Alliance Bank

Alliance Bank i-Wish Home Financing-i

No setup, processing or maintenance fees with this conventional Syariah compliant home loan based on the concept of Bai Bithaman Ajil

    • Up to 35 years
    • 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.

Apply online now for Alliance Bank i-Wish Home Financing-i

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Fees & Charges

There are always fees but how much are they?

Late Penalty Fee
1% p.a. of the outstanding amount
Withdrawal Fee
RM53.00 for each withdrawal
Processing Fee
No Fee
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

*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 Home Financing-i

Things you might want to know

What do I need to know about this mortgage?

Alliance Bank-i Wish Home Financing-i is based on the Syariah principle of the Bai Bithaman Ajil ( BBA) which is basically the sale of goods on a deferred payment basis. Your monthly repayments are fixed, based on a capped profit rate. The loan can be supplemented with a Cashline Facility-i, the overdraft equivalent for Islamic banking, which carries an interest rate of IBR + 0.55%.

Subject to credit check and approval Alliance Bank will be able to finance up to 90% of the value of the property, whether complete or under construction.

How are my repayments on the home loan calculated?

According to conventional Islamic banking your monthly installments are calculated based on the Profit Rate at which the bank is entitled to be rewarded for loaning you money. In practice your interest rate is determined by IBR (equivalent to BR).

The profit rate is capped at around 10.5% to protect you from any increases in the IBR, that would result in higher interest rate charges.

What do you mean there are no fees to pay?

Say a big goodbye to unnecessary charges -  processing fees, monthly fees, and maintenance fees are waived. If you're refinancing you'll get the stamp duty paid for you

What does the Insurance cover?

By taking up MRTT insurance you're covered if you ever find yourself in many situations where you cannot pay your monthly installments.

What's so great about i-Wish Home Financing-i?

  • Reduced fees - No set up or monthly maintenance fee to be paid, allowing you to allocate funds to other things!
  • Lower Bank profit rate - helps you to hedge against a higher IBR rate, to minimise your repayments.
  • Financial Security - A fixed monthly repayment scheme can be beneficial for those who prefer to allocate their finances elsewhere for other investments while paying a fixed amount on their mortgage without worry.

What documents are needed when applying?

Salaried applicant:

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

Self-employed applicant:

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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