Maybank Launches Loans for Malaysian Properties
Maybank Singapore Islamic Banking has unveiled two new Shariah-compliant products in an effort to provide credit for Singaporeans and Singapore Permanent Residents (PRs) who plan to buy real estate in Malaysia.
The products are Islamic Home Financing for residential real estate, as well as Islamic Commercial and Industrial Property Financing for industrial and commercial properties, said Datuk Seri Abdul Wahid Omar, CEO and President of Malayan Banking Bhd (Maybank).
These products have a minimum loan quantum of S$100,000 (RM248,223) and are offered for properties for the owner’s personal use or those for investment purposes.
However, these loans are only for real estate located in Johor, Penang, Malacca and Kuala Lumpur.
In addition, Maybank Singapore is in talks with the board of the Central Provident Fund (CPF) to allow buyers to utilise their CPF savings for Shariah-compliant mortgages, added Abdul Wahid.
Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email firstname.lastname@example.org