Alliance Islamic Bank Home Loan Flexi Loan

Alliance Islamic Bank offers two Shariah-compliant product packages to suit different individual needs. Alliance Bank i-Wish Home Financing-I is a basic term loan which entitles you to a full waiver on the stamp duty when you refinance from a conventional home loan to Islamic financing, enabling you to save on a portion of the upfront costs related to home loans. The i-Wish Flexi Home Financing-i package is a full-flexi home loan, which is linked to the current account. Depositing extra repayment amounts regularly allows you to save on your interest payments over the long run. With both Alliance Islamic Bank home loan packages you are protected against BFR (Base Financing Rate) increase by the application of a capped ceiling rate

Alliance Islamic Bank Home Loan features a lock-in period of 3 years, which is an average lock-in period, competitive with other home loan products from most banks. In case you want to make an early settlement and complete your loan repayment before the 3-year period ends, you will expect to pay a penalty fee of up to 3% on your outstanding loan amount.

Alliance Islamic Bank provides a margin of financing of up to 95% including MRTA (Mortgage Reducing Term Assurance) from a partner insurance provider or up to 90%. The maximum loan period is 35 years (in accordance with the latest ruling by Bank Negara Malaysia), or up to age 70, whichever is earlier.

What Documents Will I Need to Prepare?

There are some supporting documents that will be needed in order to process your Alliance Islamic Bank home loan application. The documents required are:

* 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