OCBC Al Amin Financing Manarat Home-i

OCBC Al-Amin has one flagship Islamic Home Financing product, the Manarat Home-I package, which offers borrowers a Shariah-compliant alternative to OCBC's conventional home loan packages. Manarat Home-i gives borrowers the flexibility of choosing between fixed+floating or pure floating packages. For its floating packages, Al-Amin's interest rates are on par with that of OCBC's conventional home loans. Therefore, Islamic borrowers can be assured that they are getting a competitive home loan offer.

The Home Manarat-i package is a semi-flexi home loan that offers lock-in flexibility. Lock-in is optional, with non-lock-in packages prices slightly higher than packages with a lock-in period. If you do not intend to refinance or sell the property within 3 years, having the lock-in period should be considered. After all, the optional lock-in period of 3 years is still relatively low when comparing across all Malaysian banks. For loans with an attached lock-in period, a 3% early settlement penalty, based on the outstanding loan amount applies when the property is sold/ refinanced within 3 years.

OCBC holds to leading customer service practices, which emphasises quick customer response via its highly-accessible hotline, and follow-on home improvement loan offers for its home loan customers. Borrowers are entitled to borrow for home renovation works, with loan amounts up to 30% of property value, should they want to during the home loan tenure. OCBC Al-Amin's products are fully Shariah-compliant.

Manarat Home-i is based on the concept of Musharakah Mutanaqisah (Diminishing Partnership) and Ijarah Muntahiah bi Al-Tamlik whereby the bank purchases the property from the customer and rents it back to the customer, which is subsequently sold to the customer at the end of the financing tenure at nominal value.

Al-Amin provides a margin of financing of up to 100% and can be granted for loan tenure of up to 35 years (in accordance to the latest ruling by Bank Negara Malaysia) or 70 years of age whichever is earlier. Interest of OCBC Al-Amin home loans is calculated daily.

The home loan package Manarat Home-i offered by OCBC Al-Amin is compliant with Sharia principles. Depending on your individual needs you can choose a fixed or floating rate loan. The key features of Manarat Home-i are summarized below.

Borrowers can make additional monthly repayments through flexi home packages to reduce the monthly interest charges on their home loan. Requirements, fees and conditions usually come with these packages that needs to be considered together with the benefits.

Is a linked bank account required?No

OCBC Al-Amin Home Loan is available for all individuals, joint applicants, residents and non-residents. There is a minimum age requirement of 21 years.

To allow your OCBC Al-Amin Home Loan application to be processed by the bank, you will need to provide a few supporting documents:

• Application Form
• NRIC / Identity Card
• Copy of Sales and Purchase or Booking Receipt or Letter of Offer from Developer
• Copy of Individual Title Deed
• Property Valuation Report (for completed properties)
• Latest 3 consecutive months of salary slips / vouchers
• Latest 6 consecutive months of commission statement
• Latest EPF statements (with 3 consecutive months or more transaction history)
• Latest EA form
• Latest 6 months Bank Statement
• Letter of Confirmation of Employment and Remuneration

By taking your desired property value and loan amount, you can use the OCBC Al-Amin home loan calculator to calculate your monthly repayments. Once you have identified the housing loan amount that fits your budget, you can apply through iMoney and our mortgage consultants will assist you with the loan application process. If you are not sure whether this home loan by OCBC Al-Amin is your best option, click here to compare other home loans in Malaysia.

OCBC Al-Amin does not have as extensive a branch network as many local banks. However, there are many other payment methods that do not require the borrower to walk into a branch. Be mindful that OCBC only offers loans for properties located in townships and cities where there is a branch present.

Online Transfer
: Transfer funds from your OCBC Al-Amin Savings or Checking accounts to make your payments online

MEPS
: Pay your loans at any of the MEPS ATMs (over 5,000) nationwide

Interbank GIRO
: Pay your loans through the Interbank GIRO fund transfer at the participating bank's branch or through online banking

Standing Instruction Facility
: Automatic deduction from your bank account every month

OCBC Al-Amin ATMs
: Transfer funds from your OCBC Al-Amin Savings or Checking accounts to make your payment at all Citibank branches

Express Payment machine
: Make a check or cash deposit at OCBC Al-Amin branches

Payment by Mail
: Mail to OCBC Al-Amin with your check and statement enclosed in an envelope

Phone Banking
: Issue instructions to have your bank account deducted to pay for your home loan with your T-PIN