Bank Muamalat Home Financing-I (Islamic)

Up to 35 years

Term 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

Bank Muamalat Home Financing-i

An Islamic home loan offering up to 90% margin of finance and no early settlement charges

    • Up to 35 years
    • Term Islamic financing
    • Floating Profit Rate
    • 5 years lock in period
    • Up to 90% margin of finance
    • 30 days approval
    •  
  •  

You Borrow

Estimated Profit Rate

RM100000 - 700000

5.05% p.a.
  • *Effective profit rate will be determined by Bank Muamalat upon approval.

 

Fees & Charges

There are always fees but how much are they?

Late Penalty Fee - 1% p.a. of the outstanding amount

Processing Fee - RM212.00

Monthly Fee - None

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 Bank Muamalat 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 Bank Muamalat Home Financing-i

Things you might want to know

 

What do I need to know about Bank Muamalat Home Financing-i?

Home Financing-i from Bank Muamalat is a syariah compliant home loan that operates much like a conventional mortgage: the loan principal is repaid with with fixed monthly installments. To help you manage your budget you can deposit cash in excess of your repayments but, unlike a flexi loan, these payments will be considered as advances on your monthly mortgage bill and will not reduce your loan principal.

Subject to credit approval Bank Muamalat can offer up to a 90% margin of finance. To ease the cost of buying and moving into a new home you can apply for 100% financing where the additional 10% is used to offer zero moving cost (ZEC) on legal fees as well as to cover fees associated with insurance and conveyancing.What are my obligations?

Well, much like any other borrowing, you will have to make a monthly repayment on your mortgage. The Home Financing-i interest rate is linked to the Islamic Base Rate or IBR, implemented in 2015, and as that rate may move up (or down) in the market you might run the risk of paying more interest. Thankfully, Bank Muamalat has guaranteed peace-of-mind with a competitive profit rate ceiling of 10.5%.

 

Should I get the insurance with my home loan?

Sadly, we won't stay healthy forever, so it would be highly advisable to take up Muamalat's offer of MRTT, protecting yourself and your family against unforeseen circumstances that could place home in jeopardy.

 

What documents do I need to apply for this mortgage?

If you're a salaried employee:

  • Photocopy of MyKad
  • Latest 3 months salary slips
  • Latest J/ EA Form
  • Latest 3 months Bank Statement
  • Confirmation letter from employer
  • Original S&P Agreement/ booking sheet / down payment receipt

And if you're self employed you'll also need:
Business Registration, Form 24, Form 49, Form A or B, Form D