Hello!

You are correct in that Islamic Loans have a little more documentation needed than conventional, but the number of extra documents required depends on the banks and products.

1. This is the typical list of documents required for conventional housing loan:

For Master-title property:
a) Facilities Agreement
b) Deed of assignment
c) Power of Atoorney

For Individual-title property:
a) Facilities agreement
b) Charge annexture

2. Islamic housing loans documents differ from one bank to another. For example, RHB Islamic requires up to 6 documentation.

3.  Now, this is why OCBC Al-Amin is quite awesome (according to the lawyer that I deal with). For OCBC Al-Amin, everything is the same as conventional except for one document:

For Master-title property:
a) Facilities Agreement
b) Deed of assignment
c) Power of Atoorney

For Individual-title property:
a) Facilities agreement
b) Charge annexture
c) Asset purchase agreement <--- the only extra document required for OCBC Al-Amin's Islamic Housing Loan

4. The Asset-purchase-agreement only cost an extra about 5% of the legal fees. For example if your legal fees is RM4000, the Islamic loan is only merely RM42000. But the fees differ from one case to another (is it Master/Individual/Strata title, Lease/Freehold? etc.), to get the exact fees need to do quotation.

5. I hope this helps EVERYONE reading this. Also if you need recommendation for a lawyer, just ask That guy is panel to most banks in Malaysia, and work super-fast (according to my housing loan clients, and they are happy!)

Have a good day everyone! I'm off to my honey moon! Flight is tomorrow morning!

100% if it was fixed allowance for every months

It will still look good on your CCRIS as in you will not have a late payment. But the outstanding balance will be reflected in your record and the CC commitment will be calculated as 5%of the CC balance

Hi Sifu,

I just kena big problem... CIMx Islamic Flexi Loan!

Get the loan 2 year ago, I start put in $ during VP, whenever bank release progress payment to developer, I deposit almost similar $ to the current acc which link to loan acc.
So i got 2 acc for the loan, 1 is housing loan, 2nd is current acc "Wadiah CA-i"
In theory, as my experience with UOB, interest charge on loan acc = interest earned in linked current acc (if i deposit and maintain same amount)
Problem 1: NEED TO OPEN NEW INVESTMENT ACC (Wadiah CA-i not longer use for the purpose)
CIMx just tell me, a few month ago, they sent me a mail to request me to open new "INVESTMET" acc, Since i not receive the mail nor reply, I cant enjoy high % interest earn (only 0.03%pa instead of 4%+ pa charged on loan account)

     

Problem 2: During VP, the current acc cant earn high interest as loan charge??
Sifu, pls advise the excuse given is true? Teach me how to get back my hard earn $ 

Flexi Home Financing - i

CLTA is actually a hybrid product of MRTA and MLTA.

It has given a fixed protection over the loan tenure without any cash value accumulation.

Premium will be higher than MRTA.

Beneficiary will be the bank as bank holds the policy until settlement of loan.

It's non transferable, unlike MLTA. If you request for early settlement, the policy will be lapsed.

Alternatively,

MLTA has cash accumulation, transferable, change of coverage tenure and nominate anyone as beneficiary.

Therefore, MLTA will have better perks in long time