Home Loans by Malaysian and Foreign Banks Part 2
This is a continuation of the 3-part series of the latest home loan packages and interest rates offered by banks in Malaysia. This first part to this series (you can read it here) focused on the packages offered by the 10 local anchor banks, this part will focus on 6 types of Islamic housing loans available from these local banks. The third and final part coming soon will be on some of the packages offered by foreign banks in Malaysia.
The complete series:
Home Loans by Malaysian and Foreign Banks Part 1 : Local Banks
Home Loans by Malaysian and Foreign Banks Part 2 : Best selling Islamic Banks Loans
Home Loans by Malaysian and Foreign Banks Part 3
This info was also highlighted in Monday’s Star Business section (27 March 2006). For a full listing of all banks (local and foreign) including info like their contact numbers and addresses, you can check out this page.
For more info and further explanation on these home loan packages and prevailing rates, you are advised to check with the individual banks.
In the following tables, ‘C’ denotes Completed properties while ‘U/C’ stands for properties under construction. BLR stands for ‘Base Lending Rate’ while Y1 is for Year 1 and so on. IFR stands for ‘Islamic Financial Rate’. Check with relevant bank for prevailing rates.
| Bank | MAYBANK |
| Margin of Financing | Up to 100% inclusive of Mortgage Takaful |
| Housing Loan | MaxiHome-I |
| Property type | Completed and under construction. |
| Interest Rates | Y1: BLR – 4.00% (C) BLR – 4.25%(UC) BLR – 2.37% (zero entry cost) Y2 - 4: BLR – 1.00% Y5 – 10 : BLR – 0% Thereafter : BLR + 0.20% |
| Loan Tenure | Max 30 years or age 60 |
| BLR | 6.50% |
| Overdraft | Available |
| Processing Fee | Waived |
| Promotion Period | N/A |
| Contact | 03 - 2070 8833 |
| Website | http://www.maybank2u.com.my/business/other_services/islamic_banking/index.shtml |
| Bank | RHB |
| Margin of Financing | Max 90% + 5% with Takaful Mortgage Plan |
| Housing Loan | Home Financing-i |
| Property type | Completed and under construction. |
| Interest Rates | Completed: Y1: 1.50% Y2 : 4.00% Thereafter : 7.60% Under construction: Y1 : 1.25% Y2 : 3.00% Thereafter : 7.60% |
| Loan Tenure | Up to 30(C) & 32(U/C) years or age 65 |
| BLR | N/A |
| Overdraft | N/A |
| Processing Fee | None |
| Promotion Period | N/A |
| Contact | 03 - 9287 8888 |
| Website | http://www.rhbislamicbank.com.my/ |
| Bank | BCB |
| Margin of Financing | 90% + 5% (legal & mortgage takaful) |
| Housing Loan | Home Financing-i |
| Property type | Completed and under construction. |
| Interest Rates | Completed: Y1: 4.00% Y2 : 5.50% Y3 – 10 : 7.25% Y3 – 20 : 7.55% Y3 – 30 : 8.15% Under construction: Y1 : 2.15% Y2 : 5.00% Y3 – 10 : 7.25% Y3 – 20 : 7.55% Y3 – 30 : 8.15% |
| Loan Tenure | Max 30 years or age 65 |
| BLR | N/A |
| Overdraft | N/A |
| Processing Fee | Waived |
| Promotion Period | N/A |
| Contact | 03 - 2693 1722 |
| Website | http://www.commerce-tijari.com.my/ |
| Bank | HLBB |
| Margin of Financing | 90% + 5% MRTA |
| Housing Loan | HL Flexi Property Financing-i |
| Property type | Completed. |
| Interest Rates | Y1: 3.38% Y2 : IFR-1.00% Y3 – 15 : IFR + 0.15% Thereafter : IFR + 0% |
| Loan Tenure | Max 30 years or age 60 |
| BLR | 6.5% |
| Overdraft | N/A |
| Processing Fee | Waived |
| Promotion Period | March 1 to May 31 |
| Contact | 03 - 2164 2828 |
| Website | http://www.hlib.com.my/ |
| Bank | Alliance Bank |
| Margin of Financing | 90% + 5% MRTA |
| Housing Loan | i-Wish Home Financing |
| Property type | Completed / Under construction. |
| Interest Rates | Y1: 0% (UC) 1.8% (C) Y2 : BLR - 1.00% Y3 – 15 : BLR + 0.15% Y16 – 20 : BLR – 0.35% Thereafter : BLR – 1.00% |
| Loan Tenure | 35 years or age 65 |
| BLR | 6.5% |
| Overdraft | Up to 50% of property value |
| Processing Fee | RM200 (waiveable) |
| Promotion Period | April 1 to June 30 |
| Contact | 03 - 2694 8800 |
| Website | http://www.alliancebank.com.my/ |
| Bank | Affin Bank |
| Margin of Financing | Up to 95% + MRTA & legal |
| Housing Loan | House Financing-i |
| Property type | Completed / Under construction. |
| Interest Rates | Property RM200k & above: (C) Y1: BLR – 3.00% Y2 : BLR - 1.50% Y3 – 7 : BLR + 0.15% Thereafter :BLR - 1.00% (Capped at 10.00%) Property RM200k to RM500k: (UC) Y1: 2.00% Y2 : BLR - 1.00% Y3 – 7 : BLR + 0.20% Thereafter :BLR - 1.00% (Capped at 10.00%) |
| Loan Tenure | 45 years or age 75 |
| BLR | 6.55% |
| Overdraft | N/A |
| Processing Fee | Waived |
| Promotion Period | April 1 to June 30 |
| Contact | 03 - 2055 9000 |
| Website | http://www.affinbank.com.my/banking/comibcredit/comibcredit.htm |
More from Property Malaysia:
Part 1 : Home Loans by Malaysian and Foreign Banks
List of Malaysian Banks
Islamic finance my foot. All these banks are taking gulible people (including me) for a ride. There is supposed to be no interest (or riba) then why is there a BLR. In the end I found that I am paying more than many more of my friends who took up the conventional loan. Have to go and look up all the documents to check whether I have to pay a fixed amount (for 25 years) as we thought we would.
Comment by Adam — April 19, 2006 @ 12:49 pm
Adam’s right. We checked out the IFR from some banks and as usual, if you analyse properly..you’re on the losing side. Took up Public Bank. Finally. Now everything kau tim adi. Heh.
I’m so glad that we have experienced people (our parents) guiding us in taking up loans or else when sign adi..habis!
Comment by S-Kay — April 19, 2006 @ 1:39 pm
Perhaps the Administrator or any1else might be able to help on this.. Not so familiar with some other foreign banks. UOB for example.. Know that they are no 2 in Spore. And came across their advert recently. But rates aside, here in M’sia, are they efficient and competitive as, say, Public Bank? Are they good? Thanks.
Comment by Curious — December 18, 2006 @ 7:35 pm
Curious,
Please see our reply to your similarly posted question here:
http://propertymalaysia.blogsome.com/2006/12/01/p388/#comment-3755
Comment by Administrator — December 19, 2006 @ 4:20 pm