What is Affin Credit Plus-i all about?
If you are looking for an Islamic mortgage that offers high financing amount up to 90% and payment flexibility, look no further! Affin Credit Plus-i is here to satisfy all your home financing needs for properties that are currently clear of all debts and mortgages (a.k.a unencumbered property),
This home financing operates on the concept of Musharakah Mutanaqisah which allows you to increase your ownership on the property by making regular monthly payments, and eventually claim full ownership after the very last repayment.
What are the benefits of this Shariah approved home financing plan?
Credit Plus-i by Affin Islamic Bank allows you to deposit extra payments into an advance bucket to offset any overdue payments. Using its redraw facility, you can then withdraw any excess money in the bucket if needed, provided that a there is a minimum balance of RM5,000 and at least RM3,000 is withdrawn each time.
In case you’d like to use these deposits to settle your financing commitment early, you can make a request to Affin Bank each time you make an extra payment.
Will there be any charges for paying off my mortgage early?
Yes. There's a lock in period of 5 years and if you decide to make an early buyout within this period, you'll have to pay a penalty fee equivalent to an amount determined by the bank.
Are there requirements for this Islamic mortgage?
All Malaysians are welcomed to apply for Affin Credit Plus-i as long as you meet the minimum age requirement of 18 years of age and an annual income of at least RM24000. However, Affin Bank may need extra information and documents to prove your eligibility.
What do I need to prepare for applying this home loan?
Just get ready a few simple documents listed below and you are good to go!
If you are an employee earning a salary:
- Copy of NRIC
- Sale & Purchase agreement
- Last 3 months salary slips
- Latest EA form or Borang B
- Latest EPF statement
- 3 months bank statement
If you are self-employed:
- Copy of NRIC
- Sale & Purchase Agreement
- Latest Borang B
- Last 6 months business account statement
- Lat 6 months personal account statement
- Latest Profit & Loss account