New scheme to help home buyers realise dream

Mizan (left) and Mahmud at the signing ceremony between PKNS and Bank Islam in Shah Alam.

A NEW Islamic finance scheme will help house buyers acquire their homes.

Perbadanan Kemajuan Negeri Selangor (PKNS) has teamed up with Bank Islam Malaysia Bhd to offer Bank Islam housing financing-i facilities based on the principle of tawarruq.

The bank offers packages for residential properties that are under construction or have been completed.

Housing financing facilities provided by Bank Islam are for a period of up to 35 years or until the applicant reaches 70 years, whichever is earlier.

In addition, the financing margin offered is up to 90% + 10% and includes takaful protection such as mortgage reducing term takaful or mortgage level term takaful as well as houseowner and householder takaful plan.

The scheme also covers legal fees and stamp duty, in addition to being exempt from processing fees.

PKNS chief executive officer Datuk Mahmud Abbas said the developer was aware of public concerns about buying homes at the moment, especially with the current economic uncertainty.

“We are also aware of the difficulties many people face in obtaining housing loan financing,” said Mahmud at the signing ceremony of the memorandum of understanding between PKNS and Bank Islam.

“I hope that through this collaboration, more people will be able to own PKNS houses that are affordable and of good quality at highly strategic locations,” he added.

Bank Islam group chief business officer (retail) Mizan Masram said, “We have confidence in the property market’s potential.

“Therefore, we are more than pleased to embark on this strategic collaboration with PKNS.”