MaxiHome-i
A variable-rate, Shariah-compliant home financing based on the concept of Bai' Bithaman Ajil (BBA)
Financing margin:
Up to 100% with Mortgage Reducing Term Takaful (MRTT) & Home Building Takaful (HBT)
Up to 90% without Mortgage Reducing Term Takaful (MRTT) & Home Building Takaful (HBT)
Financing tenure:
Up to 30 years or age of 60, whichever is earlier OR
Up to 40 years or age of 70, whichever is earlier (Professionals & graduates)
Features & Benefits
- Based on the principle of Bai' Bithaman Ajil (deferred payment sale)
- Choice of affordable fixed, tiered or variable profit rate
- No early settlement charge/ lock-in period penalty
- Protection of ceiling rate upon the fluctuation of Base Financing Rate (BFR) throughout tenure
- Competitive financing rates and margin of financing
- Lower monthly instalment with the longer payment period of up to 40 years or until the age of 70, whichever comes first
- High financing eligibility of up to 70% of your gross income*
- High financing margin of up to 100% of the value of the house (including capitalisation of related expenses such as MRTT and HBT contribution)
- MRTT coverage, which settles your outstanding mortgage and transfers the title deed to your family in the event of death or total and permanent disability
- Grant of rebate for early settlement
- Convenient payment options of your instalment via Maybank and Maybank Islamic branches, ATMs, Kawanku Phone Banking, and online via Maybank2u.com
- Profit is computed on daily rest and accrued at the end of the month
- No compounding of profit late payment charges
- Collateral/guarantor is required (if applicable)
- 20% stamp duty reduction for Principal Document based on Shariah principles or waiver of stamp duty for the conversion of conventional loan to Shariah financing
- First party and third party financing are allowed
*Terms and Conditions apply
Please use our Maybank Islamic Calculator to help your financing requirements.
Who can apply
- All individuals, joint applicants, residents and non-residents
Scope
- Financing purchase of residential properties, whether completed or under construction units
- Refinancing your existing mortgage from another financial institution and save profit
- Remortgage your residential properties that are free from encumbrances and get extra cash
- Additional financing for your personal investment needs, any contingencies or home improvements
- Purchase of vacant land and construction of bungalows thereon
- Conversion from conventional loan to Islamic financing
- Restructuring your current mortgage to meet your current financial needs
- Minimum property value of RM75,000 and a minimum financing amount of RM10,000
Basic Features
| Financing Tenor | •
• | Normal - Up to 30 years or age 60 whichever is earlier
Professionals and graduates - Up to 40 years or age 70 whichever is earlier |
| Margin of Financing | •
• | Up to 90% without MRTT & HBT
Up to 100% with MRTT & HBT |
| Selling Price Rate | • | Based on prevailing BFR +4.0% or 10.0%, whichever is higher |
Variable Rate Financing
Under VRF, the selling price is fixed upfront based on a selling price rate while the effective rate levied on the account can be varied based on changes in the Base Financing Rate (BFR), provided it does not exceed the fixed selling price rate.
If the BFR moves up to the extent that the effective rate exceeds the fixed selling price rate, the system will only compute profit based on the selling price rate.
Required documents
Please bring along the following documents when you visit our branch:
Compulsory Identity Documents
- For Residents - NRIC/Identity Card
- For Non-residents - Latest valid passport & visa/working permit/employment pass
- For Self-employed Applicants -Please include the business registration form/ Form 24 & 29 with any of the above
Compulsory Property Documents
- Copy of Sales & Purchase/Booking Receipt or Letter of Offer from Developer
- Copy of Individual Title Deed
- Property Valuation Report (for completed properties)
Compulsory Income Evidences
- For salary earners/gainfully employed -
- Latest 3 consecutive months salary slips/voucher
- Latest 6 consecutive months of commission statement
- Latest EPF statement
- Latest EA form
- Latest 6 months bank statement,
- Letter of confirmation of employment and remuneration
- For self employed (including Sole-Proprietorship, Partnership, Commission earners) -
- Latest certified/audited financial statements
- Latest statement of commission Issued by company
- Latest EPF statements
- Latest B/BE Form/e-Filing
- Latest tax payment receipt
- Latest 6 months bank statements
Fees & Charges
Non-Zero Entry Cost
The customer pays the legal fees, valuation fees and stamp duties**
**20% stamp duty reduction for Principal Document based on Shariah principles or waiver of stamp duty for the conversion of conventional loan to Shariah financing
View MIB Mortgage Product Disclosure Sheet (PDS)