The Islamic bank offers various products and services to suit the needs of the Malaysian customer such as private funding, organizational banking, treasury, savings management, investment programs and much more. One of the most attractive packages of the bank is OCBC Al-Amin Home Loan package which allows the customers to buy their own home without getting a hole in their pocket.
You’re probably eligible for an OCBC Al-Amin Bank Home Loan if you are
At least 21 years old
Less than 70 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your OCBC Al-Amin Bank Home Loan amount eligibility is based on these factors
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 90% + 10% MRTT
Instalments of other loans lower
Increase your eligible OCBC Al-Amin 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 OCBC Al-amin Home Loan
- 1. NRIC / Identity Card.
- 2. Latest Valid Passport & VISA/Working Permit/Employment Pass.
- 3. Business Registration/Form 24 & 49.
- 4. Copy of Sales & & Purchase or Booking Receipt or Letter of Offer from Developer.
- 5. Copy of Individual Title Deed.
- 6. Property Valuation Report (for completed properties).
- 7. Latest 3 consecutive months salary slips/vouchers.
- 8. Latest 6 consecutive months of commission statement.
OCBC Al-Amin Bank Home Loan Interest RatesUpdated on 19 Jan 2017
|Margin of Finance||Up to 90% + 10% MRTT|
|Guarantor Requirement||No Guarantee Required|
OCBC Al Amin operates as a subsidiary of the Overseas Chinese Banking Corporation limited and offers a range of Islamic banking products and services to the customers. Services include personal banking such as home loans and personal loans and deposits to help one’s wealth grow and assist them in their endeavours to business banking with deposits and financing t help one’s business grow. All products offered are Shariah Compliant.
OCBC Al Amin Housing Loan Malaysia
The home loans offered by OCBC Al Amin cater to customers looking for financing solutions to own or buy their first house. These loans are offered at competitive rates which are either fixed rates or floating rates and offer packages within the loan that cater to various aspects such as financial concerns or provide financing for refurbishment and renovations. The features of the OCBC Al Amin loans are as follows
Features of the OCBC Al Amin Home loan
- The tenure of the home loan can go as high as 35 years or up to when the borrower attains the age of 70 years
- The OCBC Al Amin loan provides up to 100% of the financing margin
- The interest rates offered are competitive and are pegged to the base financing rate of the bank
- Lock in period of the loans are optional and non-lock in loans are slightly more expensive
- The early settlement penalty applies to loans that have a lock-in period and charge 3% of the outstanding amount as early settlement fee
- The loans are a semi-flexi loan where borrowers can make additional payments every month to reduce the monthly interest charges on their instalments
- The loan does not require a linked bank account
- The redraw fees is RM 10
- It has a wide range of repayment methods ranging from ATM’s to standing instructions
- The insurance type required is MRTT and Fire insurance
OCBC Al Amin Home Loan Interest Rates
The interest rates charged by OCBC Al Amin depend on the amount of the loan availed. The interest rates charged is 4.60% p.a. for loan amounts ranging from RM 300,000 to RM 500,000 however effective interest rates will be applied by the bank at the time of approval and disbursement of the loan
Types of Home Loans available from OCBC Al Amin
OCBC Al Amin offers one home loan which is the Manarat Home-i that has 3 packages or options which are discussed below
OCBC Al Amin Manarat home-i:
These loans are created on the Shariah principle of Ijarah Muntahiah bi Al-Tamlik. This means that the bank will purchase the property from the borrower when the borrower applies for the loan. The bank then leases back the property to the borrower on a rent to buy basis. Upon completion of the mortgage a small payment will transfer the ownership of the house to the borrower. This concept is also known as lease ending with ownership. The loan covers up to 100% of the financing margin and is inclusive of stamp duty and legal fees and takaful premium. The loans require a fire insurance and is a semi-flexible loan where one can make additional payments every month and can redraw these additional payments at any time. The loan has 3 packages which are Idaman-I which is a mortgage plan that has been designed to suit the needs of a first time home buyer. The Impian-I package is a package that caters to those borrowers who are looking to refinance their property either to improve the property or for reinvestment and the Warisan-I package is designed for those individuals who are well established on the property ladder and allows them to leverage their property to build their legacy.
How to apply for OCBC Al Amin Home Loans
Applying for an OCBC Al Amin home loan is a hassle free process. One need only search for the home loan that best suits their needs and also calculate their property value. One can visit the nearest OCBC Al Amin branch and fill out the application form. The loan will require the borrower to meet certain eligibility criteria and also provide required income proof documents for the loan to be successfully approved. The eligibility criteria and documents required are mentioned below
- The minimum age of the applicant needs to be 21 years as at last birthday and the maximum permissible age for an applicant is 70 years of age as at last birthday.
- The applicant will need to submit proof of income
- A person of Malaysian Nationality or any nationality with a permanent resident status can apply for the OCBC Al Amin Home Loans
- The applicant needs to submit the front and back photocopy of their MyKad or a copy of their passport, Visa or work permit
- The applicants who are employed will need to submit a copy of their employment confirmation letter
- A copy of the last 3 months’ pay slip is required
- Bank statement dating back 6 months
- Latest EA statement with tax payment receipt
- If the applicant is self-employed, the documents needed include bank statements dating back 8 months and 2 years of BE form with tax payment receipts
- The applicant will also need to submit their business registration certificate
How to Calculate Loan Installment for OCBC Al-Amin Home Loan?
Knowing your OCBC Al-Amin home loan installment is a matter of seconds with the online calculator hosted at bbazaar.my.This online calculator processes the following raw data to furnish the monthly loan installment that needs to be paid by customers.
- Desired home loan amount
- Preferred loan tenure
- Profit rate
- Processing fee
The tool also furnishes an amortization table that is a representation of the whole loan repayment schedule over the entire length of the loan period. The above parameters can be adjusted by customers to reach the most-suitable loan installment. Knowing your loan installment even before availing home loan is always good for better financial planning.
F.A.Qs on OCBC Al-Amin Home Loan
Q) What is the benefit of Semi-Flexi loan?
A) The semi-flexi loan allows borrowers to make additional payments atop the monthly instalments as one can never know when they may across additional cash again. The extra amount paid goes towards reducing the monthly interest charges or can be withdrawn by the borrower at any time they are in need of it
Q) How much would the withdrawal fee amount to?
A) The additional amount paid can be withdrawn by paying a fee of RM 10.60
Q) What type of insurance is compulsory for this loan?
A) A Fire Insurance is compulsory for this loan while an MRTT is optional but highly recommended
Q) What is the lock-in period for the loan?
A) The loans are offered with a choice of having a lock-in period or not. Loans without a lock-in period are more expensive and the lock-in period for loans are for three years.
Other Products offered by OCBC Al-Amin:
Apart from offering Home Loan,OCBC Al-Amin offers other products and services which include: