Property Financing-i
HOW DOES IT BENEFIT YOU
HOW DOES IT BENEFIT YOU
Attractive Financing Package
Hassle- free application
Option between Mortgage Reducing Term Takaful (MRTT) or Mortgage Level Term Takaful (MLTT) to protect against unforeseen events
Terms and conditions apply.
HOW DOES IT WORK
HOW DOES IT WORK
1. Check your eligibility
Ensure you meet one of the eligibility criteria below, then calculate your monthly instalment. This applies to completed or under construction residential or commercial properties
Individual
Sole Proprietorship & Partnership
Private Limited Companies
2. Shariah Concept applicable
The Shariah principle used is Murabahah via Tawarruq arrangement. Tawarruq refers to purchasing an asset with deferred price, then selling it to a third party to obtain cash.
3. Contracted profit rate
Under this product, you are protected against a higher rate by the ceiling rate i.e. the Contracted Profit Rate (CPR) where the Selling Price is capped at CPR.
MORE INFORMATION
Effective 2 Jan 2015, the Islamic Base Rate (IBR) will replace the Islamic Financing Rate (IFR) as the new reference rate for new retail floating rate financing facilities for individual customers.
The introduction of Islamic Base Rate aims to:
• Promote a transparent reference rate that allows meaningful comparison to be made for informed decision making by customers;
• Encourage more disciplined and efficient practices by the financial institution/bank in the pricing of retail financing facilities; and
• Better reflect changes in the cost of funds arising from monetary policy or market funding conditions
What is Islamic Base Rate?
Before 2 Jan 2015
Islamic Financing Rate (IFR)
Financing extended prior to 2 January 2015 will be continue to be referenced against the Islamic Financing Rate (IFR) until their respective maturities
From 2 Jan 2015
Islamic Base Rate (IBR)
Effective 2 January 2015, a new rate reference known as the Islamic Base Rate (IBR) will be used for new floating rate financing facilities for individual applicants.
How is the Indicative Effective Profit Rate (EPR) determined?
Islamic Base Rate - Benchmark Cost - of - Fund & Statutory Reserve Cost
+
Spread - Bank's operating cost & Profit margin
| Standard House Financing's Indicative Effective Profit Rate |
|
|---|---|
| Terms |
Islamic Base Rate |
| Financing Amount |
RM350,000.00 |
| Financing Tenure |
30 years |
| Lock-in Period |
NIL |
| Reference Rate |
3.35% |
| Indicative Effective Profit Rate |
IBR + 0.72% (2.63% + 0.72%) = 3.35% |
| Monthly Installment |
RM1,543.00 |
What should you do as a customer?
1. Compare the indicative effective profit rates quoted by different financial institutions before taking out a new financing.
2. Ask for a Product Disclosure Sheet (PDS) providing you with the indicative effective profit rate and total payment amount for the financing facilities you plan to take out.
3. Ask your financial institution to explain the factors which may lead to a change in the Islamic Base Rate.
4. Your monthly payment amount will increase or decrease when there is a change in the Islamic Base Rate.
5. You should also assess whether you can continue to afford the financing payments if the indicative effective profit rate increases in future.
| Acceptable Income Documents |
Individual Applicant (Employed) |
Individual Applicant (Self-Employed) |
Private Limited Companies |
|---|---|---|---|
| Latest 3 months salary slips |
Latest 6 months bank statements or savings passbook |
Latest 3 years audited account |
|
| Latest Borang BE (supported by tax payment receipt) |
Latest Borang B (supported with tax payment receipt) |
Latest 6 months bank statements |
|
Latest EPF statement |
Latest 6 months commission statements |
Latest Borang B of the directors (supported with tax payment receipt) |
|
| Latest 3 months bank statement / saving passbook |
N.A | N.A | |
Letter of employment |
N.A | N.A |
Note:
1. Other form of income substantiation may be acceptable on case to case basis e.g. Tenancy Agreement or Rental Income Receipts.
2. The above documents have to be independently verifiable
