Affin Bank – Affin BNM Priority Sector Home Financing-I (Islamic)

Up to 35 years

Semi-Flexi Islamic financing

Floating Profit Rate

5 years lock in period

Up to 90% margin

30 days approval


Borrowing RM Monthly Repayment
RM


Profit Rate

%
How Long Year
max 35 Year
Flexi/Term Lock in Period Islamic or Conventional
All Flexi Term All Yes No All Islamic Conventional

AffinTawarruq Home Financing-i

An Islamic home financing based on the concept of Tawarruq that offers the flexibility of early settlement free of charge!

    • Up to 35 years
    • Semi-Flexi Islamic financing
    • Floating Profit Rate
    • 0 years lock in period
    • Up to 90% margin of finance
    • 30 days approval
    •  
  •  

You Borrow

Estimated Profit Rate

RM200000 - 999000

4.80% p.a.

more than RM1000000

4.75% p.a.
  • *Effective profit rate will be determined by Affin Bank upon approval.

 

Fees & Charges

There are always fees but how much are they?

Late Penalty Fee - 8.34% revised profit rate p.a. if monthly installment are in default for 3 months

Withdrawal Fee - RM26.50 for each withdrawal

Processing Fee - No Fee

Early Settlement Fee - Subject to terms of agreement with bank

Redemption Letter Fee - RM53.00 per request

Letter for EPF Withdrawal Fee - RM21.20 per request

Insurance Types - MRTT

*inclusive of 6% GST

 

Requirements

Are you eligible for this Affin Bank home financing?

Minimum annual income - RM24000

Minimum age - 18 years old

Maximum age - 70 years old

Who can Apply - Any nationality

 

Frequently Asked Questions about AffinTawarruq Home Financing-i

Things you might want to know

 

What should I know about this Islamic home financing?

AffinTawarruq Home Financing-i is a conventional Islamic mortgage that adopts the principal of Tawarruq – a Shariah approved transaction where a buyer buys property on deferred payment and subsequently sells the property to a third party (bank) for cash, at a lower price.

In order to be entitled for this mortgage, your property must be worth at least RM200,000. You can borrow up to 90% of the property value and an extra 5% for Mortgage Reducing Term Takaful, subject to the bank's discretion and approval

 

What is the maximum tenure for Tawarruq Home Financing-i?

Affin Islamic Bank allows you to commit up to 35 years, but not exceeding the age of 70. While you can enjoy lower monthly commitment if you choose a longer tenure, you will have to pay more profits overall.

 

Can I settle my mortgage ahead of schedule?

In case you’d like to repay your home financing early to get some extra savings, AffinTawarruq Home Financing-i allows you to fully settle your mortgage before maturity. What's more, there's no lock in period imposed hence no early settlement penalty fee! To help you save even more, you can even get a rebate which will be calculated by Affin Islamic Bank upon early settlement.

 

Will my profit rates increase for this Islamic home financing?

AffinTawarruq Home Financing-I adopts a floating interest rate which is subject to change according to the market performance. But no worries, Affin Islamic Bank will cap the profit rates so you won’t have to worry about any sky high jumps.

 

Who is eligible to apply for this Islamic mortgage?

All Malaysians are welcome to apply as long as you meet the minimum income and age requirements for this home financing. If you’d like to apply, you’ll have to prepare the following documents:

 

Basic documents:

  • Copy of NRIC
  • Sale & Purchase Agreement
  •  

Salaried employee:

  • 3 months pay slips
  • 6 months commission statements (for commission earner)
  • EA form / Borang B
  • EPF statement
  • 3 months salary bank account statement
  •  

Self-employed:

  • Borang B
  • 6 months business account statements
  • 6 months personal account statements
  • Profit & Loss account