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MM2H Agents Association Second National Workshop 2015
MM2H Centre in collaboration with MM2H Agents Association (MM2HAA) will organize MM2H 2nd National Workshop 2015 on 15th October 2015 (Thursday) at the Multipurpose Hall, Ministry of Tourism and...
Structured Home Financing-i for Expatriates by Al Rajhi Bank Print E-mail
Requirements
1: Resident Foreigners/Expatriates
- defined as those with valid passport and either a valid Employment Pass or a valid long term Social Visit Pass. If salaried, the applicant must hold atleast an executive position in a company based in Malaysia. If owner of business, the business must be locally incorporated and established for at least 2 years (as per RCPG)
2: Foreigners under Malaysia My Second Home Program (MM2H).
-  Click here to know more about MM2H.
3: Non-resident
- defined as Malaysian citizen who has obtained PR status in a territory outside Malaysia and is residing outside Malaysia or any person other than a resident.
Note: Segment 1 &2 - Resident Foreigners/Expatriates and Malaysia My Second Home (exclude blue-collar workers)
Shariah Principles
Bai-Bithamin Ajil - Deferred Payment Sales of a third commodity.
Pricing Structure
Reducing Balance.
Profit Rate
  • With Free Moving Cost            : BFR - 1.50%
  • Without Free Moving Cost       : BFR - 1.70%
Source:

Note: The above rate is applicable to package with or without Takaful (The prevailing BFR is 6.20% with effect from 1 March 09)
Margin of Finance (MOF)
Applicable to segment 1 & 2
Location/Property Value Klang Valley, JB & Penang Others Area
Owner occupied
≤ RM750K
90% 90%
> RM750K to RM1.5 Mil 90% 85%
> RM1.5 Mil to RM2.5 Mil 85% 80%
> RM2.5 Mil to RM3.5 Mil 80% 75%
> RM3.5 Mil 75% 75%
Investor
≤ RM750K
85% 85%
> RM750K to RM1.5 Mil 80% 75%
> RM1.5 Mil to RM2.5 Mil 80% 75%
> RM2.5 Mil 75% 75%
Property Acquisition and Refinancing with Cash Out
Location/Property Value Klang Valley, JB & Penang Others Area
Owner occupied
≤ RM750K
85% 80%
> RM750K to RM1.5 Mil 80% 75%
> RM1.5 75% 75%
Investor
≤ RM750K
80% 75%
> RM750K 75% 70%
Applicable to segment 3 and foreigners residing outside Malaysia (buying for investment purposes).

Approved projects/areas:
Margin of Finance KLCC Area Other Area (Completed units only)
75% (project is subject to 80% completion stage) Marc Serviced Resident
Dua Residency
The Capsquare Residences
Binjai Residency
2 Hampshire
K Residence
Cendana
Park Seven
The Meritz
Suria Stonor
Pavillion
One Residency
The Binjai
Bangsar
Bukit Bandaraya
Bukit Damansara
Mont Kiara
Sri Bukit Persekutuan
60% Other completed properties Other areas subject to properties being fully completed
Note:
- The Bank will only finance properties which are at least 80% completed.
- The matrix above highlights properties which fulfill this condition.
- If any application comes to purchase other projects which are not listed below, confirmation that 80% of the project has been completed is required to be submitted.


The approved project listing will be added from time to time.

Profit Calculation
Monthly.
Financing Tenor
Max 25 years for both BBA Home Financing-i and/or Structured Home Financing-i.
Application Fee
Waived.
Early Redemption Fee
Lesser rebate may be provided to customer at bank's sole discretion.
Repayment Amount
Fixed installment.
Repayment Frequency Offered
Monthly.
Late Payment Penalty
Actual cost of collection.
Takaful
Protection premium will be paid by customer.
Finance Amount (as per current practice)
Minimum amount - RM25,000
Maximum amount - RM2,000,000 (under Level 1).
Age (as per current practice)
Residential
  • Link houses
  • Semi-detached houses
  • Detached-houses
  • Condominium
  • Apartment
  • Service Apartment
Minimum Property Value
RM250,000 (or as per individual state ruling for foreigners).
Property Valuation
Completed Properties
  1. For all completed properties taken as collateral for new or additional facilities, a full valuation report by a panel valuer must be taken.
  2. The cost of this report is to be borne by the customer, unless customer opts for free moving cost package. Where customer is insistent on not paying the valuation cost, the recommendation for waiver should be sent to Head, retail banking or his deligate. Approval for waiver of cost does not constitute waiver of requirement for a full valuation report.
  3. Valuation is also required for completed properties purchased directly from developers. Where a full valuation has already been carried out earlier by a bank panel valuer on an identical type of home (under the same project) that is currently end-financed by the Bank, a copy of that report may be attached to the credit file and the requirement for a valuation may be waived through Exceptional Approval.
Properties Under Construction
Valuation report are not required for residential units under construction. the sale price as evidence by the S&P between the customer and developer is accepted as the value of property.
Property Tenor(as per current practice)
For West Malaysia
For leasehold properties, the property tenor should not be less than 40 years at the end of financing tenor.
For Sarawak Only
For leasehold properties:
- Remaining leasehold period of no less than 25 years at point of facility approval.
- Remaining leasehold period of no less than 25 years at expiry of facility.
Income Documents, Calculation of Income, Debt Service Ratio, Minimum Length of Service, Electronic Documents, and Required Documentations
Only applicable to Segment 1 & 2, (Expatriates and Applicants Under MM2H).
To follow the current requirement as per P2P and RCPG.
Income Documents, Calculation of Income, Debt Service Ratio, Minimum Length of Service, Electronic Documents, and Required Documentations
Only applicable to Segment 3 (non-resident).
- Income and and employment verifications are waived. However, applicant under this segment are required to provide proof in the form of official receipt of payment of deposit for the purchase of the property.
Segmentation Code
MM2H HF - Structured w/o FMC 5.05% - For applicants who have been approved under MM2H program.
MM2H HF - Structured w FMC 5.25% - For applicants who have been approved under MM2H program.
Foreigners HF - Structured w/o FMC 5.05% - For foreigners who are not residing in Malaysia.
Foreigners HF - Structured with FMC 5.05% - For foreigners who are not residing in Malaysia.
Source: http://www.alrajhibank.com.my/personal_financing_structured_home_foreigners.shtml

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