Al-Rajhi Bank Home Loan Term Loan

Al-Rajhi Bank Housing Loan does not have a lock-in period, which is among the very few banks that have housing loan products with no lock-in period. You will not need to pay anything any penalty fees even if you decided to make an early settlement for your mortgage.

Instead of the usual clutter of housing loan packages offered by respective banks, Al-Rajhi Bank simplifies this by only offering one such home loan product, Home Financing-i that is internationally Shariah compliant. This package by Al-Rajhi Bank comes with a fixed monthly instalment which gives you the stability for better planning of your monthly budget.

Al-Rajhi Bank provides a margin of financing up to 90%. The housing loan product also comes with a maximum loan period of 25 years (below the limit of the latest ruling by Bank Negara Malaysia to curb with rising house prices and bankruptcy). Al-Rajhi Bank’s benchmark BFR is higher than that of most Islamic banks. It currently stands at 6.9%.

What Documents Will I Need to Prepare?

If you have applied for an Al-Rajhi Bank home financing, you will be asked to provide some supporting documents in order for the bank to process your application. These documents are listed below:

* Application Form

* NRIC / Identity Card

* Copy of Sales and Purchase or Booking Receipt or Letter of Offer from Developer

* Copy of Individual Title Deed

* Property Valuation Report (for completed properties)

* Latest 3 consecutive months of salary slips / vouchers

* Latest 6 consecutive months of commission statement

* Latest EPF statements (with 3 consecutive months or more transaction history)

* Latest EA form

* Latest 6 months Bank Statement

* Letter of Confirmation of Employment and Remuneration