Sifus & Gurus out there,

I have an home loan offer from CIMB for its Flexi Home Financing-i (islamic). Details are as per below:

NZEC
Full-Flexi (according to the banker)
Loan amount : RM484740
12 month interest free
2-5th year BFR-2.3
subsequent BFR-2.35
no maintenance and processing fee
link to mudarabah current account i (u can earn interest if there is any balance in the account)

I have got the offer letter and my concern is
1) it doesn't state that i am allow to put in or withdraw any amount of money that i wish to without any penalty.
2) It doesn't state that it will offset my interest if there is balance in the mudarabah current account

Is anyone outhere that actually taking CIMB Islamic Flexi Home loan??If any, please share your experience and do they have any hidden clauses/charges that apply? To me this package seems too appealing and hard to believe. Please advise as i am new to mortgage.

I also read some comment that the loan amount on your statement is actually more than your actual loan (Loan amount + 30 years interest). Can anyone clarify on this matter?

I also understand that there is 20% reduction for its stamp duty because government is pushing for public to move to islamic facility. This is announced on 2007 budget and valid from Sept 2 2006 till 31st Dec 2009. Anyone can clarify?

Thanks Onn for your information. Just to clarify on the loan balance in statement. From what i understand from your explaination is although the loan statement show balance of 1mil++ but actual interest is only calculated based on my loan amount as stated in the LO.

If conventional flexi loan is straight forward where any sum of money i put into current account it will offset the interest based on daily calculation. (e.g loan 400k, current account 400k = no interest charge)
But for islamic it is a little bit confusing due to huge outstanding amount in the loan statement.
My concern is if i put RM484740 into my current account does it mean i don't pay any interest or (e.g. Rm1mil - 484740 = RM515260) they calculate interest based on the balance RM515260?? Meaning although i have put in the amount of money that i have loan into current account but i still serve interest due to balance stated loan statement? If there is still interest charges meaning it is a major drawback in islamic product. Please advise.

Yes, that is true. Repayment wil only be rm780k after 30years based on the rate they offering.
My concern here is, do i need to put in rm1m or my loan amount which is rm484740 into the current accoun to offset the interest??
Becoz in islamic concept, my loan statement show that i owe the bank based on their maximum interest calculation which is RM1m+ instead of rm484740.