OCBC Al-Amin Home Loan or Manarat Home-i is a Shariah compliant house financing plan by OCBC. Based on the Ijarah Muntahiah bi Al-Tamik (IMBT) concept, the leasing ends with ownership through this house financing plan.
The profit rates associated with the OCBC Al-Amin Home Loan are mentioned in the table below:
|Financing Tenure||Base Financing Rate|
|Up to 35 years||7.01% p.a.|
The following are the fees and charges associated with the OCBC Al-Amin Home Loan:
|Financing Processing Fee||No charge.|
|Late payment charges (before the maturity of the facility)||1% p.a. of the overdue instalment amount.|
|Late payment charges (after the maturity of the facility)||IIMM% (Islamic Interbank Money Market) of the outstanding balance.|
|Request for redemption statement by customers/lawyers on behalf of customers||RM53.|
|Request for redraw of loan facility||RM10.60.|
|Processing fee on financing statement request||RM10.60.|
|Processing fee on request of letters to EPF for withdrawals||RM21.20.|
|Nationality Criterion||Malaysian citizens|
|Age Criteria||Minimum age: 18 years Maximum age: 70 years|
|Income Criteria||As per the bank’s discretion|
For more information about the OCBC Al-Amin Home Loan, one can contact the bank through its hotline numbers: 03-8314-9310 and 1300-88-0255.
Q. I’m a 58 year old Malaysian citizen. I need a house financing with a 15 year financing tenure. Can I apply for a financing through OCBC Al-Amin Home Loan?
A. Yes, you can apply for the facility, but the maximum financing tenure you can get with OCBC Al-Amin Home Loan is 12 years.
Q. I need financing for my first house. Which package should I go for under the OCBC Al-Amin Home Loan?
A. The OCBC Idaman-i is the best fit for individuals looking for financing for their first house.
Q. When will I get the ownership of the house?
A. After the completion of the financing facility, the leasing ends with ownership.
Q. How is the profit rate with my OCBC Al-Amin Home Loan calculated?
A. The OCBC Al-Amin Home Loan comes with both fixed as well as floating profit rate. The profit rate is calculated on a daily basis.
Q. How is the monthly repayment instalment calculated with OCBC Al-Amin Home loan?
A. The monthly repayment instalment depends upon the financing amount, the length of the repayment tenure, and the profit rate associated with the facility.