Malaysia Real Estate

[far83v2]

This message was intended to promote Islamic Loan package which i believe some of customer would like to know what is Islamic Loan has to offer and about. The example below is from CIMB Islamic Bank. Feel free to add if i missing something..

The rate offer
Based Financing Rate (BFR) :
BFR -2% (Non Free Moving Cost)
BFR -1.80% (Free Moving Cost)

Loan Margin : Max at 90%
Insurance : Takaful CIMB AVIVA
Ceiling Rate : Max at 10.75%

Ceiling Rate means let say our BLR is rise up to max 12%, bank will charge you based on our max ceiling rate 10.75%. However some bank offer different ceiling rate so please refet to the offer what is their ceiling rate.

Based on my experience, people do not like with islamic loan because due to high interest rate that customer has to pay. As for current standard most banker has offer as per conventional loan offer which is based on BLR fluctuation. A long time ago banker offer islamic loan with high but fixed interest rate. As for instance CIMB offer : Fixed 8% for 30 years.

However, CIMB has change the product to variable rate where based on BLR. Please note that BFR is the same as BLR but since this loan is under islamic, banker will use Based Financing Rate (BFR).

Islamic loan also does not mean only islamic people can apply for the loan. Non Islamic also can apply this loan.

Islamic also involve Asset Sales Agreement and Asset Purchase Agreement.

That is all for now. So any banker would like to share their islamic loan feel free to share with me here, coz can be advantage for customer to knwo more about islamic product.

Thanks!!


**UPDATED OCT 2008!!**
UNDER CONSTRUCTION
Free Moving Cost
1.) Fixed 1st Three Year : 5.30%
Thereafter : BFR -1.75%

2.) Fixed 1st 5 years : 5.80%
Thereafter : BFR -1.75%

3.) Fixed 1st 10 years : 6.65%
Thereafter : BFR -1.75%

NON FREE MOVING COST
1.) Fixed 1st Three Year : 5.10%
Thereafter : BFR -1.95%

2.) Fixed 1st 5 years : 5.60%
Thereafter : BFR -1.95%

3.) Fixed 1st 10 years : 6.45%
Thereafter : BFR -1.95%


COMPLETED PROPERTIES
Free Moving Cost
1.) Fixed 1st Three Year : 5.10%
Thereafter : BFR -1.95%

2.) Fixed 1st 5 years : 5.65%
Thereafter : BFR -1.95%

3.) Fixed 1st 10 years : 6.45%
Thereafter : BFR -1.95%

NON FREE MOVING COST
1.) Fixed 1st Three Year : 4.90%
Thereafter : BFR -2.15%

2.) Fixed 1st 5 years : 5.40%
Thereafter : BFR -2.15%

3.) Fixed 1st 10 years : 6.25%
Thereafter : BFR -2.15%

[marvinteow]

[far83v2]

sorry about that...

i've correct the rate.. it should be NON FMC BFR -2 and FMC BFR -1.80%..

thanks!!

[sifu]

far83v2, do CIMB have Islamic Commercial Loan. I want to switch from conventional CIMB office loan to Islamic Loan if they have one..

cheers

[far83v2]

[avyssa]

hi far83v2

thanks for exchange info here. yepp..bankers can be friends and exchange some info to make things better.. cheerrrrsss!

avyssa
CIMB Bank

[soonjoo]

hi...i am soon joo cimb mobile sales force klang staff.....nice to meet u here......u from which branch ?
_________________
sj

[far83v2]

rate updated with Fixed rate just come out Oct 2008

[far83v2]

[ganurianz]

COMPLETED PROPERTIES

NON FREE MOVING COST
1.) Fixed 1st Three Year : 4.90%
Thereafter : BFR -2.15%

i'm interested with above loan. what is minimum loan? < RM100k can apply?

[far83v2]