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Property Financing-i

  • Consumer Financing-i >
  • Property Financing-i

PROPERTY FINANCING-i

property financing-i
I'm Interested
Calculator
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Own a property with peace of mind via hassle-free financing process

HOW DOES IT BENEFIT YOU

HOW DOES IT BENEFIT YOU

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Attractive Financing Package
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Hassle- free application
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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

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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
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Individual
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Sole Proprietorship & Partnership
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Private Limited Companies
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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.
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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

  • Islamic Base Rate
  • Fees & Charges
  • Documents Required
  • Forms
  • Product Disclosure Sheet
  • Frequently Asked Questions

 

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.

 

 

The following are the non-exhaustive list of fees and charges, or visit any of our branches for further information.

 

Description / Service
Charges/ Fee*
Trading/Agency fee
Waived
Withdrawal of advance payment fee
RM50.00 per request/withdrawal
Early settlement charges

Actual cost incurred by the Bank at the point of early settlement

For HLISB, it shall reflect the costs incurred by the Bank as a direct result of early settlement. Such costs may include:

  1. costs that have not been recovered because a financing contract with discounted rate during the lock-in period is terminated early; and
  2. initial costs that have not been recovered In the event the applicant(s) / customer(s) settle in full the facilities during the lock-in period, the rebate shall be reduced based on the cost above. The rebate calculation is as per below: Rebate = remaining unearned profit - early settlement charges*

 i) *cost that have not been recovered because a financing contract has a structure with discount elements at the initial period of financing; and/or

 ii) *initial costs that have not been recovered (e.g. zero moving cost products)

Termination Fee for cancellation of financing prior to financing disbursement
RM2,000.00
Redemption Statement fee

RM50.00 per request

Note: Applicable for residential financing under individuals only (for HLISB)

Letter of confirmation for EPF withdrawal fee
RM20.00 per request
Security document retrieval (per request) – request for photocopy
RM2 per page, min RM10 and max RM60.00
Compensation charges

For default payment during facility tenure = 1% p.a. on the overdue instalment amount

 

  • For default payment causing the facility to be terminated or brought to court = 1% p.a. on the outstanding balance (outstanding principal plus accrued profit)
  • For default payment after expiry of facility tenure = BNM Islamic Interbank Money Market (“IIMM”) rate on the outstanding balance (outstanding principal plus accrued profit)
  • For default payment post judgment = IIMM rate on the basic judgment sum
Stamp Duties
As per Stamp Duty Act 1949 (revised 1989).
Legal Fees
As per the scale in the Solicitors’ Remuneration Order (SRO)
Disbursement Fees
Disbursement Fees including but not limited to registration fee, search fee, government tax and any other taxes or levy as per the scale fees charged by the respective authorities and/or legal firms.
Valuation Fees
As per the Seventh Schedule (Rule 48) of the scale fees set by the Board of Valuers, Appraisers and Estate Agents Malaysia.
Processing Fees

One-time fee shall be charged for approved financing. Currently all processing fees are waived

Processing Fee is not applicable for HLISB.

Miscellaneous Fees
Miscellaneous Fees including but not limited to online IBG payment, IBG via ATM machine, cheque processing fee and any other fees or charges that may be imposed by the respective relevant authorities from time to time with prior notice.
Additional financing statement
RM10.00 per request

 

*Subject to Government Tax, if applicable

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

Application Form

Product Disclosure Sheet (Individual)

Product Disclosure Sheet (Business)

Product Disclosure Sheet – HLM Takaful MRTT

Product Disclosure Sheet – HLM Takaful MLTT

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