Public Bank

Public Bank Home Equity Financing-i

Variable rate Islamic home loan based on Musharakah Mutanaqisah - choose full-flexible or semi-flexible option to suit your needs

    • Up to 35 years
    • Semi-Flexi Islamic financing
    • Floating Profit Rate
    • Up to 90% margin of finance
    • 30 days approval
  • You BorrowEstimated Profit Rate
    more than RM1500004.52% p.a.

    *Effective profit rate will be determined by Public Bank upon approval.

Apply online now for Public Bank Home Equity 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
Withdrawal Fee
RM53.00 for each withdrawal
Processing Fee
RM212.00
Early Settlement Fee
Subject to terms of agreement with bank
Redemption Letter Fee
RM53.00 per request
Letter for EPF Withdrawal Fee
RM21.20 per request
Cancellation Fee
RM2120 for cancellation before financing disbursement
Insurance Types
  • MRTT
  • Fire Takaful

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

Requirements

Are you eligible for this Public Bank home financing?

Minimum annual income
RM24000
Minimum age
21 years old
Maximum age
70 years old
Who can Apply
  • Any nationality
  • Salaried employee
  • Self-employed

Frequently Asked Questions about Public Bank Home Equity Financing-i

Things you might want to know

What is Public Bank Home Equity Financing-i about?

Public Bank Home Equity Financing-i is a housing finance plan based on the syariah concept of Musharakah Mutanaqisah (Diminishing Partnership). The interest rate is variable, tied to IBR. 

Depending on your circumstance and income you can choose between a full flexible or semi flexible package. Both the semi-flexi and full-flexi versions allow you to reduce your loan principal with any additional cash you deposit. What's more, you can withdraw any extra cash paid.

If you need a higher margin of financing is available. You can go up to 100% if you include Zero Moving Cost (ZEC), such as MRTA and legal fees, in your total financing. Of course, approval is subject to a credit check.

What is the difference between semi-flexi and full-flexi?

The full-flexi version links your home loan account to a current banking account, so you only pay interest on the sum of your outstanding loan principal minus the balance of the current account. Used wisely this can save you a lot of money if you keep the current account in good credit. 

Naturally, you can withdraw funds whenever you wish, there are no limits and no fees for doing so. You will be charged RM10 each month for the current account and a onetime set up fee of RM200.

For the semi-flexible version the principle is exactly the same, only the method of banking is different. You may only withdraw funds once a month, you need to make an application at the bank to do so, and you'll be charged an RM50 fee for each withdrawal. 

That's a good incentive not to withdraw funds too often.

Should I get a Full-flexible or Semi-flexible home loan?

If you have a fixed income and you don't like paying bank fees, or are certain that whatever money you bank in extra you will not bother to touch it again, then the semi-flexible option may be your best option.

On the other hand, if you have an irregular income, because you rely on commission as a portion of your salary, or because you are self-employed you may prefer a fully flexible home loan. Bank in money when times are good to create a buffer for yourself, withdraw slowly in times of need.

Do I need to buy any Takaful?

Yes. Houseowner Takaful (Fire Insurance) is compulsory. The premium is charged annually. MRTT is optional.

What kind of documents do I need to apply for this home loan?

Property documents:

  • Home Equity Financing-i application form
  • A copy of SPA / Booking Receipts / Letter or Offer from Developer

Salaried employee:

  • Copy of MyKad (front and back)
  • Latest 3 to 6 consecutive months salary slips or vouchers or
  • Latest EA From

And one of the following:

  • EPF Statement ( latest not more than 1 year) or
  • Latest Tax Returns and Tax Receipts or
  • Employment Letter or
  • Latest 3 months Bank Statement or Saving Passbook

Self-employed:

  • Copy of MyKad (front and back)
  • Latest 6 months bank statements or
  • Latest 1 year Tax Returns and Tax Receipts

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