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In Malaysia, there are 5 types of housing loan which are ‘Standard Home Loans’, ‘Flexi

Home loan’, ‘Home/Personal Loan Package’, ‘Government Housing Loan’ and ‘Islamic
Homes loans’. However, most of the property loans are variable interest loans on the loan
levied by the bank. The amount of interest that banks charge will be determined by the
current Base Lending Rate ( BLR) which is determined by Bank Negara Malaysia. Banks
will assign either a positive (+) or negative (-) value against the BLR and that will be the
offered interest rate. For example, Bank Z is advertising their interest rates as BLR -4.40%.
Let’s say the current BLR is 6.00% hence the interest rate for your home loan will be 1.6%.
Some banks use a separate system to calculate interest rates such as OCBC’s Mortgage
Lending Rate (MLR) which will replace the BLR when take a home loan from them. If
applying for a Syariah-compliant home loan instead be using a Base Finance Rate ( BFR) to
determine Profit Rates (more of this later in the Islamic Home Loan section).

First and foremost, for the type one which ‘Standard Home Loans’ , the conventional type of
the home loan is calculated based on either fixed or variable (floating) interest rate on the
principal amount borrowed which you then pay back through monthly instalments within an
agreed period and without having the flexibility to reduce the loan interest at any point of
time. For example, let’s say customer monthly loan instalment is RM1500 for a 30-year loan
tenure. This is the exact amount that will pay over the next 30 years. If have extra money in a
certain month and wish to pay extra, this additional sum will be considered only as a
prepayment for future months and will not be treated as an advance payment to help reduce
your loan interest. In short, this type of home loan offers no flexibility. (Brendon Lee,2013)

Apart from that, ‘Flexi Home Loan’ can be separate into 2 part which are ’semi- Flexi’ and
‘full-Flexi’. Both of the plan is almost like normal home loans with the added option of
making payments in advance. When using ‘Full-Flexi Home Loan’, customer save up the
interest and shorten the tenures. While customer is facing urgent economy time ,he or she can
withdraw the money with no charges or penalty with a cheque book that is provided.
However, there will recharge back the interest upon the money is withdraw. The ‘Semi-Flexi
Home loan’ is same concept with the ‘Full-Flexi Home Loan’ but this plan cannot to
withdraw the money upon customer is facing problems.(Allen Phua,2019)
Moreover, ‘Islamic Homes loans’ is a different loan with the others. As mention before that
BLR is used but this loan has to use Base Finance Rate(BFR) to determine the profit at which
the bank is entitled to earn for loaning you money. Therefore, it will be a conventional loan
charges interest and imposes compounding interests on late payments but Islamic loans do
not. Islamic loans work on a Buy and Sell or Joint Partnership agreement where the bank
buys the house and leases it back to you on instalment over a period of time. The ‘resale’
price is, of course, higher than the property’s initial current market value. For example, the
bank initially hold 90% of the property , the shareholding of the property will decrease
become lower and lower when customer pay the loan or increase the payment. It will be
decrease until 0% when customer pay all the loan. However there are some common concept
to the Islamic Home Loan which are Al-Bai’ Bithaman Ajil , Al-Ijarah / Ijarah Muntahiyah
Bittamlik, Musharakah Mutanaqisah and Murabahah. Firstly, Al-Bai’ Bithaman Ajil is the
earliest Islam concept which means customer will sell the property to the bank in cash and the
bank will sell back to customer where customer has enough money to pay off their property
via instalment. Secondly, Al-Ijarah / Ijarah Muntahiyah Bittamlik is a loan that customer rent
their property from bank because of Ijarah means to rent. However, customer can rent the
property or vehicle from bank until finishing pay off their loan and become thiers. Thirdly,
Musharakah Mutanaqisah is tell about the bank and customer will go into an agreement to
buy a property together and let customer become renter to the bank so that the monthly
payment can recover customer’s loan and part of the bank’s share. The aim is to eventually
finish purchasing the bank’s share of the property.Forthly, Murabahah means banks are able
to offer fixed rates, tiered rates and variable profit rates.The bank pegs the price of an agreed
upon commodity with the borrower, and then sells it to the borrower, which the customer will
then use the commodity to pay for their property. (Rumana Juzar,2018)

Furthermore, ‘Government Housing Loan‘ is a loan for government servants and it is under
Bahagian Pinjaman Perumahan.In order to apply this loan ,there are several rules that
customer need to obey:

1. They are not a bankrupt


2. They are not a judgement debtor
3. They must a Malaysian
4. They are not under discipline action
5. They are enough salary leftover after paid the loan
6. This loan only can be applied twice
7. When second loan, the first loan must be fully settled

There are the items that government servants are allowed to finance with their loans:
1. Purchase of land
2.Purchase of land with house
3.House renovation
4.Construction of house
5.Construction of road leading to house
6.Settlement of other debts in order to purchase any of the above

Last but not least, the ‘Home/Personal Loan Package’ part is state about customer has not
much fund left after paying a hefty downpayment for renovation and even buying furniture.
Then, there will be come with ‘top up’ option for the loan with attractive interest rate .
(Brendon Lee,2013)

Thus, there are four type of the housing loan that customers need to consider about all the
type of the loan depend on customer’s property or money standing.
REFERENCES

1. Brendon Lee,2013. Different types of home loans in Malaysia. Retrieved from

https://ringgitplus.com/en/blog/Home-Loans/Different-types-of-home-loans-in-
Malaysia.html?fbclid=IwAR1GAIP9kPb1UQmkgFCnLpOeJZbnOhTC1GMkyzLFXe
B_AqSsKKJ5I47o1SI

2. Rumana Juzar,2018. Beginners’ Guide To Property Loans Available For Malaysian


Home Buyers. Retrieved from http://dollarsandsense.my/beginners-guide-to-property-
loans-available-for-malaysian-home-buyers/

3. Allen Phua,2019. How many types of home loans are there in Malaysia?.Retrieved
from https://www.iproperty.com.my/guides/how-many-types-of-home-loans-are-there-in-
malaysia/?fbclid=IwAR2OzuT24nYTm25UTq_WFcjyR6eJ6qgF9BWn6bvWFugKJVuzd
eiZ8JWC0NA#targetText=In%20Malaysia%2C%20home%20loans%20can,rate%20(BR)
%20of%20banks