Bank Rakyat offers a competitive Islamic property financing packages for companies to purchase land, residential, and commercial properties. It is based on Al-Bai Bithaman Ajil which refers to the sale of goods where the sale price is payable on instalment basis. The selling price is based on original price and agreed profit rate with the inclusion of an agreed profit margin. Talk to us about Property Financing-i.
Eligibility : All business entities such as private limited companies and co-operatives.
Concept : Tawarruq
Type of Properties : Land - agriculture, residential, commercial, industrial.
Commercial building- shop, shop house, office lot, factory/ plant, commercial building.
Purpose : To purchase residential and nonresidential property.
Margin : Up to 80% of purchase price
100% on force sale value, whichever is lower.
Tenure : Maximum 20 years.
Fee and Charge
|Charge and Service for Individuals|
|Stamp Duty Fee||NIL|
|Early Settlement Fee||Rebate (Ibra’) will be given on the deferred profit|
|Commodity Trading Fee||RM15 will be charged for every RM1 Million (50:50 sharing basis). Minimum transaction is RM1,000.|
|Late Payment Charges||
During the financing period:
1% per annum on top of the outstanding payment.
After the financing tenure expires:
Shall not be more than the prevailing daily overnight Islamic Interbank Money Market rate (IIMM) on the outstanding balance.
Additional Documents Required
- Copy of Sale & Purchase Agreement.
- A valuation report of property to be charged as security.
Cash flow projection of business.