Bank Muamalat is the leading Islamic bank that provides a wide range of services to individuals and institutions. Deposit accounts, asset management, home and personal use, general Takaful, investments, and other related products are some of the financial products offered by Bank Muamalat. Besides that, Bank Muamalat also has a nationwide presence through a network of 67 branches and electronic channels encompassing i-Muamalat (the bank’s internet banking solution) and Self-Service Terminals (SST) available at nearly 141 locations.
What is a home loan?
Home loans are one of the most common loans given for purchasing homes. They are offered by banks, mortgage companies, and other financial institutions to help an individual purchase a property with ease.
What type of home loan does Bank Muamalat offer?
Bank Muamalat provides 3 types of home loans:
Home Financing-i
SMART Mortgage HOME
SMART Mortgage EEP
SMART Mortgage FLEXI
SMART Mortgage Solution
SMART Mortgage SJKP
SMART Mortgage SRP (Skim Rumah Pertamaku)
SMART Mortgage WAQF
SMART Mortgage Professionals
Shophouse Financing-i
Land Financing-i
What should I know before applying for a home loan?
Interest rates
You must be aware of the interest rates that the bank will charge you, either fixed interest rates or variable rates.
Type of loan
In Malaysia, there are 3 types of loans offered: term loan, semi loan, or flexi loan.
Lock-in period
Knowing the lock-in period is crucial because it often occurs when there is a sudden need for full settlement, refinancing, or selling your property.
Margin of finance
You must understand your margin of finance, which is the amount of money that a bank will allow you to borrow for your loan and how much cash/ upfront you must pay for the property.
Fees
The fees include legal fees, stamp duty charges, late payment fees, early settlement fees, and others.
Type of bank
The bank you have chosen to apply for a home loan with, as different banks offer different loan amounts, terms, etc. Choose a bank where you are comfortable applying for a home loan.
Who is eligible to apply for Bank Muamalat home loans?
Fixed-income earners, non-fixed income earners, and self-employed
Must be first-time house buyers
SMART Mortgage SRP (Skim Rumah Pertamaku)
Eligible for all individual and joint applicants
Salaried employees or self-employed
No evidence of impaired financing in the last 12 months
Purchase price of a property up to RM500,000
Maximum monthly gross household income:
Individual: RM5,000
Joint: RM10,000
SMART Mortgage WAQF
Eligible for all individual and joint applicants
For properties built on Waqf land by selected and qualified developers/ projects
SMART Mortgage Professionals
Eligible for Registered member of the said profession’s professional body or equivalent related qualification and accreditation
Why should I choose Bank Muamalat home loans?
Enjoy a financing tenure period of up to 35 years or upon age 70, whichever is earlier*
Shariah compliance is applied to Bank Muamalat home loans
Have the accessibility to redraw any amount from your excess payments and get the money right away*
Enjoy a margin of financing that is up to 90% + 10% MCRE*
Enjoy Moving Costs and Related Expenses (MCRE), including MRTT/ LTHT, legal fees, valuation fees, and stamp duty
*Depending on the selected home loan.
Who should I contact for further information about Bank Muamalat home loans?
For more information or assistance with Bank Muamalat home loans, contact Customer Care at +0326005500, browse Bank Muamalat’s official website or visit the nearest Bank Muamalat branch.
What are the documents required for Bank Muamalat home loans?
