Public Bank offers a range of home loan schemes to its customers who are looking to purchase their dream home. Working upon the principles of Islamic banking, the schemes are based on Musharakah Mutanaqisah and they come with variable profit rates. You can choose between the semi-flexible and fully-flexible option of payment. Following are the home loan schemes offered by the Public Islamic Bank:
The profit rate depends on the current Base Rate. With respect from 27 July 2016, the Base Rate or (BR) for individuals is 3.77% p.a.
Base Financing Rate (BFR) for non-individuals is 6.97% p.a.
A customer is required to pay the following fees and charges if he/she obtains the home loan through any of the bank’s schemes:
|Public Islamic Bank Home Financing||Fees and Charges|
|Processing Fee||Up to RM30,000= RM53 From RM30,001 to 100,000= RM106 Above RM100,000= RM212|
|Early Settlement Fee||As per the bank’s discretion|
|Late Penalty Fee||1% of the outstanding amount|
|Redemption Letter Charges||RM53 per request|
|Letter for EPF Withdrawal Charges||RM21.20 per request|
|Nationality Criterion||Malaysian citizens|
|Age Criteria||Maximum age: 70 years (depending on the plan)|
|Income Criteria||As per the bank’s discretion|
Income Related Documents For Salaried Applicants:
Income Related Documents For Self-employed Applicants:
Offline Application: An applicant needs to visit the nearest branch of the Public Islamic Bank and collect the application form for the home loan. The duly-filled form along with all the required documents must be submitted to the customer service agents at the bank.
Online Application: Applicants can find the application form for the Public Islamic Bank Home Loan on the official website of the bank. On filling the name and contact details, the application can be submitted through the website. The bank representatives will guide a customer on further document submission and other procedures required to complete the application process.
If customers are looking for a refinancing facility over their already existing home financing facility, Home Equity Financing-i can be considered. They can use this refinancing facility for renovation and refurbishment of the house or use the amount to meet any emergency expense that may crop-up.
The bank can be reached on the following hotline number: 1-800-22-5555 if a customer needs to solve any doubt or queries regarding the schemes presented by the bank.
Q. How the late payment charges are calculated after the maturity of a home loan?
A. The late payment charges of the home loan is calculated with the following formula after its maturity :
Outstanding Balance X AFR X No. of Overdue Day(s)/ 365.
Q. What are combined rates?
A. Combined rates comprise of two elements: ta’widh and gharamah. Ta’widh indicates to the amount that may be compensated to the bank based on the actual loss incurred due to default while gharamah refers to the penalty charged on the defaulters over and above the ta’widh.
Q. Do I need a guarantor or collateral to acquire the loan facility?
A. A guarantor or collateral needs to be presented only if it is requested by the bank.
Q. What is the financing tenure for the home loan schemes?
A. The financing tenure offered for these home loan schemes reaches up to 35 years.
Q. Am I eligible to withdraw funds any time from my account?
A. Yes, the schemes like HomeSave Financing- i provides the facility of withdrawing any amount any time. Customers can also transfer a deposit of any amount in the current account-i.
Q. Is there any setup fee applicable for HomeSave-i financing account?
A. A one-off payment fee of RM212 is charged as the setup fee for the HomeSave—financing account.