What is alrajhi Bank Malaysia Home Financing-i?
Home Financing-i from alrajhi Bank Malaysia is a Shariah compliant home loan that uses the Islamic concept of Commodity Murabahah, sometimes known as the concept of deferred payment sale based on a marked up price.
The Islamic bank can offer up to 90% margin of financing for the purchase of your house. If you choose to include MRTT into your loan, an additional 5% will be added to your finance.
What is so unique about this Islamic mortgage?
The bank’s profit rate is capped at 10%, protecting you from volatility in the Islamic Base Rate (IBR). Also, there is no processing fee and no lock-in period, where you will be granted with Ibra" for redeeming the loan ahead of maturity.
Also, alrajhi bank Malaysia home financing offers among the best refinance rates in the market for home owners who is looking to refinance home loan. Maybe few years down the road you might want to allocate some extra cash for your children's education or invest in new properties.
Can I pay extra cash onto my mortgage and reduce my principal?
Unfortunately, you cannot.
Can a foreigner apply?
Yes you can, but the terms and conditions may differ from those enjoyed by Malaysians.
What kind of documents do I need for this home loan application?
Salaried employee:
- Copy of NRIC (front and back)
- Latest 3 months salary slip
- Latest 3 months bank statement showing salary credited
- Latest EPF statement
- Sales and purchase agreement or booking receipt
- Property Title
Self-employed:
- Copy of NRIC (front and back)
- Latest 6 months bank statement
- Business Registration Document
- Copy of income tax and proof of tax payment
- Sales and purchase agreement or booking receipt
- Property Title
