What is RHB Commodity Murabahah Skim Jaminan Kredit Perumahan Home Financing-i?
The Skim Jaminan Kredit Perumahan (SJKP) is a home ownership initiative offered by the Ministry of Finance (MOF). It is intended to assist home buyers in acquiring their first home with 100% mortgage financing.
Through this partnership between RHB and SJKP, you will be able to finance your dream home for a maximum purchase price of RM500,000 with this Shariah-compliant home financing for up to 35 years or 70 years old, whichever is earlier.
What profit rate can I get with this Islamic home financing?
The profit rate of this RHB SJKP Islamic home financing is on a floating rate basis and your monthly instalments may change from time to time following any changes in the bank’s reference rate.
As of writing, you will get an Effective Profit Rate of 4.55% per annum (SBRI + 1.55%) with this RHB Commodity Murabahah Skim Jaminan Kredit Perumahan Home Financing-i. Please refer to the Product Disclosure Sheet to view the profit rate and its calculation.
*The current Standardised Base Rate Islamic (SBRI) of RHB is 3.00% per annum.
What are the fees I should take note of?
There is no processing fee and RHB waives the brokerage fee. However, there are still some fees that you will have to take note of before applying for RHB Skim Jaminan Kredit Perumahan Islamic home financing and they are as follows. Please refer to the Product Disclosure Sheet to find more details.
- Stamp Duty: As per the Stamp Act 1949 (Revised 1989)
- Disbursement Fees: Include fees for registration of charge, land search and bankruptcy search
- Legal Fees (on financing documentation): As required by the bank
- Valuation Fees: For completed properties only
- Redemption Statement: RM37.20 per transaction, per account and request*
- Letter Of Confirmation For EPF Withdrawal: RM20 per transaction*
- Security Document Retrieval Fee: RM20 for up to 10 pages / RM37.20 for above 10 pages*
- Additional Financing Statement: RM10 per request*
- Restructuring/Rescheduling: No charges
*These fees are subject to upon customer’s request.
Is insurance coverage compulsory?
Yes, it is compulsory to take up either the Mortgage Reducing Term Takaful (MRTT) or the Mortgage Level Term Takaful (MLTT) for this Islamic home financing, so that in the case of your death or total permanent disability, your mortgage outstanding balance with the bank will be paid off via the Takaful coverage.
The quotations, on the other hand, will be provided by the bank from its panel of Takaful providers.
Who can apply for RHB Commodity Murabahah Skim Jaminan Kredit Perumahan Home Financing-i?
This Islamic home financing is open to all Malaysians aged 18 years old and above looking to finance their first house for their occupancy purposes.
Both fixed and non-fixed-income earners with a minimum monthly income of RM1,500 to RM11,000 are eligible to apply. For better clarity, the non-fixed-income earners include but are not limited to the following:
- Self-employed individuals such as farmers, fishermen, petty traders, taxi drivers, gig workers or Grab/foodpanda drivers, etc
- Direct selling, real estate and insurance agents/ Commission based agents
A joint application is also allowed if you wish to do so and they must be within your immediate family members such as your spouse, parents or sibling(s) and have yet to own a house before.
What are the documents required to make an application?
Please prepare the following supporting documents to apply for RHB Commodity Murabahah Skim Jaminan Kredit Perumahan Home Financing-i.
Fixed income earners:
- Copy of your IC (front and back)
- Sales and Purchase Agreement/Booking Receipt
- Copy of your latest 6 months salary slips/EA Form
Non-fixed-income earners:
- Copy of your IC (front and back)
- Sales and Purchase Agreement/Booking Receipt
- Latest 6 months' bank account statement, business license and/or license provided by local government such as Dewan Bandaraya Kuala Lumpur, Majlis Perbandaran, fisherman’s registration card, and/or any relevant supporting documents accepted by RHB Islamic Bank
