Found the land to develop your farming business? Now it's time to secure the right financing to part funding the purchase of the asset via Agrobank Hartani-i, an Islamic personal financing for agriculture land purchase and development.
Who can apply for Hartani-i personal financing?
This Islamic personal loan is open to both government and private sector employees. To qualify for Agrobank Hartani-i personal financing, you must meet the following requirements:
|Criteria||Government Sector||Private Sector|
|Age||21 to 60 years old||21 to 60 years old|
|Monthly Income||RM1,500 and above||RM2,000 and above|
What are the terms for land purchase under Agrobank Hartani-i?
Under this personal financing, you can only purchase a 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;
- Land that will be auctioned by Bank Pertanian Malaysia Berhad / Agrobank;
- Land to be purchased has the individual title;
- Land has been sub-divided and / or which individual title is to be issued.
How much money can I borrow?
Hartani-i personal financing can be borrowed up to 90% of the land value, with borrowing periods extended to maximum 20 years, or when you reached 60 years old, whichever is earlier.
You will be charged with a flat and competitive profit rate, which is fixed throughout the tenure.
What are the fees and charges?
There is no processing fee for Hartani-i personal financing. However, Agrobank charges you a Brokerage Fee of RM30 and Legal and Disbursement Fees.
Your financing amount will also be subjected to a government stamp duty of 0.5%, which is deductible from the total approved financing amount.
Do I need a Takaful coverage?
You are required to sign up for Skim Takaful Kredit to cover for the liability of indebtedness in the event of death or permanent disablement. This Takaful coverage can be applied at Agrobank's panel of Takaful providers or your own choice.
Do I need guarantor or collateral?
The land to be purchased will be taken as the collateral against your Hartani-i personal financing. If the land pledged to Agrobank is insufficient, additional collateral or guarantor will be required.
Can I make an early settlement of Hartani-i personal financing?
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 Hartani-i personal financing?
There are a few documents that you would need before making your way to the nearest Agrobank branch:
- Copy of MyKad
- Latest 3-months salary slip
- Latest 3-months bank statement from salary crediting account
- Confirmation Letter from Employer
- Original Land Grant
Am I qualified to apply for Agrobank personal financing if I'm blacklisted?
Depending on your credit history with other financial institutions because all these information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS / CTOS (a system that collect credit information on borrowers, not blacklisting them).
Assuming you have poor credit standing due to irregular payments, the best course of action would be to break the habit and start making your payments on time to avoid future hurdles.
Agrobank is more likely to approve your personal loan application if you can show that you are managing your personal finances, rather than accumulating more debt.