• The customer’s equity participation is minimum 20% of the total property price, which can be contributed in cash and/or collateralized through a pension fund. Payments made to the developer also will be considered as customer’s equity participation.

• Immediate family of the main applicant can be added as co-applicants (spouse, parents, and children)

• Maximum financing duration is 20 years / 240 months

• The annual profit rate is 9% to 11%

• A processing fee of 0.5% of the facility amount will be charged upon approval as per the List of Bank Charges.

• Takaful contribution (insurance) must be paid in full for the entire financing tenure before disbursement of the facility.

• Letter confirming that all the income of the customer will be routed to the account at the bank after the approval of the facility.

• Customer must be 18 years – 60 years old (at the time of application submission)

• Customer must have been in full-time employment for at least the previous 24 months.

• Customer’s total monthly commitments with all financial institution including the requested financing should not exceed 50% of his/her confirmed gross income (basic salary and variable allowance).

• Customer has the capacity to contribute minimum of 20% of the total project value (savings/ pension fund/ payments to developer), which should be verifiable via documents (Bank account statements, payment receipt, pension fund details)
  

• For completed properties a maximum of 3 months grace period is applicable. The monthly payments for the grace period will be spread across the approved tenure

• If the property is under construction, you will be only required to pay a percentage of the monthly payment based on the completion stage (accumulated disbursements). Please inquire within for more details.

The Financing Rate for Ujaalaa Hiya is always competitive. The current rate of financing is 9% to 11% with a maximum tenure of 20 years / 240 months

In addition the unique flexibilities and conditions making Ujaalaa Hiya the most attractive home purchasing facility in the market.

1. Copy of valid ID card.

2. Bank statement of the applicant(s) (for last continuous 12 months)

3. Letter from employer to MIB confirming customer's employment and salary.

4. Salary slips for last 06 continuous months

5. Award letter (booking confirmation) from the developer.

6. Sale & Purchase Agreement (if signed)

7. Copy of payment receipt.

8. Equity Contribution Verification Document

9. Marriage Certificate (if spouse is included as co-applicant)

10. Birth certificate (if children are included as co-applicants OR if parents are added as co-applicants)

11. Pension document (if collateralizing pension fund)

12. If rental income receives,

• Copy of property titles

• Copy of rental agreements

• Copy of bank statement of the account into which rental income is deposited

*Additional documents might be needed during the application process