What is Standard Chartered Saadiq My Home-i?
The Syariah compliant Standard Chartered Saadiq My Home-i is a conventional term loan with fixed monthly installments based on the Islamic principle of Musyarakah Mutanaqisah. It is very straightforward with no flexibility to deposit additional cash.
This term loan can be used to secure residential properties, whether completed or under-construction. Minimum financing amount is RM 500,000, arguably one of the lowest in Malaysia.
What are the benefits of a Standard Chartered Saadiq My Home-i housing loan?
This loan is ideal for folks who require more control of their cash flow every month and prefer to pay a fixed amount for a fixed period of time. If you like it plain and simple, this is the mortgage for you.
You also get a 20% discount on stamp duty or a full waiver on financing document fees when you refinance from an existing conventional home loan to Saadiq My Home-i.
The interest rate is lower compared to a fully flexible loan, like the Saadiq My HomeOne-i, by up to 0.05%, there's also a ceiling rate protection that shields you from any IBR fluctuation.
I am not a Muslim; can I still apply this loan?
Why would that stop you? Of course you can apply - this loan is open to everyone!
Can a foreigner apply?
Yes, however, you must have a valid working visa of more than one year and your maximum margin of finance will be 80% of the property value.
Do I need to buy any insurance?
A Fire Insurance policy is compulsory.
The bank may need you to buy MRTT. The premium is payable as a one off payment when your loan is approved. It protects you and your family by paying off the entire outstanding loan amount if anything unfortunate were to happen to you.
What documents do I need to apply for this home loan?
Complete the application form
A copy of SPA / Booking Receipts / Letter of Offer from Developer
Salaried Employee:
Copy of MyKad (front and back)
Latest months’ salary slips and bank statement
Latest EA From or
EPF statement
Salaried applicant working abroad:
Copy of MyKad (front and back)
Tax assessment from the specific country or
Latest 3 months pay slips and bank statement or
CPF statement
Commission Earner:
Copy of MyKad (front and back)
6 months commission statement and bank statement or
EPF / CPF statement if working abroad or
Tax assessment from the specific country if working abroad
Self-Employed:
Copy of MyKad (front and back)
Business Registration Certificate – Form 9, Form 24 and Form 49 and
Audited balance sheet and Profit and Loss statement or
Last 6 months bank statements or
Latest year Form BE
Foreigner working in Malaysia:
Valid work permit and
3 months bank statement or
Tax assessment from home country