The most attractive financing package offered by the Public Islamic Bank Malaysia Home Loan is their premium Home Loans which has made it possible for any individual to own a home. With the longest tenure of loan and highest margin of finance available, these home loans are ideal to purchase a property without putting an end to the life’s savings.
At least 21 years old
Less than 70 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 90% + 10% MRTA
Instalments of other loans lower
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
|Margin of Finance||Up to 90% + 10% MRTA|
|Guarantor Requirement||No Guarantee Required|
In Malaysia, keeping up with modern trends, the bank offers online services which customers can use to access all bank products and services from the comfort of their home, without going to a branch. Interested customers can submit their contact details on the official website of the bank and they will be contacted by bank officials soon thereafter.
There are three different home financing plans available right now:
This plan is based on the Shariah concept of Musharakah Mutanaqisah also known as the Diminishing Partnership where the bank enters into a joint agreement of house ownership with the customer and the customer pays the monthly installments. Upon the completion of the installments, the ownership of the house is transferred to the customer. Any completed as well as under-construction property can be considered for this house financing loan. Any individual or joint holder is eligible to apply for this loan which comes with flexible payments. Moreover, customers are free to redraw the amount of loan from their Public Islamic Bank savings or currents account.
The ABBA Financing-i house loan offers variable rates of financing to facilitate the purchase of completed and under construction property. The loan tenure available is upto 40 years or till the age of 70; whichever is earlier. There are no processing fees or any hidden costs associated with the loan.
This is a fully flexible home loan which allows the customers to link their current account with the loan sum which leads the credit balance in the account to reduce the total outstanding sum. The higher the amount customer deposits as the loan installment, the lesser the amount of interest paid.
The major features and benefits of home loans from Islamic Bank include:
The home loan borrower may make extra monthly repayments helps deduct from the interest rate that is being charged on the outstanding loan amount for each every month therefore reducing overall interest incurred for the home loan with the help of Flexi home financing packages. The requirements, fees and conditions of these flexi home loan packages should be considered alongside their benefits.
The online home loan installment calculator hosted at bbazaar.my lets you know how much amount you would need to shell out from your pocket each month towards loan repayment. Knowing your installment amount in advance has several advantages that help you plan your savings in a better and more effective way. This online tool takes in some important data points related to your home loan to calculate the corresponding installment on your Public Islamic Bank personal loan. These parameters are –
The use of this online tool helps in choosing the most apt loan amount and tenure as well as the most suitable bank for availing your home finance.
The customers are required to submit an application form along with a copy of ID/Passport, salary slips of last 3 months, bank statements of last 6 months, latest EA statement, tax returns of latest preceding year, a copy of Employer confirmation, etc.
The bank has kept their payment policy as simple as possible and customers are allowed to pay the installments by any of the following means; cash deposit, cheques, online banking transfer, standing instruction and phone banking.
You can apply as an Individual apply joint as long as people involved are over the age of 21.
The bank allows the borrowers to transfer funds from their savings or checking accounts in the bank to make online payments.
Yes, there is a provision for Automatic monthly deduction from your bank account throughout your payment tenure.
Apart from offering Home Loan,Public Islamic Bank offers other products and services which include: