Hong Leong Islamic Bank CM Flexi Property Financing-I (Islamic)

Up to 35 years

Semi-Flexi Islamic financing

Floating Profit Rate

3 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

Hong Leong Islamic CM Flexi Property Financing-i

Break away from conventional fixed finance mortgages with this Islamic house financing based on the Syariah principle of Murabahah

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

You Borrow

Estimated Profit Rate

more than RM400000

4.55% p.a.
  • *Effective profit rate will be determined by Hong Leong Bank upon approval.

 

Fees & Charges

There are always fees but how much are they?

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

Withdrawal Fee - RM53.00 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

Cancellation Fee - RM2000 for cancellation before loan disbursement

Insurance Types - MRTT

*inclusive of 6% GST

 

Requirements

Are you eligible for this Hong Leong Bank home financing?

Minimum annual income - RM24000

Minimum age - 24 years old

Maximum age - 70 years old

Who can Apply - Any nationality

 

Frequently Asked Questions about Hong Leong Islamic CM Flexi Property Financing-i

Things you might want to know

 

What do I need to know about Hong Leong CM Flexi Property Financing-i?

Hong Leong CM Flexi Property Financing-i is based on the Syariah principle of Murabahah and Tawarruq concept. Tawarruq refers to the act of purchasing an asset with deferred price, then selling it to a third party to obtain cash.

In practise this means that Hong Leong will purchase the house and allow you to buy it from them by installment. As a capped profit rate is placed on the financing amount you can be assured that no matter what happens in the money markets you will have a safe ceiling on your profit rate.

Open to Muslim and non-Muslim alike, the margin of financing for this Islamic home financing is 90%, meaning that subject to a credit check you may be approved to up to 90% of the property's value. Also, this financing offers high Debt Servicing Ratio ( DSR) of up to 80%.

 

How are my repayments calculated?

Following conventional Islamic banking your monthly installments are calculated based on an agreed Profit Rate. This Profit Rate is determined by the IBR (equivalent to BR).

 

What does the Insurance cover?

By taking MRTT insurance you will be covered should any unexpected event prevent you form making payments on your house financing. Takaful coverage is compulsory.

 

What documents do I need to make an application for this Islamic home financing?

Salaried applicant:

NRIC photocopy
Salary Slips (last 3 months)
EA form/ EPF statement (last 2 years)
Latest Borang BE (supported with tax payment receipt)
Bank statement/ saving passbook (last 3 months)
Letter (or Contract) of Employment

 

Self-employed applicant:

NRIC photocopy
Bank statement/ saving passbook (last 6 months)
Latest Borang B (supported with tax payment receipt)
Commission statements (last 6 months)