Alliance Bank

Alliance Bank i-Wish Flexi Home Financing-i

A flexible Islamic mortgage based on the Bai Bithaman Ajil concept with no set-up or monthly fees

    • Up to 35 years
    • Full-Flexi Islamic financing
    • Floating Profit Rate
    • 3 years lock in period
    • Up to 90% margin of finance
    • 30 days approval
  • You BorrowEstimated Profit Rate
    more than RM3000004.37% p.a.

    *Effective profit rate will be determined by Alliance 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
none
Processing Fee
No Fee
Monthly Fee
None
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
Insurance Types
  • MRTT
  • Fire Insurance

*inclusive of 6% GST

Requirements

Are you eligible for this Alliance Bank home financing?

Minimum annual income
RM24000
Minimum age
21 years old
Maximum age
70 years old
Who can Apply
  • Any nationality

Frequently Asked Questions about Alliance Bank i-Wish Flexi Home Financing-i

Things you might want to know

What do I need to know about Flexi Home Financing -i?

Alliance Bank-i Wish Flexi Home Financing-i is based on the Shariah principle of Bai Bithaman Ajil ( BBA), commonly known as the sale of goods on a deferred payment basis.

For added flexibility you can deposit advance payments into a Mudharabah savings account, an excellent idea for those with extra cash on their hands at any given time. There is also an option to open a Cashline Facility-i, an overdraft equivalent for this Islamic home loan.

Subject to credit check and approval Alliance Bank can finance up to 90% of the value of your new house, whether complete or under construction. Note that for a properties under construction you only need to pay the interest on your loan until you move in.

How are my repayments on the home loan calculated?

Your monthly installments are calculated using the bank Profit Rate which in turn derives from the IBR. You'll be pleased to know that this Profit Rate is capped at 10.5%, so if the floating rate goes way up, that's the highest percentage interest you'll have to pay.

What fees and charges do I need to pay?

There are no processing fees, maintenance fees, or monthly fees, and refinancing from a conventional loan to Islamic financing entitles customer to a full waiver on stamp duty. For new finance you can get 20% knocked off the stamp duty - not bad.

What does the Insurance cover?

By taking up MRTT insurance you will be covered should any unexpected event occur that results in an inability to service the loan/home financing facility. The Takaful coverage will cover for you in the event of your death or Total Permanent Disability ( TPD).

What do I stand do gain from an i-Wish Flexi home loan?

There are some advantages:

  • Reduction in fees - No set up or monthly maintenance fee to be paid, allowing you to allocate funds to other fun things!
  • Ceiling rate - helps you to hedge against a higher IBR rate and minimise your repayments.
  • Lower repayments - deposits into the Mudharabah savings account will be set-off against the outstanding principal loan amount, reducing profit charges.
  • Easy withdrawals - Cheque book and ATM card for easy withdrawals from the linked account.

What documents are needed when applying?

If you are an employee earning a salary:

NRIC photocopy
Latest 3 months salary slip
Letter of Employment
Sales & Purchase Agreement/ Booking receipt from developer
Valuation report
Copy of the Title Deed

If you are self-employed:

NRIC photocopy
Latest 3 months salary slip
Latest 6 months bank statement
From 24 & 49
Sales & Purchase Agreement/ Booking receipt from developer
Valuation report
Copy of the Title Deed

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