HouzKEY is a homeownership financing solution offered by Maybank Islamic to assist first and second home Malaysian buyers in owning their dream home. It is based on the Shariah contract of Ijarah Muntahiyah Bi Tamlik which is a lease contract that ends with ownership via sale.

This financing solution is available for properties offered by our partnering developers which include new launches, under-construction and completed properties. Financing on purchase of subsale residential property is unavailable until further notice.

Under HouzKEY, homebuyers get to enjoy 100% financing (no down payment is required), no payment during construction period and lowest monthly payment.

Homebuyers under HouzKEY starts off with a 5 year tenure (“Initial Tenure”) and subsequently have the flexibility to continue for up to an additional 30 years.

Thus the maximum tenure that can be offered is 35 years (or up to 70 years old, whichever earlier).

HouzKEY provides 100% financing and no down payment is required.

To start your homeownership journey, only pay three months of deposit upon signing the HouzKEY Agreements with the Bank and the Sale and Purchase Agreement (SPA) with the developer.

Yes. The security deposit is refundable in the event that there is no outstanding sum due and payable to the Bank including any cost of repairs, replacements or damage to the Property. The Security Deposit will not be used as a set-off against the monthly payment at any time without prior written consent from the Bank.

This will vary from project to project as the packages offered by Developers are different for each project. If the costs are not absorbed by the developer, the cost will be due from you.

You may enquire with our representatives or with Developer sales team for your specific project in mind.

Note:
All costs stated herein are based on estimation only

During the Initial Tenure, the Financing Rate is termed as the Campaign Rate.

Subsequent to the Initial Tenure, the Financing Rate is termed as the Profit Rate.

Both Profit Rate and Campaign Rate are unique to customer’s assessment. Campaign Rate is used to calculate the monthly payment from Year 1 to Year 5 whereas Profit Rate is used to calculate the monthly payment based on property price and financing rate from year 6 onwards.

Both the Campaign Rate and Profit Rate (collectively defined as ‘Financing Rate’) will be disclosed to you at the point of your application approval and agreement signing.

The Financing Rate is subject to changes in the Bank’s SBR.

Your monthly instalment amount will vary if the SBR changes.

• Profit Rate and Indicative Campaign Rate is subject to prevailing Standardised Base Rate (SBR) and Bank’s assessment on the Customer.

Historical SBR for the past 8 years.

Your monthly payment will be computed based on the property price and your Financing Rate.

During the Initial Tenure, the monthly payment is a profit only payment to enable lower payments in offering you with the greatest cash flow flexibility.

Your monthly payment schedule will be shared with you at the point of signing of agreement.

In the event that there is a change in the Bank’s Standardise Base Rate/Islamic Base Rate, the monthly payment amount will change accordingly and you will be duly notified by the Bank. Your monthly payment may also be adjusted from time to time to take into account the costs and expenses incurred in relation to this financing, including but not limited to the Bank’s solicitors’ fees, stamp duties and registration fees, if any, expended or that may hereafter be expended by the Bank. The Bank will give no less than twenty one (21) days’ prior notice in writing to you of any such intention to vary the rate, manner and time of payment, and mode of computation and will specify the date such changes are to come into effect. The Bank may adjust the monthly payment by twenty one (21) days’ prior written notice to you for any reasons whatsoever so long as such adjustment (other than an adjustment due to the change in the Bank’s Standardise Base Rate/Islamic Base Rate) will not increase the amount of the monthly payment payable by you. Any variation will take immediate effect from the date stated by the Bank in the said notice.

The monthly payment commencement date refers to the date on which the monthly payment shall commence which will be notified by the Bank to you. In the event of any renovation work to be done in the property after the Vacant Possession Date or the Deemed Vacant Possession Date, the monthly payment shall commence regardless. As of the Vacant Possession Date or the Deemed Vacant Possession Date, whichever is applicable, you shall accept the right to full possession of the property, on an “as is where is” basis.

Grace Profit Period is the number of days from Vacant Possession Date or Deemed Vacant Possession Date until the next 21st of the month. This GPP will be charged only once in your first billing.

You will be required to pay the above charges.

• Rate is subject to prevailing Standardised Base Rate (SBR) and Bank’s assessment on the Customer. SBR is a common reference rate for all commercial banks with effect from 1st August 2023 in the pricing of new retail financing pegged to Islamic base rates, refinancing of existing retail financing, and the renewal of revolving retail financing from 1st August 2023. The SBR is pegged to the Overnight Policy Rate (OPR) (i.e SBR = OPR) and all existing Islamic Base Rate (IBR) in turn are pegged to the SBR. In other words, SBR and IBR will be adjusted in tandem with the changes in the OPR as determined by the Monetary Policy Committee (MPC) of Bank Negara Malaysia.
• Estimated upfront cost includes legal fees, disbursement and stamp duty for the sale & purchase agreement, HouzKEY Agreements, transfer agreement for a property with title. These costs may differ from project to project as it may be absorbed by developer. All costs stated herein are based on estimation only and subject to change. All costs stated herein differs based on states and may be higher and subject to change from time to time.
• The progressive payment during construction is financed by the Bank and is only due as part of contract Settlement Price.
• Mortgage instalment illustration based on 35 years’ tenure.

As the property portfolio is constantly expanding with more developers and properties added across different locations, you can browse all participating projects by developers HERE to view the available projects and collaboration with participating developers.

Browse our property selection HERE and select the project that you are interested in.

Click "register interest" and fill in your details.

The developers/agents will get in touch with you for the next steps.

Alternatively, you may also make a booking directly with the participating developer and apply for HouzKEY. This is to ensure the availability of your desired unit with developer when you apply with HouzKEY for financing.

Please allow us a few days to assess your application.

We shall then inform you via email on the result of your application and the next steps.

You must be a Malaysian citizen, 18-70 years old and must not have more than 1 home financing (including HouzKEY facility) at the point of application.

No, there can only be one main applicant.

You may however apply for HouzKEY with up to three guarantors.

Pursuant to the actual purchase of the property, you may consider joint names, if required.

You can apply for HouzKEY with up to three guarantors.

They should be 18-70 years of age and must be members from your immediate family such as your parents, siblings, spouse or children.

Guarantors are exempted from the criteria of having not more than 1 home financing (including HouzKEY facility) at the point of application.

You and your guarantor(s), if any, are required to upload the following documents in your application:

I. Identity Card (NRIC); and

II. Employed (salary earner):

Latest 3 months consecutive salary slip Latest EPF statement Latest 3 months bank statements (if non Maybank crediting salary) Note: If working overseas, to provide Employment pass/working permit and Employment Letter and overseas EPF / Credit Report (EPF/CCRIS equivalent), if any.

OR

III. Self-employed (sole-prop & partnership):

Latest 6 months bank statements Latest consecutive 2 years B/BE Form (with tax receipt) Latest 2 years financial Financial Account Statement/Management Account Latest SSM search

AND

IV. Any other supporting documents to strengthen your credit profile:

Latest BE form with tax receipt 2 years EA form for non-contractual bonus Employment confirmation letter on fixed bonus 6-months or up to 1-year bank statement or commission/variable allowance/overtime/service points vouchers 3-months pension statement Copy of ASB book or Tabung Haji reflecting customer's name and latest balance Copy of Fixed Deposit certificate Valid tenancy agreement not less than 6 months from expiry date, or 6 months bank statement showing rental income and property ownership evidence.

Our officer may be able to guide you on the supporting documents once you have submitted the mandatory documents as stated in I and II or III above

The Bank will inform you on the successful application and provide instructions for you to proceed in securing your HouzKEY financing and property chosen. You and your guarantor(s) (where applicable) are required to:

The developer will notify you via a Vacant Possession (“VP”) Notice once the property is in order for handover.

This is optional however we highly recommend that you assign a nominee as the assigned nominee is allowed to continue on with your HouzKEY arrangement in the unfortunate event of your passing.

You may appoint any person of your choosing.

However, the nominee will need to have the intent and financial ability to continue with your HouzKEY arrangement in the unfortunate event of your passing.

You should also keep your guarantor(s), if any, informed on the named nominee.

You may fill in the Nominee Form during signing of the HouzKEY Agreements with the solicitor and the nominee can be changed from time to time by notifying the bank.

There are three (3) types of Takaful coverage that are relevant for your property under HouzKEY:

Once the agreement is signed, any missed payment may be considered an event of default. In the event of default during the Tenure (Initial or Continuous), you will be liable to pay the full Settlement Price and any other costs and expense due and payable from you.

In the event of late payment, you will be liable to pay Late Payment Charges (LPC) based on the following:

Please contact us immediately if you are experiencing difficulties in making payments.

Our team will guide you on the next steps.

You may refinance your property with any other banks or sell the property to settle the amount outstanding after fulfilling one year payment with HouzKEY and six (6) months prior to expiry of the Initial Tenure

a. Refinancing My Property

b. Settlement via cash money

c. Sell the property before maturity

Your contract with the Bank will be expired and you will be required to immediately return vacant possession of the property to the Bank and you will be required to immediately settle all costs and such other outstanding payments due and payable to the Bank.

Alternatively, you also have the flexibility to continue for up to subject to the bank's terms and conditions and assessment. Notice for continuation must be served to the Bank five (5) months before expiry of the Initial Tenure.

Please contact us if you wish to continue with HouzKEY at least five (5) months prior to the expiry of the Initial Tenure. You are able to exercise the Option to Continue after the lapse of 4.5 years from the Vacant Possession Date and up to five (5) months before expiry of the Initial Tenure by serving the Option to Continue notice, which shall be subject to the Bank's terms and conditions and assessment. Your guarantor (if any) shall be included as joint applicant for the Option to Continue. The profit arising from moratorium (if any) and Sale and Purchase Agreement (SPA) Legal and Disbursement Fee are to be paid prior to execution of new agreement.

Letter of Offer will be issued by the Bank further to assessment and approval. You will be required to submit new income documentation for assessment if you exercise Option to Continue with HouzKEY.

You will not be required to pay any down payment when you continue with HouzKEY.

• The above estimation excludes disbursements, taxes and extra copies. You are advised to request for the legal fee quotation directly from our panel solicitor for your respective property.
• The above estimation excludes disbursements, taxes and extra copies.

This matter is dealt with by the solicitor as per normal conveyancing process. Once the SPA is signed and stamped, we proceed to update the new payment schedule for your account and refund your Security Deposit after netting off remaining outstanding payment due to the Bank. Until such time where the steps are concluded, please be reminded you remain obliged to continue your monthly payment.

You are required to assess the risks that you will be exposed to when you undertake to own the home of your selection via HouzKEY facility. You are also advised to protect your interest via the recommended mitigations above or any other alternative options available to you.

The Bank does not undertake any obligation to secure you any other banking facility or buyer. This is solely your responsibility when you have decided to early settle.

Interior renovation without any structural change would be allowable without any consent required. For any structural changes of the property, written approval, license, permit or consent from the competent authority or authorities, joint management body or management corporation must first have been obtained.

Where any alterations or additions are made to the Property, you shall ensure and procure that such alterations, renovations or additions to the Property are carried out or executed by the appropriate person(s) who are licensed (if applicable) to carry out or do such works, in a good and workmanlike manner.

You are not able to lease, let out, or grant any licence or otherwise howsoever part with the possession or make or accept the surrender of any lease whatsoever of or in respect of the Property or any fixture, structure or part thereof, to any person firm or company without the consent in writing of the Bank first had and obtained and which consent may be given or refused without assigning any reason therefore either absolutely or on such terms and conditions as the Bank deems fit and the decision of the Bank shall be final and conclusive.