Alliance FlexLink Home Financing-i
Enjoy Flexible Profit Charges when You Save More Deposit
Own your flexible home financing package under the Shariah-compliant way with no maintenance fee charge to your FlexLink Current Account-i
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Description
- A flexible Islamic home financing designed to give you greater control over your finances while reducing profit charges on the financing account.
- Deposits above your monthly instalments are used to offset the outstanding principal amount, resulting in savings on profit payments and shorter financing tenure.
- Based on the Shariah contract of Murabahah via Tawarruq (also known as Commodity Murabahah). Murabahah refers to the sale and purchase of an asset where the acquisition cost and the markup are disclosed to the purchaser. Tawarruq refers to purchasing an asset at a deferred price and then selling it to a third party to obtain cash. The Bank will use the cash obtained from the Tawarruq transaction to pay for the purchase of your desired property.
Features
- Long financing tenure based on your affordability.
- May be used to refinance an existing home financing facility.
- Transparency on your maximum payment obligation as the profit rate is capped at the ceiling profit rate.
- In the profit calculation, the FlexLink Current Account-i (“FLCA-i”) balance is capped at a maximum of 75% of the FlexLink Home Financing-i (“FLHF-i”) principal balance.
Illustration of FLHF-i profit calculation: Financing account with no Advance Payment
| Item | Description | Scenario 1: Current Account-i balance = RM0 | Scenario 2: Current Account-i balance is less than the financing principal outstanding balance Current Account-i balance = RM300,000 | Scenario 3: Current Account-i balance is more than the financing principal balance Current Account-i balance = RM800,000 |
|---|---|---|---|---|
| A | FlexLink Home Financing-i end-of-day Balance | RM1,000,000 | RM1,000,000 | RM1,000,000 |
| B | Financing Outstanding Balance eligible for Profit off-set (capped at 75% of principal outstanding balance) | RM750,000 | RM750,000 | RM750,000 |
| C | FlexLink Current Account-i end-of-day Balance | RM0 | RM300,000 | RM800,000 |
| D | Amount used to offset profit (D = B or C, whichever is lower) | RM0 | RM300,000 | RM750,000 |
| E | Financing Principal Balance used for profit calculation (E = A – D) | RM1,000,000 | RM700,000 | RM250,000 |
Financing account with Advance Payment:-
- FlexLink Home Financing-i payment is made via the FlexLink Current Account-i. Any payment made to the FlexLink Home Financing-i will be deemed as “Advance Payment”. Withdrawal from the Advance Payment is not allowed.
- Advance Payment is not prepayment and will not reduce the principal outstanding. However, it will affect the FlexLink offset calculation. (as illustrated below)
| Item | Description | Scenario 1: Current Account-i balance = RM0 | Scenario 2: Current Account-i balance is less than the financing principal outstanding balance | Scenario 3: Current Account-i balance is more than the financing principal outstanding balance |
|---|---|---|---|---|
| A | FlexLink Home Financing-i Principal end-of-day Balance | RM1,000,000 | RM1,000,000 | RM1,000,000 |
| B | Advance Payment | RM200,000 | RM200,000 | RM500,000 |
| C | Financing Outstanding Balance eligible for Profit off-set (capped at 75% of principal outstanding balance) (C = [A – B]* 75%) |
RM600,000 | RM600,000 | RM375,000 |
| D | FlexLink Current Account-i end-of-day Balance | RM0 | RM300,000 | RM800,000 |
| E | Amount used to off-set profit (E = [ C or D, whichever is lower]) | RM0 | RM300,000 | RM375,000 |
| F | Financing Principal Balance used for profit calculation (F = A – E) | RM1,000,000 | RM700,000 | RM625,000 |
| Features | Terms |
|---|---|
| Profit Rate | Variable rate pegged to Standardised Base Rate |
| Tenure | Up to 35 years / 70 years of age |
| Age Requirement | 21 years old and above |
| Margin of Financing |
|
| Financing Type |
|
Effective financing rate for a 30-year home financing of RM350,000
|
Product |
Financing amount |
Financing tenure |
Effective financing rate |
Effective date |
|---|---|---|---|---|
|
FlexLink Home Financing-i |
RM350,000 | 30 years | 4.11% p.a. | 15 Jul 2025 |
This effective financing rate is subject to change from time to time.
More Information
FlexLink Home Financing-i
Product Disclosure Sheet (EN) Product Disclosure Sheet (BM)
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