What is Commodity Murabahah Home Financing-i?
Maybank Commodity Murabahah Home Financing-i is a variable-rate, Shariah compliant home financing plan based on the concept of Commodity Murabahah arrangement, i.e. a cost plus profit concept.
Technically, Maybank provides home financing to you via trading of Shariah compliant commodities, such as Crude Palm Oil and RBD Palm Olein. You will not be charged brokerage or trading fee for the commodity trading, the bank will manage all this for you.
Home Financing-i comes in three flavours: fixed rate, tiered rate or variable profit rate. You can choose which one best suits our finances. The variable rate is capped, so if the IBR moves to much in the market you won't be affected by severe interest changes.
Home Financing-i can be used to buy residential property that is completed or under construction, as long the value is greater than RM75,000. The plan may also be used for refinancing, remortgaging and restructuring. The minimum financing amount is RM10,000 - the lowest in the market!
You can bank-in extra funds to reduce the loan principal as well as withdrawing it during emergencies. It will cost you RM25 per withdrawal and this can only be done at home branch.
Do I need insurance?
Houseowner Takaful is compulsory and payable annually. You can also opt in to include MRTT into your financing margin, however, this is not compulsory.
Bear in mind that such insurance will settle your outstanding mortgage should anything terrible happen to you. The one-off premium is calculated on your age, financing amount, tenure and interest rate.
What kind of documents will I need to provide to apply for this loan?
- Copy of Sale & Purchase Agreement / Booking Receipt / Offer Letter from Developer
- Copy of Individual Title Deed
- Valuation Report (for completed property)
- Copy of MyKad (front and back) or latest valid passport & Visa / Work Permit / Employment pass
- Latest 3 month's salary slips or vouchers
- Latest EPF statements with 3 consecutive months or more transaction history
- Latest EA (Tax) Form
- Latest 6 month's Bank Statement
- Letter of Confirmation of Employment and Remuneration from your employer
- Business Registration Certificate – Form 24 and Form 49
- Latest 3 month’s bank statements
- Latest BE form with income tax receipt