When you plan to buying a house, believe that you have do your homework - searching the suitable home loan. You will see there are several types of home loan available in Malaysia banks, such as Loan with Fixed Interest, Loan with Floating Rate, Overdrafts, Combination of Loans and Overdraft and Islamic Home Loan.
Islamic Home Loan is the loan that make people feel confused. Is this loan only applicable for Malays? What is the difference of this loan between others loan type? What are the benefits of this loan? Well, today, we will solve all of your doubts and let your more understanding of Islamic Home loan.
Generally, there are 3 different types of Islamic Home Loan which is:
(a) Bai Bithamin Ajil (BBA)
(b) Musyarakah Mutanaqisah (MM)
(c) Murabahah (buy and sell)
(a) late settlement of loans can incur lower charges than conventional home loans.
(b) borrowers will be entitled to enjoy a rebate if they make an early settlement
(c) 0% stamp duty discount
(d) 100% stamp duty exemption on the existing refinance loan balance
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http://wmaproperty.com/blog/what-is-islamic-home-loan-how-does-it-work/
http://wmaproperty.com/blog/what-is-islamic-home-loan-how-does-it-work/
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