Uploaded by johnnyjames98

END FINANCING

advertisement
Credit Management – FIN 368
End Financing Loan
Present by :
BM1195E
1)
Faris Aiman
2)
Athira Adriana
3)
Muhammad Fayyadh
4)
Muhammad Asyrof
5)
Muhammad Iqbal
End Financing Loan

A long-term loan used to pay off a short term construction loan or
other form of interim financing.

Although an end loan can have interest-only or other features that
delay the repayment of principal, at some point, an end loan
begins to amortize.

Part of a combination or construction loan.

Which allows a borrower to deal with only one lender, file only with
one credit application and pay only one set of loan settlement
costs.
Characteristics
 Loan
interest rate
 Loan
APR vs TAR
 Lengths
of loan repayment periods
 Secured
 Loan
loans vs unsecured loans
payment protection insurance
Advantages

Low monthly
repayments

Changing mortgage
to raise extra funds

Can be used for any
purpose as long as it is
legal.
Disadvantages

Interest rates on
secured loans will be
higher than for a
mortgage.

Need to pay secured
loans each month.
END FINANCING
(CIMB & Maybank ISLAMIC)
Fee & charges
Fee
amount
Set up free
Some scheme: RM200
Monthly service
charges
Some scheme: RM10
Late payment fee
1% p.a. of unsettled amount
Stamp duty charges
Stamp Duty Act 1949
Processing fee
RM212 ( waived for PR1MA)
Eligibility
Criteria
Nationality
Malaysian citizen
Age
Minimum: 18 years old
Income
As per bank’s consideration
documentation
Salaried applicant
Self- employed Applicant
Additional Documents
(PR1MA scheme)
Copy of NRIC
Copy of NRIC
Valid Offer To Purchase letter
from Perbadanan PR1MA
Latest 3 month’s salary slips
Latest 3 month salary slips
Property purchase price:
RM100,000-RM400,000 for SPEF
scheme
EPF Statement (last 2 years)
EPF Statement (last 2 years)
Sales & Purchase Agreement/
booking receipt from developer
Sales & Purchase Agreement/
booking receipt from developer
Business registration A&D
Last 3 month’s bank statement
Types of CIMB Islamic Home Financing
Variable Home/ Business Premises Financingi
Term Financing-i
Flexi Home/ Business Premises
Financing-i
- Applicable for under construction and
completed both for commercial and
residential use.
– 20% discount on stamp duty for customers
when applying new financing facility.
- Customer shifting: conventional to Islamic,
waiver of 100% stamp duty is offered.
-
-
-
for the purchase of
residential vacant land.
Ceiling profit rate: 10.75
p.a.
-
Shariah based scheme utilised for
under construction properties.
Both residential & business.
Customers can withdraw from
Special Mudharabah Investment
Account via cheque or ATM.
Vacant Land Flexi Smart-i
BizFlexi Smart-i
HomeFlexi Smart-i
Variable Home Financing
(PR1MA)
Prepayment facility:
shortening financial tenure
so customer can pay loan
faster.
-
-
-
-
Applicable for widerange of properties from
business to residential.
No processing,
maintenance fee is
charged to customer.
-
-
High margin on
financing.
Customer get 20%
discount on stamp duty
for new financing.
Waiver of 100% of stamp
duty offered for loans
converted from
conventional to Islamic
loan.
-
Facilitates the margin of
financing up to 100%
and 5% financing for
stamp duty, GMTP, legal
fees.
Processing fee waived
and utilised for properties
located in Malaysia
under PR1MA
programme.
Features & Benefits
•The CIMB Islamic Home Financing schemes come with competitive profit rates.
•The margin of financing:100% for residential properties and
•90% (plus 5% legal/valuation/GMTP) for business properties.
•Financial tenures of up to 35 years or until 70 years of the applicant’s age are offered for
different schemes under CIMB Islamic Home Loan.
•GMTP coverage is offered to the customers and financing 5% to cover the GMTP charges.
How To Apply
The CIMB Islamic home loan application process can be completed by the following ways:
Offline Application: Applicants can visit the nearest branch of the CIMB Islamic and collect the
application form for the home loan. They need to fill the form and attach all required
documents to it before submitting it to the customer service agents at the bank.
Online Application: An interested candidate can find the application form for the CIMB Islamic
Home Loan on the official website of the bank. On completing the name and contact details
column, the application can be submitted through the website. Submission of documents and
any additional procedures must be carried out as informed by the bank or on the website.
Fee
Amount
Stamp Duty
Letter of Offer : RM10
Principal Document : RM5
Processing Fee
RM50 – RM200
Excess Payment Withdrawal
RM25
EPF Withdrawal Letter
RM10 per request
Cancellation Fee
RM930 – RM1100
Transaction/Brokerage Fee
Waived
Redemption Letter
RM50
Eligibility
Criteria
Nationality
Malaysian and Non-Malaysia
Age
Minimum : 18 years old
Maximum : 70 years old
Income
As per the bank’s discretion
Documentation
Salaried Applicants
Self-Employed Applicants
Property Documents
Latest 3 months salary slips
Certified/audited financial
statements
Copy of Sales & Purchase
Consecutive 6 months of
commission statement
Statement of commission issued by
the company
Copy of Individual Title
deed
Latest EPF statements
EPF statements
Property Valuation Report
Last 6 consecutive months
bank statement
6 months bank statements
Confirmation letter from
the employer
Tax payment receipt
Types of Maybank Islamic Home Loan
Commodity
Murabahah Home
Financing-i
Foreign Currency
Offshore Property
Financing-i
Commodity
Murabahah Term
Financing-I
- Based on
Murabahah
principle
- Provides home
financing facility
through trading of
Shariah compliant
commodities
- Minimum property
value RM75000,
minimum financing
amount RM10000
- Home financing
scheme acquire
your dream
property in foreign
country by using
foreign currency
- Malaysian citizen or
a permanent
resident can apply
- Financing facility
allows you to
acquire
completed/under
construction
properties
- Based on Shariah
concept of
Murabahah
- Any individual can
apply
Features & Benefits
• Enjoy periodic payments through monthly, quarterly or yearly basis
• The loan packages are available with flexible repayment tenures of up to 35 years or until
the borrower attains the age of 70 years by the end of the financing tenure, hichever is
earlier
• There are no early settlement charges/exit penalty
• You can get high finance margin of up to 80%
• You can get refinance facility and save on profit charges
• You can enjoy the flexibility of converting the conventional loan to Islamic financing
How To Apply
Offline Application: You can visit the nearest Maybank branch
and collect the application form for the home loan. You must
submit the duly-filled form along with the necessary
documents to the customer service desk
Online Application: You can download the application form
from the official website of the bank. You must submit the
duly-filled online form along with the supporting documents to
process your home loan application
Download
Random flashcards
State Flags

50 Cards Education

Countries of Europe

44 Cards Education

Art History

20 Cards StudyJedi

Sign language alphabet

26 Cards StudyJedi

Create flashcards