Home Financing
Your dream home is now a reality.
Start the journey to home ownership and enjoy a flexible payment period of up to 25 years.
Eligibility
- Brunei Citizens and Permanent Residents.
- Individuals aged 21 to 65 years.
- Employed with Brunei Government, Semi-Government or private companies approved by BIBD including self-employed individuals.
* The maximum age of Customer is 55 years if the Customer is not receiving TAP, 60 years if the Customer is receiving TAP and not exceeding 65 years at the time of expected financing maturity.
Required Documents
- Original identity card or passport.
- Proof of employment. (latest salary slip or letter of employment)
* Required for first time account opening and any changes to the employment. (for existing customers)
Requirements
- Applicant.
- Business Registration Certificate. (where applicable)
- Property Documents.
- Land Title Deed.
- House Plan.
- Copy of Identification Card of Landowner. (where applicable)
* Refer to Product Disclosure Sheet for other required documentation.
Fees
- You may refer to the Bank's Schedule of Tariffs and the list of applicable rates for this product.
Features
Enjoy a flexible payment period of up to 25 years
A maximum Total Debt Service Ratio (TDSR) of 70% for those with net income of BND 1,750.00 and above subject to Bank‘s policy
Joint Financing is allowed
Get a higher financing entitlement of property value
Home Purchase Home Construction Land Purchase Home Refinancing / Mortgage Shophouse Apartment Strata-titled properties
Suitable For
Retired Individuals
Working Professionals
Quick Links
The underlying concept(s) adopted for this product are either;
Musharakah Mutanaqisah
A diminishing partnership whereby two parties jointly purchase a property with respective capital contributions, and the share of one party diminishes and is transferred to the other party by purchasing through rental paid until the property is fully owned by one party.
The Bank and Customer enters a Partnership (“Musharakah”) contract to jointly purchase and co-own a completed property. Both the customer and the Bank will contribute to the shares of the property. The Bank will lease its part of the property to the Customer under a lease (“Ijarah”) agreement. The Customer will pay the rental whilst also buying the shares owned by the Bank gradually until all the Bank’s shares are purchased by the customer over the period of financing. The property now is solely owned by the Customer.
If the subject matter of the partnership is an under-construction property, the Bank will lease its part of the property to the Customer under a forward lease (“Ijarah Mausufah Fi Zhimmah”) arrangement whereby Customer will pay advance rental (inclusive buying the Bank’s shares). Once the property is completed, the forward lease agreement will be changed to a normal lease agreement and the process will be the same as the completed property above.
or;
Bai Bithaman Ajil
Sale contract based on deferred payment at certain price. The Bank sells goods owned to the customer on a deferred payment basis with disclosed price and profit amount (“Murabahah sale”). The Bank will offer to buy back the goods from the customer at spot basis.
Please read this Product Disclosure Sheet (English/Malay) before you decide to take the Home Financing.