What do I need to know about Hong Leong CM Flexi Property Financing-i?
Hong Leong CM Flexi Property Financing-i is based on the Syariah principle of Murabahah and Tawarruq concept. Tawarruq refers to the act of purchasing an asset with deferred price, then selling it to a third party to obtain cash.
In practise this means that Hong Leong will purchase the house and allow you to buy it from them by installment. As a capped profit rate is placed on the financing amount you can be assured that no matter what happens in the money markets you will have a safe ceiling on your profit rate.
Open to Muslim and non-Muslim alike, the margin of financing for this Islamic home financing is 90%, meaning that subject to a credit check you may be approved to up to 90% of the property's value. Also, this financing offers high Debt Servicing Ratio ( DSR) of up to 80%.
How are my repayments calculated?
Following conventional Islamic banking your monthly installments are calculated based on an agreed Profit Rate. This Profit Rate is determined by the IBR (equivalent to BR).
What does the Insurance cover?
By taking MRTT insurance you will be covered should any unexpected event prevent you form making payments on your house financing. Takaful coverage is compulsory.
What documents do I need to make an application for this Islamic home financing?
Salary Slips (last 3 months)
EA form/ EPF statement (last 2 years)
Latest Borang BE (supported with tax payment receipt)
Bank statement/ saving passbook (last 3 months)
Letter (or Contract) of Employment
Bank statement/ saving passbook (last 6 months)
Latest Borang B (supported with tax payment receipt)
Commission statements (last 6 months)