The PAYMENT HOLIDAY is an added feature to Bank Islam’s existing Home Financing and Home Refinancing products where customers may opt for a payment holiday every year in November and December.
HOW LONG IS THIS PROGRAMME FOR?
As it is an enhancement to Bank Islam’s Home Financing and Home Refinancing product lines, the programme is offered on a permanent basis, subject to Bank Islam’s review.
WHAT IS THE PURPOSE OF THE PAYMENT HOLIDAY?
This programme is to entail customers to choose Bank Islam Home Financing or Home Refinancing products for their mortgage needs due to the special programme that caters to their lifestyle. Statistics have proven that a majority of existing as well as potential house owners frequently face financial constraints in the months of November and December due to the year-end festive and holiday activities. It is the time of the year where house owners stretch their budget to the fullest to cater for family vacations and back-to-school preparations for their schooling children.
WHO IS THE TARGET MARKET FOR THE PAYMENT HOLIDAY?
This programme is open to all house financing accounts.
HOW DO CUSTOMERS ENJOY THIS BENEFIT?
Customers can apply for the programme which is available at all Bank Islam branches nationwide. Interested applicants can either call our Call Centre at 03-26 900 900 to inquire further or visit their nearest branch to talk to our officers regarding their application.
WHAT ARE THE REQUIRED DOCUMENTATIONS FROM CUSTOMERS?
The standard documents required are a copy of a customer’s IC, salary slip, salary crediting account statement and proof of purchase of the property. For refinancing, valuation report from our panel is needed. No other additional documentation is needed as the payment holiday programme is an enhanced feature to our existing product line. The cost of valuation is borne by the Bank under our Free Moving Cost.
WHAT ARE THE TERMS AND CONDITIONS OF THE PAYMENT HOLIDAY?
It is open to all customers who wish to purchase residential property, either completed or under construction. The Bank will honour the agreed payment holiday provided the customer honours his repayments. The Bank has the authority to retract the payment holiday benefit should the customer defaults his repayments to the Bank.
HOW DOES PAYMENT HOLIDAY IMPACT MY FINANCING PERIOD?
Financing period for Payment Holiday customers will be extended for 1 year for every 6 years of financing tenor. Illustration as below:
|For every||Payment Holiday||Extended Financing Period||Total Financing Period|
|6 years||Nov – Dec 2008-2013 = 12 months||1 yr||7 years|
|6 years||Nov – Dec 2014-2019 = 12 months||1 yr||7 years|
|6 years||Nov – Dec 2020-2026 = 12 months||1 yr||7 years|
|6 years||Nov – Dec 2027-2032 = 12 months||1 yr||7 years|
Financing Period 24 years Extended Financing period for Payment Holiday 4 years Total Financing Period 28 years