Why should I get AFFIN Home Invest-i?
AFFIN Home Invest-i is the perfect solution for homeowners looking to purchase complete and under-construction properties or refinance existing mortgages of at least RM200,000 and above, up to 90% of the property value.
With Affin Islamic Bank’s ceiling rate, you don’t have to worry about your repayments increasing exponentially in a few years down the road, because the profit rates are capped at a limit which will be made known to you before the agreement is signed.
Plus, Home Invest-i offers flexibility with your payments, so you can deposit extra amounts of cash on top of your monthly repayments to save on your interest charges. All you’ve got to do is put your request in writing over the counter at an Affin Islamic Bank branch.
Do I need any Takaful insurance with this Islamic Home Financing?
House Owner Takaful is compulsory for this Islamic mortgage. You are also encouraged to take up Mortgage Reducing Term Takaful (MRTT) with this financing package. That way, you know that your family will be well provided for, if any mishaps were to happen to you, especially if you are the sole breadwinner.
Can a non-Muslim apply for this mortgage?
Definitely yes! It doesn’t matter what your religion or race is, Affin Islamic Bank accepts business from any Malaysians that meet the requirements for this shariah-compliant financing plan – that’s a minimum income of RM2,000 each month and 18 years of age.
What are my monthly repayments?
Affin Islamic Bank will calculate your repayments each month, which will be based on the amount borrowed, the length of the tenure, and the profit rate that you are eligible for, which will be based on your credit rating.
As such, the longer the mortgage duration, the smaller your monthly commitment is, but you’ll pay higher profit rates to the bank in the long run. Taking these points into consideration, having a thorough financial plan and seeking advice from a bank officer is important to help you gauge your ability to meet the monthly commitments.
What documents do I need when I apply?
All applicants must submit:
- AFFIN Home Invest-i application form
- Copy of NRIC
- Sales & Purchase Agreement or booking receipt from developer
- Valuation report (for completed land)
- Copy of the Title Deed
Fixed income earners:
- Last 3 months' salary slips
- Latest EA form or Borang B with tax payment receipt
- Latest pension statement (pensioners only)
- Latest 6 months' commission statement (commission earners only)
- Latest EPF statement
- Latest 3 months' bank account statement
- Letter from employer
Self-employed:
- Latest Borang B with tax payment receipt
- Latest 6 months' business account statement
- Latest 6 months' personal account statement
- Latest Profit & Loss account
