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CIMB Islamic Bank Ijarah Property Financing-i |
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CIMB
Islamic Bank's Ijarah Property Financing-i is based on the concept of
Ijarah Muntahiyah Bittamik which offers the transfer of property
ownership at the end of tenure by paying a nominal amount to the bank.
1. Ijarah Rental Rate package : The Ijarah rental payment may fluctuate
based on the movement of BFR.
2. Applicable to completed property only – Home or Business Premises.
3. Ijarah Rental Rate Protection : The rental rate for this package is
capped at the CPR of 10.75% p.a.
Three steps to property ownership:
Step 1 : Apply for Ijarah Property Financing-i (Bank purchase the
property and becomes the owner of the property)
Step 2 : Customer leases the property from the bank at an agreed price.
Step 3 : Customer purchases the property at the end of tenure or any
time by paying the Exercise Price to the bank.
FEATURES:
Purpose of Financing: Purchase of property
Type of Property : Completed Properties: Residential or Business
Premises
Margin of financing (MOF):
• Residential: Up to 90% + 5%
• Business Premises: Up to 85% + 5%
Tenure:
• Residential : Up to 35 years or up to age 70 years whichever is
earlier.
• Business Premises: Up to 30 years or up to age 70 years whichever is
earlier
BENEFITS:
• Competitive profit rates – affordable and reasonable
• Zero lock-in period –no early settlement charges
• High margin of financing
• Save on stamp duty cost:
• >20% reduction on stamp duty for new financing
• >100% stamp duty waiver for conversion from conventional loan
• No compounding of profit charges
• Ceiling rate for capping upon fluctuation of Base Financing Rate (BFR)
• MRTT coverage for unexpected event
For further information, please call CIMB Islamic Bank Call Centre at 1300 880
900 (+603 2295 6100 if from overseas), or visit the nearest
CIMB Bank branch today.
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