AmBank

AmBank My First Home Scheme-i

Buy your first home without breaking the bank. Pay lower entry charges, zero processing fee and competitive profit rates every month with this Islamic facility

    • Up to 30 years
    • Term Islamic financing
    • Floating Profit Rate
    • 2 years lock in period
    • Up to 100% margin of finance
  • You BorrowEstimated Profit Rate
    RM100000 - 2200004.50% p.a.

    *Effective profit rate will be determined by AmBank upon approval.

Apply online now for AmBank My First Home Scheme-i

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Fees & Charges

There are always fees but how much are they?

Late Penalty Fee
1% p.a. of the outstanding amount
Withdrawal Fee
Not Applicable
Processing Fee
This fee is currently waived
Early Settlement Fee
2% on original financing amount
Redemption Letter Fee
RM50.00 per request
Letter for EPF Withdrawal Fee
RM20.00 per request

Requirements

Are you eligible for this AmBank home financing?

Minimum annual income
RM10800
Minimum age
18 years old
Maximum age
35 years old
Who can Apply
  • Malaysians

Frequently Asked Questions about AmBank My First Home Scheme-i

Things you might want to know

What is this product about?

This Islamic term financing based on variable rate is open to first time home buyers for the purchase of house, completed or under construction, ranging between RM100,000 and RM220,000. Subject to approval, AmBank Islamic can finance up to 100% of the market value for a period of repayment up to 30 years.

The facility also offers single applicant the options to apply AmBank Visa/MasterCard/CARz credit card.

Will I be given ibra’ (rebate) for early settlement?

AmBank My First Home Scheme-i operates under the principal of Commodity Murabahah (Sale and Purchase contract), i.e. the bank buy the property and then sell it to you for a mark-up. The selling price consists of the principal and ceiling profit rate, which is capped at 9.99%.

You can pay off the term financing ahead of maturity at zero charges and be granted with Ibra’, provided it is not done within the lock-in period of 2 years from your first disbursement.

Do I need any Takaful coverage?

Subject to terms with the bank, you may be required to get MRTT or Fire Takaful coverage. These Takaful plans will provide for financial blanket in the event of fire or any incidents leading to your incapability to repay your outstanding principal.

What is the major risk?

The fluctuation of market which affect the movement of AmBank Islamic’s base rate with an increase in profit may revise your payment schedule, resulting to higher monthly instalment and/or longer repayment.

What documents do I need to prepare?

You need to have a copy of Sale & Purchase Agreement, Booking Receipt, Copy of Title and Valuation Report. Then attach them with your application form and following documents:

If you are an income earner:

  • Copy of NRIC
  • Copy of 3-month payslips
  • Latest EA form / EPF statement

If you are self-employed:

  • Copy of NRIC
  • Copy of 3-month payslips
  • Latest EA form / EPF statement
  • Last 3-month bank statement

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