MBSB Venturing into Islamic Property Financing
Malaysia Building Society Bhd (MBSB) has has launched MBSB EZ-i, an Islamic property financing, which uses both fixed and floating-rate mechanism. It is basically a hybrid of its existing Property Financing-i and is based on the Bai Bithaman Ajil (Deferred Payment Sale) concept.
According to a report in the Edge:
MBSB said the Islamic product boasted of unique features and versatility as compared to other conventional and Islamic mortgage products. It said it offered competitive rates throughout the mortgage tenure with rebates.
“As a highlight, customers have an added protection because the Ceiling Profit Rate is capped and therefore customers can benefit from the low profit rate environment,” MBSB said.
Further on:
MBSB said MBSB EZ-i was targeted at both Muslims and non-Muslims house buyers.
“We anticipate this product to be a hit with its features that are distinctive and appealing yet flexible and applicable to our customers’ preference and lifestyle.
“Undoubtedly, we hope to come up with more products such as this in future,” said MBSB chief executive officer Ahmad Farid Omar.
Some of the features of this MBSB EZ-i are:
- Ceiling Profit Rate is capped Competitive rates throughout the tenure
- Hassle free refinancing process
- Guaranteed rebates
- Fixed monthly installments
- High margin of financing up to 105% (subject to MBSB’s terms and conditions)
- Longer repayment period (up to 30 years or up to age 65, whichever is earlier)
- Mortgage Reducing Term Assurance (MRTA) with low yearly premium
- Fast approval
- Wide coverage of repayment channel via MBSB’s branch network/ BSN Giro
For more information, visit here.
Remember the issue on the guy who defaulted on his Islamic Financing with Affin. Wonder if MBSB’s Islamic Financing will have prepayment and/or early redemption. Else, may no be worth taking.
Comment by preacher — March 29, 2006 @ 6:50 pm
probably… these days islamic financing has lots of features and incentives.
Comment by Administrator — March 29, 2006 @ 10:01 pm