AmBank Islamic Home-i

Plan ahead with this Shariah compliant home loan from AmBank Islamic - fixed monthly repayments and an interest cap protect you from the unknown.

AmBank Islamic Home-i
Tenure
Up to 35 years
Profit Rate
from 3.25% p.a.
Loan type
Semi-Flexi islamic financing
Interest Type
Floating profit rate
Lock In Period
3 years
Margin of finance
up to 90%
Approval in
30 days

Profit Rate

The interest paid based on the home loan amount borrowed

You borrowEstimated Profit Rate
more than RM100,0003.25% p.a.
*Effective profit rate will be determined by AmBank upon approval.

Requirements

Minimum Annual Income
RM24,000
Minimum Age
  • 18 to 70 years old
Who can apply
  • Malaysians
  • Permanent Residents, Foreigners residing in Malaysia with valid working permit

Fees & Charges

Late Penalty Fee
1% p.a. p.a. of the outstanding amount
Withdrawal Fee
RM10 
Processing Fee
RM200 
Early Settlement Fee
2% within 3-year retention period
Redemption Letter Fee
RM50 per request
Letter for EPF Withdrawal Fee
RM20 per request
Insurance Types
  • Fire Takaful
  • MRTT

More Information

What is AmBank Islamic Home-i?

Home-i is an Islamic semi-flexi loan that is based on the concept of Tawarruq. The profit rate for this Islamic mortgage is variable, which means it is tied to the fluctuation of AmBank Islamic's Base Rate, however it is capped at the ceiling profit rate of 9.99%.

Subject to credit approval and agreement on payment terms AmBank Islamic will be able to finance up to 90% of the value your house. You can also opt for an additional 5% financing to go towards MRTT.

What are my commitments with this home loan?

The major commitment will be servicing your monthly installment on time and at fixed amount. AmBank Islamic’s penalty fees for late payment are quite strict. If you somehow fail to make payment for two consecutive months, they might raise your interest rate, resulting in higher overall repayments.

Grace period profits are required to be serviced to the bank for properties which are still under construction.

Do I really need the insurance?

Group Mortgage Reducing Term Takaful (MRTT) is highly recommended to protect against the risk of losing your family's property due to unforeseen circumstances. It is also compulsory to have Fire Takaful.

What are the risks associated with these kinds of home loans?

Seeing that you've protected yourself from market forces, you think you've got it all covered right? But sometimes having a fixed repayment scheme can be restricting in a sense that you cannot reduce you interest or principal amount with excess deposits, if you happen to have more money laying around.

There is also a possibility that variable rates might be lower than your fixed rate, leaving you to miss out on lower repayments elsewhere.

Who can apply for this home finance?

To be eligible for this home loan, your income should exceed at least three times the sum of your potential monthly installments. This loan is open for all Malaysians, permanent residents, and foreigners with valid working permits who are 18 years old and above.

What documents are needed when applying?

Salaried employee:

  • NRIC photocopy
  • Salary slips (latest 3 months)
  • EA form/EPF statement (latest 2 years)
  • Sales & Purchase Agreement/ Booking receipt from developer

Self-employed:

  • NRIC photocopy
  • Salary slips (latest 3 months)
  • EA form/EPF statement (latest 2 years)
  • Sales & Purchase Agreement/ Booking receipt from developer
  • Business registration A&D
  • Latest 3 months bank statement