What should I know about Affin Home Assist Plus-i?
Ready to own a home? Check. Got your down payment ready? Check. Need a mortgage that adheres to shariah-based principles of financing, more specifically the concept of Musharakah Mutanaqisah which is equivalent to purchasing an asset on a deferred basis? Checked!
Yes, Affin Home Assist Plus-i is a conventional Islamic mortgage that is tailored to provide financial support to individuals looking for low cost properties between RM100000 to RM200000. Affin will finance up to 85% of the property, subject to your credit approval. You choose to get an additional 5% financing for Mortgage Reducing Term Takaful, or MRTT.
What do I have to pay for this Islamic home financing?
Once your mortgage is approved by Affin Islamic, you’ll have to pay monthly instalments which will be calculated based on the profit rate offered and the length of your tenure. For an estimate of your repayments each month remember to use the RinggitPlus mortgage calculator.
The profit rate is capped around 5.25% - which consists of Base Rate ( BR) 3.74% and a spread of 1.51% p.a. Unlike other home financing which has profit rates which may fluctuate depending on the economy and market performance, Affin Home Assist Plus-i has a ceiling rate feature so you don’t have to worry about drastic increases to your profit rates!
Who can apply for Islamic mortgage?
As this financing plan is for lower income individuals, there aren’t any complex requirements. Malaysians who are 18 years old and above and meet the RM24,000 annual income requirements are eligible to apply.
Of course for your financing to be approved the bank will have to check your CCRIS and CTOS records. But you won’t have to worry about a thing if you have good credit history.
Are there any other charges involved?
Yes, you'll have to pay for the mandatory stamp duty charges and legal fees. The hefty processing fees will be waived too. However, if you request for additional documents from the bank such as a financial statement or redemption statement, you’ll have to pay extra.
What documents will I need to prepare?
Don’t waste any time driving back and forth. Make sure you have all these documents with you when you apply.
Standard documents:
- Copy of NRIC
- Sale & Purchase Agreement
Salaried employee:
- 3 months salary slips
- EPF statement
- EA form or Borang B (income tax return form)
- 3 months salary bank account statement
- 6 months commission statement (for commission based earners)
Self-employed:
- Borang B
- 6 months business account statements
- 6 months personal account statements
- Latest Profit & Loss account