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I've received the first phone call from the bank yesterday regarding our house loan. So far after my house agent mentioned that she's already passed my relevant document to the banks, it was the first call that I got. Or maybe that would be the only one? I don't know.
We talked about some of the processes, the SNP form, the legal fees, kaviat, wasiat all the way to the cost that's gonna be charged to me. He said it would approximately cost around 10% from my 90% approved loan which is around 25K.
My eyes were like rolling up and trying to find their ways to get back into position. 25K man!! After he forwarded me the applicant form to be filled up and emailed back to him, I started discussing it with my wife, contacted some of my friends to get some suggestion and opinions. I reached any friends that I thought could help me on defining the rough estimation of a 'normal' cost of these kind of processes.
Cut short, I got the impression that 25K is way toooo expensive. So today I was asking any recommended lawyer number from my friend and suddenly a call came in and it was the Muamalat guy. He was asking when I can submit the form but I directly conveyed my concern on that 25K cost. He was calming me down and said that was the rough estimation. He calculated the real cost (still a rough one though) and told me it would be around 16K. Hmmm..
Asked my fellow colleague and she said it's quite normal. The best part of this bank is that I don't have to worry about the Riba', Akad and everything. It's 100% Islamic financing. Is this how Allah assists me after all that daily prayer? Probably. So now I am filling the form but still open my mind to any other options.
Hmm..Ok. I think I stick with Muamalat lah. Looking for halal tu kan wajib. (sedapkan ati takut ada bank offer yg lebih nice). The guy had also explained that their service doesn't have any riba', hidden charge and even taught me on how the conventional bank would fine you if you ever pay the installment later than the monthly due date.
So..I've just called Cembam saying that I would opt Muamalat for our housing loan and she just leave the decision to me. Ok..gonna fax this form now and send it to the bank...
Now googling on MLTA and MRTA insurance.