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Hire Purchase-i (AITAB)
Find out more about the Shariah-compliant Hire Purchase-i (AITAB) package and drive away your dream car with peace of mind.
(Currently available only in Klang Valley)
- Flexible in making payments, allow principal reduction thus savings on profit charges
- Option to maintain instalment even when the OPR increases
- Enjoy savings on profit charges as it is computed based on reducing balance method
Packages
Hire Purchase-i
(Currently available only in Klang Valley)
Find out more about the Shariah-compliant Hire Purchase-i package and drive away your dream car with peace of mind.
Hire Purchase-i
(Currently available only in Klang Valley)
Shariah Concept
Al Ijarah Thumma Al Bai ("AITAB")
Hire Purchase-i (AITAB) is a variable rate financing product that allows a customer to purchase a motor vehicle by way of monthly rental payments. The ownership of the vehicle will only be transferred to you after settlement of the last rental payment.
Eligibility Criteria
- Individuals: Aged from 18 to 60 years old
- Citizenship: Malaysian and Non-Malaysian (with Permanent Residence (PR) Status)
Type of Motor Vehicle
- New/Pre-registered/Used /Unregistered reconditioned passenger vehicles
Financing Amount
- Depending on the customers eligibility limit
Margin of Financing
- Up to 90 % of Invoice value
Tenure
- Minimum of 1 year up to a maximum of 9 years
Profit Rate
- Variable Rate with Reducing Balance profit distribution method
Features / Benefits
- No early settlement charges, net balance amount outstanding due plus accrued term charges up to the next payment due date
- No compounding of profit and other charges
Hire Purchase-i (AITAB) Calculator
How much should you be paying for your Hire Purchase-i (AITAB)? Complete the fields below to determine your monthly instalments for your Hire Purchase-i (AITAB)
*Please note that you do not have to use commas (example: type in 100000 and not 100,000)
Documents Required
Employee/ Salaried
- Copy of applicant’s MyKad/ Passport; AND
- Copy of applicant’s driving license; AND
- Latest three (3) months’ salary slips; AND
- Latest 3 months’ bank statement
Commission Earner
- Copy of applicant’s MyKad/ Passport; AND
- Copy of applicant’s driving license; AND
- Minimum 6 months latest Commission Statement; AND
- Minimum 6 months latest Statement of Account; OR Latest EPF statement
Self Employed/ Business Owners
- Copy of applicant’s MyKad/ Passport; AND
- Copy of applicant’s driving license; AND
- Certificate of Business Registration/ Form 24 & 49;
- Partnership Agreement (if any);
- Latest consecutive two (2) years B/BE Form; which Latest B/BE is not more than 12 months from the date of application.
Documents Download
Mode of Payment
- Electronic Payment Transfer
- MJourney
- CRM
- ATM
- Over the counter/ branches – at over 47 branches nationwide
Hire Purchase-i (AITAB) DOCUMENTS - TAWARRUQ
| Item | Document |
|---|---|
| Annexure (1st & 3rd Party) | Download |
| Deed of Assignment (Rental Proceeds) | Download |
| Deed of Assignment (1st & 3rd Party) | Download |
| Facility Agreement | Download |
| Guarantee | Download |
| LOSO (Tawarruq) (1st Party) | Download |
| LOSO (Tawarruq) (3rd Party) | Download |
| MOD (Tawarruq) (1st Party) | Download |
| MOD (Tawarruq) (3rd Party) | Download |
| Power of Attorney (1st & 3rd Party) | Download |
DOCUMENT FINANCING-i - BBA
| Item | Document |
|---|---|
| Annexure-i (1st Party with Title - Open) | Download |
| Annexure-i (3rd Party with Title - Open) | Download |
| Deed of Assignment (1st Party-i) | Download |
| Deed of Assignment (Rental Proceeds) | Download |
| Power of Attorney | Download |
| Property Purchase Agreement (With or Without Title) | Download |
| Property Sale Agreement (With or Without Title) | Download |
PERFECTION OF CHARGE (POC)
| Item | Document |
|---|---|
| Annexure Hire Purchase-i (AITAB) Documents - Tawarruq | Download |
| Annexure Document Financing-i - BBA (1st Party) | Download |
| Annexure Document Financing-i - BBA (3rd Party) | Download |
| Annexure Conventional (1st Party) | Download |
| Annexure Conventional (3rd Party) | Download |
| Standard Letter HF-4 (Compulsory) | Download |
| Sample Form 16A (Islamic) | Download |
| Sample Form 16A (Conventional) | Download |
| Sample Letter of Undertaking | Download |
| Sample Letter Request of Original Document | Download |
*Should you need further information, you may liaise with POC team at doc.perfection@mbsbbank.com or contact 03-7455-8589/8569/8575/8551.
REDEMPTION STATEMENT / DISCHARGE OF CHARGE
Dear Valued Customer,
Thank you for choosing MBSB Bank as your preferred financial service provider. For Property Redemption Statement requisition, kindly fill up forms provided below together with authorised signatory of all customers:
Service Request Form (Complete section A, B, D and E) Attachment A (Please immediately liaise with your chosen solicitors for appointment and preparation of discharge related documents) Indemnity Letter (Applicable to deceased cases)Please refer to table below as guidance. Kindly email the completed documents to rsrequest@mbsbbank.com.
| Application | Required Documents | ||||||
| Service Request Form | Attachment A | Indemnity Letter | Copy of NRIC | Copy of Death Certificate | Copy of Power of Attorney | Letter of Administration | |
| Single Customer | Yes | Yes | N/A | Yes | N/A |
Yes (if applicable) |
N/A |
| Single and Joint Customer for Financing and Sales and Purchase Agreement or Title |
Yes (to be signed by all - primary and joint account) |
Yes (to be signed by all - primary and joint account) |
N/A |
Yes (primary and all joint account) |
N/A |
Yes (if applicable) |
N/A |
| Death of single Customer |
Yes to be signed by administrator or all beneficiaries) |
Yes (to be signed by administrator) |
Yes (to be signed by administrator or all beneficiaries) |
Yes (Administrator or all beneficiaries) |
Yes |
Yes (if applicable) |
Yes |
| Death of single or Joint Customer for Financing and Sales and Purchase Agreement or Title |
Yes (to be signed by survivor of joint account and/or survivor chargor/assignor / administrator/ beneficiaries) |
Yes (to be signed by survivor of joint account and/or survivor chargor/assignor / administrator) |
Yes (to be signed by survivor of joint account and/or survivor chargor/assignor / administrator/ beneficiaries) |
Yes (survivor of joint account and/or survivor chargor/assignor / administrator/ beneficiaries) |
Yes |
Yes (if applicable) |
Yes |
Discharge of Charge for Property
Dear Valued Customers,
Thank you for the settlement of your property financing with MBSB Bank. It is vital for you to ensure that your property is free from any encumbrances by initiating the discharge of charge process as soon as possible upon settlement of your property financing.
As per your Attachment A, kindly expedite the appointment of your Solicitors to undertake the discharge of charge process.
Your appointed Solicitors shall submit duly completed required documents (as mentioned below) to MBSB Bank Berhad, Level 6, Discharge of Charge Unit, PJ Sentral, Lot 12, Persiaran Barat, Seksyen 52, 46200 Petaling Jaya, Selangor.
For any enquiry, kindly email to: doc.discharge@mbsbbank.com
Thank you.
Documents Required
- Discharge of Charge (Form 16N) for property with an individual or strata title.
- Deed of Receipt Reassignment (DRR) for property with master title (i.e. without title)
- Attachment A (COMPULSORY signed by the Customer(s)/Administrator(s) and duly verified by Bank Officer or Solicitor together with Name of Legal Firm duly appointed by the Customer(s) for preparation of discharge documents)
- Photocopy of MyKad/Passport.
- Letter of Authorization.
- Land Search (Applicable for Property with Title)
- Letter of Administration/SKW/Grant Probate (Applicable for deceased cases)
- Death Certificate (Applicable for deceased cases)