Alliance Bank

Alliance Bank i-Wish Home Financing-i

No setup, processing and monthly maintenance fees with this Shariah compliant home loan based on the concept of Bai Bithaman Ajil

    • Up to 35 years
    • Flexi Islamic financing
    • Floating Profit Rate
    • Up to 90% margin of finance
    • 30 days approval
  • You BorrowEstimated Profit Rate
    more than RM3500004.36% 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
Processing Fee
None
Monthly Fee
None
Early Settlement Fee
3% on the financing amount
Redemption Letter Fee
RM53.00 per request
Letter for EPF Withdrawal Fee
RM21.20 per request
Insurance Types
  • Fire Takaful
  • MRTT

All fees & charges are inclusive of 6% GST if applicable

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
  • Salaried employee

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 Shariah 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. 

Subject to credit check and approval, Alliance Islamic Bank will be able to finance up to 90% of the value of the property, whether complete or under construction.The loan can be supplemented with a Cashline Facility-i up to 70%, the overdraft equivalent for Islamic banking

How are my repayments on the home loan calculated?

According to Islamic banking, your monthly installments are calculated based on the Profit Rate at which the bank is entitled to be rewarded for lending you money. In practice, your profit rate is variable and determined by Islamic Base Rate (equivalent to conventional Base Rate) fluctuation.

The profit rate on this Islamic mortgage is also capped to a ceiling rate protect you from any steep increases in the IBR, that would result in higher interest rate charges.

Are there fees and charges to pay?

Your entry cost for obtaining this home financing-i has been made much less of a hassle with the bank waiving Setup, Processing and Monthly Maintenance Fees. If you're refinancing from a conventional home loan, you'll get a full waiver on the Stamp Duty.

Do I need a Takaful cover?

Taking up Mortgage Reducing Term Takaful ( MRTT) is optional, but highly encouraged to potential homeowners if you ever find yourself in many situations where you cannot pay your monthly installments. Fire Takaful, however, is compulsory and is taken care of by the Islamic bank.

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

  • Save Costs - No Setup and Monthly Maintenance Fees to be paid, allowing you to allocate funds to other things!
  • Lower Profit Rate - helps you to hedge against a higher IBR, 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:
  • Copy of NRIC
  • 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:
  • Copy of NRIC
  • 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

Am I qualified to apply for Alliance Bank home loan if I'm blacklisted?

Depending on your credit history with other financial institutions because all these information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS/ CTOS (a system that collect credit information on borrowers, not blacklisting them).

Assuming you have poor credit standing due to irregular payments, the best course of action would be to break the habit and start making your payments on time to avoid future hurdles.

Alliance Bank is more likely to approve your home loan application if you can show that you are managing your personal finances, rather than accumulating more debt.

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