Bank Islam Wahdah Home Financing

A remortgage plan based on the Islamic concept of Tawarruq with a capped interest rate and tiered financing to help you lower your home monthly instalments.

Bank Islam Wahdah Home Financing
Tenure
Up to 35 years
Profit Rate
from 3.32% p.a.
Loan type
Term islamic financing
Interest Type
Fixed/Floating profit rate
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 RM100,0003.32% p.a.
*Effective profit rate will be determined by Bank Islam upon approval.

Requirements

Minimum Annual Income
RM24,000
Minimum Age
  • 18 to 70 years old
Who can apply
  • Malaysians

Fees & Charges

Late Penalty Fee
1% p.a. p.a. on the overdue installment(s) until date of full payment
Processing Fee
Early Settlement Fee
No Fee
Redemption Letter Fee
RM50 per request
Letter for EPF Withdrawal Fee
RM20 per request
Insurance Types
  • MRTT
  • Long Term Houseowner Takaful

More Information

How does Wahdah Home Financing work?

Bank Islam Wahdah Home Financing adheres to the set rules of Tawarruq (Commodity Murabahah). Tawarruq is the act of buying of an asset with deferred price, subsequently selling it to a third party to get cash.

Bank Islam can to finance up to 90% of the value of the property for tenures that last as long as 35 years. But of course, it all entirely depends on your creditworthiness and Bank Islam's approval.

This loan is applicable only for completed property and strictly for refinancing purposes only. So if you're thinking about jumping ship to another bank, maybe this mortgage is a good place to start?

What are my obligations?

As with any Islamic home loans your monthly installments are calculated based on the Profit Rate, which in turn is determined by the IBR. Luckily for you the profit rate is capped at a ceiling rate to hedge you from any sudden hikes in the IBR.

Bank Islam can offer you a choice of fixed tier financing periods for your completed property. For the first couple of years you can enjoy low interest rate, which will increase in the subsequent years. 

This might be a big help for folks struggling to cope with the cost of repairs or refurbishments when refinancing.

Do I need a Takaful coverage?

By taking up MRTT insurance, you will be covered should any unexpected event occur. In the event of your death or Total Permanent Disability Takaful coverage will pay the reducing sum covered as per reducing sum covered schedule. Fire insurance is compulsory for most mortgages.

What's so unique about Wahdah Home Financing?

  • More flexibility when you have the option to differ the payment of two monthly installments with a Payment Holiday every November and December.
  • Better cost savings with the exclusion of a processing fee and 20% discount on Stamp Duty for Perfecting The Bank’s Securities Documentation.

What documents are needed when applying?

This is a complete list of acceptable income documents to be used when applying for the Bank Islam Wahdah Home Financing with your loan officer:

Salaried applicant:

  • NRIC photocopy
  • Sales and Purchase Agreement
  • Photocopy of Title Deed
  • Latest financing or loan statement
  • Latest 3 months salary Slips
  • Latest 3 months salary slips crediting account statements
  • Employer's confirmation letter
  • Annual income statement/ BE form/ EPF statement

Self-employed applicant:

  • NRIC photocopy
  • Company/Business registration
  • Latest 6 months bank statement
  • Latest 3 years financial statement
  • Latest Borang B