Commodity Murabahah Home Financing-i
A variable-rate, Shariah-compliant home financing based on the concept of Murabahah via Tawarruq or Commodity Murabahah arrangement
Features & Benefits
- Based on the principle of Murabahah (cost plus profit)
- The Bank provides home financing to customer via trading of identified Shariah-compliant commodities such as Crude Palm Oil and RBD Palm Olein.
- Choice of affordable fixed, tiered or variable profit rate
- No compounding of profit and other charges
- No early settlement charge / lock-in period penalty
- Protection of ceiling rate upon the fluctuation of Islamic Base Rate (IBR) throughout tenure
- Competitive financing rates and margin of financing
- Lower monthly instalment with the longer payment period of up to 35 years or until the age of 70, whichever comes first
- Higher financing eligibility of up to 70% of your gross income*
- Higher financing margin of up to 100% of the value of the house (including capitalisation of related expenses such as MRTT 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
- Stamp duty waiver for conversion from Conventional facility
- Hassle free for the third party financing
- Granting of rebate for early settlement
- Minimal documentation compared to other home financing plans
- Convenient payment options of your instalment via Maybank and Maybank Islamic branches, ATMs, Kawanku Phone Banking, and online via Maybank2u.com
*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
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/vouchers, latest 6 consecutive months of commission statement, latest EPF statement, latest EA form, latest 6 months bank statement, and 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 and Charges
- Non-Zero Entry Cost
The customer pays the legal fees, valuation fees and **stamp duties - No trading or brokerage fee
Customer will not be charged brokerage/ trading fee for the Commodity trading