Prop hunter small

Just got an update from my panel lawyer:

Last year Banks would encourage you to apply for Islamic loan as they will provide:
20% off stamp duty for residential and commercial property

With effective from this year on-wards:
20% off for stamp duty is only applicable for residential loan (Home Financing only)

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Generally, is Islamic loan cheaper compare to normal bank loan???

Prop hunter small

Different T&C...

I recall my first property taking an islamic loan from BSN, yes interest is flat rate at 5.5% but the catch that i realize later is that, this loan does not allowed partial settlement to reduce principal. You need to settle in full.

But the other islamic loan nowadays on the market would have different T&C comparing to mine... generally they have higher financial margin, based on feedback from my clients

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To grow Islamic banking, there is 20% stamp duty discount on Islamic loan. Different bank offers different Islamic loan package with different loan features such as term loan, flexi loan, no lock in period, but T&C apply :) consult your mortgage consultant for further details to know the hidden cost too.