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KFH Ijarah Mawsufah Bi Al-Zimmah Asset Acquisition Financing-i 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

KFH IjarahMawsufah Fi Al-Zimmah Asset Acquisition Financing-i

The developer's mortgage - a comprehensive Islamic home loan created especially for people buying properties under construction

• • 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 - 249000	4.65% p.a.
more than RM250000	4.45% p.a.

• *Effective profit rate will be determined by KFH upon approval.

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Fees & Charges

*inclusive of 6% GST

 

Requirements

Frequently Asked Questions about KFH IjarahMawsufah Fi Al-Zimmah Asset Acquisition Financing-i

What is KFH IjarahMawsufah Fi Al-Zimmah Asset Acquisition Financing-i?

First and foremost, this is an Islamic home loan for properties which are under construction. It's based on the concept of IjarahMawsufah Fi Al-Zimmah. What this package does is provide financing by way of predetermined rental as a forward lease.

OK, let's explain that in words everyone can understand rather than words a bank would use: basically it means your monthly mortgage payments are considered as 'rental' on your home until the final payment is made and full ownership passes to you, lease to buy if you will.

Kuwait Finance House offers finance up to 90% of the property value, plus an additional 5% if you include the MRTT. They can also supplement financing with zero moving cost (ZEC) to cover of your entry cost - the usual legal fees and stamp duty.

 

I'm concerned about my repayments, how are they calculated?

Depending on the interest rate type you choose (which can be fixed, floating, or a combination of both) you'll need to pay a monthly installment that uses the BLR to calculate the bank's profit margin.

 

What difference does it make if i choose fixed/floating rate?

Nobody can predict the future, there's always uncertainty as to whether the IBR will move up or down, even if it has remained static for the last few years. If you prefer safety and surety and like to know what your monthly mortgage will be, best choose a fixed profit rate. If you'd rather take advantage of today's very reasonable IBR and take a risk on the future, go for a floating rate.

It's useful to know that the bank profit rates will be lower if you decide to take on the MRTT insurance and if you choose for the bank to absorb your entry fees.

 

Do I need any insurance for the KFH home loan?

House Owner Takaful is an absolute must, MRTT is optional. As a gift for going above and beyond your monthly repayments by including insurance, you will be able to receive a rebate upon early settlement for any remaining Takaful premium interest.

 

What do I need to apply for this loan?

Applications may be made as an individual, or a joint partnership. You'll need to provide a bunch of documents though..

 

Salaried applicant:

• Identity Card
• Latest payslip
• Personal Bank Statement
• EPF statement
• EA form
•  

Self-employed applicant:

• Certificate of business registration
• B/BE form
• Personal bank statement
• Business bank statement
•  

Variable income applicant:

• Commission payment/statement
• Annual commission payment
• Personal bank statement
• BE form