Agrobank Hartani-i

Have you found the land to develop your farming business? Now it's time to secure the right financing to fund the asset purchase via Agrobank Hartani-i, an Islamic personal financing for agricultural land purchase.

Who can apply for Agrobank Hartani-i?

This Islamic personal loan is open to government and private sector employees (permanent and contract), including applicants with a stable income. 

To qualify for Agrobank Hartani-i personal financing, you must meet the following general requirements.

What are the terms for land purchase under Agrobank Hartani-i?

Under this personal financing, you can only purchase land(s) which will be used to develop agricultural activities based on several conditions below:

• Direct purchase from the vendor or through a public auction;
• The purchase of land that will be or has been auctioned by Bank Pertanian Malaysia Berhad/ Agrobank;
• The land to be purchased has an individual title;
• The land has been subdivided, and/or the land for which an individual title is to be issued.

How much money can I borrow?

Agrobank Hartani-i personal financing can be borrowed up to RM4.5 million or 90% of the land value, with borrowing periods extended to a maximum of 20 years, or when you reach 60 years old, whichever is earlier. 

You will be charged with a flat and competitive profit rate, which is fixed throughout the tenure. However, please note that the final profit rate will be based on your credit assessment done by the bank.

What are the fees and charges?

There is a processing fee (legal and disbursement fees), which includes solicitors' fees for financing documentation, registration of charge, land search and bankruptcy search and other related charges, subject to terms and conditions.

A brokerage fee of RM15 will be charged to you per RM1,000,000.00 of financing, or any amount set by the commodity trading platform. This fee may be subject to service or other taxes.

Your financing amount will also be subjected to a Stamp Duty as per the Stamp Act 1949 (Revised 1989), which is deductible from the total approved financing amount.

You may find more details in the Product Disclosure Sheet.

Do I need Takaful coverage?

You are encourage to sign up for the Mortgage Reducing Term Takaful (MRTT) or Group Credit Takaful (GCTT) to cover the liability of indebtedness in the event of death or permanent disablement.

Can I make an early settlement of this Islamic personal loan?

You can make an early settlement of your Hartani-i personal financing with no penalty to be charged. In fact, Agrobank will grant you an Ibra' (rebate).

What documents are required to apply for an Agrobank personal loan?

There are a few documents that you would need before making your way to the nearest Agrobank branch. 

Below are some of the general ones and the bank might also ask for some additional documents at their discretion.

• Three (3) months' payslips and bank statements (showing salary credits) for individuals with fixed income.
• Six (6) months' business bank statements for individuals with stable income*.
• Copy of the applicant's Identity Card.
• Copy of the Land Title.
• Sale and Purchase Agreement.
• Copy of the landowner's Identity Card.

Here's the product flyer if you require more details.

Am I qualified to apply for Agrobank Hartani-i if I'm blacklisted?

Depending on your credit history with other financial institutions because all this information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS / CTOS (a system that collects credit information on borrowers, not blacklisting them).

Assuming you have poor credit standing due to irregular payments, the best course would be to break the habit and start making your payments on time to avoid future hurdles.

Agrobank is more likely to approve your Agrobank Hartani-i application if you can show that you are managing your personal finances, rather than accumulating more debt.