing-i allows for refinancing of existing home loans. You can enjoy profit by refinancing your existing mortgage from other bank.
You can call the Customer Care hotline number at 1-300 88 6688 or 603-7844 3696 (overseas) if you have any queries or comments.
Q. What are the different instalment payment modes available?
A. The various payment modes that are available are:
- Bank branches
- Kawanku Phone Banking
- Online via Maybank2u.com
Q. What should I do if there are any changes in my contact details?
A. You must inform the bank if there are any changes in your contact details. This is to ensure that all future correspondences reach you on time.
Q. What if I fully settle the financing before its maturity?
A. If you fully settle the financing before the maturity period:
- No early settlement fee will be charged.
- You must pay the outstanding balance, the current monthly profit, any amount due and payable to the bank.
- The bank shall grant you rebate (Ibra').
Q. Do I need to provide a guarantor?
A. The requirement of a guarantor depends on your credit assessment carried out by the bank.
Q. Do I get to suggest a lawyer to the Bank who is not listed on the Bank’s panel of lawyers?
A. Suggesting a lawyer is not recommended as the individual/selected legal firm may not be familiar with the documentation requirements of the bank. Thus, any difficulties that may arise will only result in delaying the release of your funding.