Alhamdulillah : House settled

 

Praise to Allah… Just completed all the documents.  It’s nearly 2 months to complete all the required documents…

Firstly, for the new house buyer here the tips you may use if you plan to buy a House… It’s a little bit headache for me to buy this house….

1. Find out the correct developer and compare with other developers. Make sure you get the lower price. I got house with 35x80 with such a promising price
2. Then, look for any finance institutions based on you need.  Check all the interest rates and any other benefits the institution will be provided soon.
3. Next, pay the booking deposit. It’s vary from each developer. Some developer charge you up to THOUSAND ringgit. A project under SPNB charge you RM250 only. 

 

Here we go. On September 15, 2011 I went to SHOW ROOM to see any competitive price will be provided by the developer. Since, I preferred to stay around <10km to my workplace .   So, I prepared all the required documents (3 months Pay slips, EPF, IC, Employment status). That all! Since, I asked the agent to find out the “BANK” for me. So, he sent all my details to “BANK BSN”, “BANK MUAMALAT”, “BANK CIMB”, BANK AWAM lol PUBLIC BANK”, and “MAYBANK”…. So, on subsequence week, I received a lot of calls seem like operator. THEY’ll call to explain the product offered from their bank. So for conclusion, MAYBANK is chose. Because

 

1. BANK BSN  - Sound promising. Zero Moving Cost.  Cover all the costs inclusive legal fee, insurance. So, margin amount they offered around 85%. Need to top up another 15% to my loan. In contrast, the interest rate quite high due to Zero Moving Cost.
2. BANK MUAMALAT – They failed to PERSUADE me… ahah… Actually, I received call one week later after acceptance letter offer from Maybank.
3. BANK CIMB – Not meet my requirements.
4. PUBLIC BANK – They try… but failed. Also give me 85% margin… haha…

 

The winner goes to MAYBANK… .since they provide 90% margin and fast processing. Around 1 week to receive loan agreement. Loan details

Loan type : Home Equity-i (Not i-Home Equity, later Apple sue Maybank… )

Why : Coz, this loan based on Musharakah Mutanaqisah partnership. So, bank owns certain % in this property, and will be decreased over the time.

So, for your info in Islamic financing; There are 3 types

1. Murabaha/ Bai’ Bithaman Ajil (BBA) – Bank buy house from developer and sell back to you. This call “AKAD” so you agree with the amount will be borne to you… You may find out this type of financing in CAR loan.
2. Istisna – bank will continuously pay to developer until the project complete. Local bank still not provided this thing. International bank like Kuwait Finance House offers this. Check it out!
3. Musharakah Mutanaqisah – partnership. Bank xx%, you xx%.

 

So, make yourself comfortable with all those things…