Benefits & Features
Under construction / completed house
High Margin of financing up to 90% excluding:
Mortgage Reducing Term Takaful (MRTT) / Mortgage Level Term Takaful (MLTT) – (compulsory)
HOT (Houseowner/Householder Takaful Plan) – (if applicable)
Stamp Duty
Legal Fees
Valuation Fees
Financing Tenure of up to 35 years or age 70, whichever is earlier
No lock-in period
No compounding elements
No processing fee
No penalty for early settlement
For more information please view many available loan solutions here
Property Value | Current Standardised Base Rate (SBR)is 3.00% per annum effective 5 May 2023) |
RM300,000 and below | As low as SBR + 0.95% p.a. (EPR = 3.95% p.a.) |
Above RM300,000 | As low as SBR + 0.80% p.a. (EPR = 3.80% p.a.) |
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Eligibility Criteria
Malaysian Citizen
Age 18 and above
Not a bankrupt or have any legal action
Gainfully employed or Profitable business for at least 3 years
Minimum 1 year good payment track record
Required Document
Photocopy of identity card
Sales & Purchase Agreement
For salary earners:
Latest 3 months salary slips
Latest 3 months salary crediting account statements
Employer’s Confirmation Letter
Annual Income Statement/ BE Form / EPF statement
Any other supporting income documents
For Self Employed / Businessmen:
Company / Business Registration
Latest 6 months Bank Statements
Latest 3 years Financial Statements
Latest B Form
Any other supporting income documents
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Shariah law is Baiti Home Financing-i
One option for financing that complies with Shariah law is Baiti Home Financing-i, also known as Property Financing-i (Tawarruq) by Bank Islam. Customers are able to obtain the homes of their dreams with the help of this financing package, which integrates numerous Shari'ah contracts. Customers can gain access to cash for home finance through the Tawarruq contract, which is key to this financing structure. Customers can buy goods from the bank with payment terms and then sell them to another party for cash under this arrangement. The acquisition of the property is subsequently funded with these funds. Baiti Home Financing-i allows people to realize their dream of homeownership while still adhering to Islamic standards, thanks to its incorporation of Tawarruq and other Shari'ah contracts.
Offering banking solutions based on Shariah principles, Islamic finance has become a shining example of ethical banking. As an example, one Shariah-compliant route to homeownership is offered by Baiti Home Financing-i (BHF-i) by Bank Islam, which uses a combination of Shariah contracts. This study explores BHF-i in detail, shedding light on its complex mode of operation that is influenced by the incorporation of different Shariah contracts.
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