AmBank My First Home Scheme-i

Buy your first home without breaking the bank. Pay lower entry charges, zero processing fee and competitive profit rates every month with this Islamic facility

AmBank My First Home Scheme-i
Tenure
Up to 35 years
Profit Rate
from 4.5% p.a.
Loan type
Term islamic financing
Interest Type
Floating profit rate
Lock In Period
2 years
Margin of finance
up to 100%

Profit Rate

The interest paid based on the home loan amount borrowed

You borrowEstimated Profit Rate
RM100,000 - RM400,0004.5% p.a.
*Effective profit rate will be determined by AmBank upon approval.

Requirements

Minimum Annual Income
RM18,000
Minimum Age
  • 18 to 35 years old
Who can apply
  • Malaysians
  • Salaried employee
  • Self-employed

Fees & Charges

Late Penalty Fee
1% p.a. p.a. of the outstanding amount
Withdrawal Fee
Not Applicable
Processing Fee
RM50 to RM200, depending on the financing amount
Early Settlement Fee
2% on original financing amount if redeemed within first 2-years
Redemption Letter Fee
RM50 per request
Letter for EPF Withdrawal Fee
RM20 per request

More Information

Tell me about AmBank My First Home Scheme-i.

This variable rate Islamic home financing is available for first time home buyers to purchase a new house. In order for AmBank to approve your home financing application, you are required to offer your house as a security. 

The market value of your first house should be between RM100,000 to RM400,000, whether it is an under construction property or completed property. 

AmBank Islamic can finance up 100% market value of the house for a repayment period up to 30 years. The facility also offers single applicant the options to apply AmBank Visa/MasterCard/CARz credit card.

Who can apply for this home financing?

AmBank My First Home Scheme-i is a specialized home financing solution for first time house buyers only. If you are a Malaysian, aged between 18 years to 35 years old and earn less than RM5,000 per month, you are qualified to apply for this home financing.

Bear in mind that the property financed under this home financing scheme is meant to be resided, not to be used to collect rental income.

What are the fees and charges I need to pay?

There are several fees and charges you need to pay:

  • Stamp Duty
  • Disbursement Fee
  • Professional Legal Fee
  • Valuation Fee (applied to completed properties only)
  • Processing Fee between RM50 to RM200, depending on the financing amount.

Do I need any Takaful coverage?

Fire Takaful, which covers any damages or loss due to fire, is compulsory for every house owners. The bank also encourages you to take up MRTT for the home financing, which offers you financial protection in the event death or total or permanent disability.

Can I make early settlement of my home financing?

There is a lock-in period of 2 years starting from the date of first disbursement. That means, if you fully paid your home financing within this period, you have to pay an early settlement fee of 2% on original financing amount. 

Best if you wait for your property to appreciate in value before you make a full settlement of your home financing to avoid unnecessary charges; plus you can earn some profits.

What documents do I need to prepare?

You need to have a copy of Sale & Purchase Agreement, Booking Receipt, Copy of Title and Valuation Report. Then attach them with your application form and following documents:

If you are an income earner:

  • Copy of NRIC
  • Copy of 3-month payslips
  • Latest EA form / EPF statement

If you are self-employed:

  • Copy of NRIC
  • Copy of 3-month payslips
  • Latest EA form / EPF statement
  • Last 3-month bank statement