Hartani-i provides financing facility to the Government Servant or Private Sector Employees and Stable Income Earner for the purpose to purchase agriculture land.
Purchase of land includes directly purchase from the vendor or through public auction or purchase of land that will be or have been auctioned by Bank Pertanian Malaysia Berhad (Agrobank).
The Bank will only consider the financing if the land to be purchased has the individual title or the land has been sub-divided and/or the land which individual title is to be issued.
Shariah Concept applied:-
- A tawarruq consists of two sale and purchase contracts. The first involves the sale of an asset by a seller to a purchaser on a deferred basis. Subsequently, the purchaser of the first sale will sell the same asset to a third party on a cash and spot basis. Through this financing, the Bank will buy the commodity (a prepaid credit or any other commodity as advised by the commodity) from the Commodity Broker at cost price (based on the financing amount). Subsequently the Bank sells the commodity to the Customer at cost plus profit (Murabahah) on a deferred payment. Next, the Customer appoints the Bank as an agent (wakalah) to sell the commodity at cost price in cash to a third party, on a cash basis. Proceeds of sale will be credited to Customer’s account as financing amount required by the Customer. Commodity applies for Tawarruq transaction is subject to the Commodity Broker.
Benefits of this product are as per below:
|Financing Limit||Margin of financing up to 90% based on applicant’s eligibility limit.|
|Financing Tenure||Maximum financing period is 240 months (20 years) or until the age of 60 years on the maturity date of the financing (whichever is earlier).|
Up to Base Rate (BR) +4.10% per annum on monthly rest basis
*Subject to Margin of Financing and customer’s credit evaluation
Ceilings Profit Rate (CPR)
BR + 7.15% p.a. or 10% p.a.; whichever is higher for the calculation of Sale Price
Effective Profit Rate (EPR)
At the current rate and did not exceed the ceiling profit rate charged and is calculated on a monthly balance.
Note : Current BR is at 3.85%
Fee & Charges
|Stamping Fees||As per the Stamp Act 1949 (Revised 1989).|
|Legal & Disbursement Fees||Include solicitors fees for financing documentation, registration of charge, land search and bankruptcy search and others related charges.|
|Brokerage Fee||Brokerage fee for every successful Tawarruq transaction is as follows:
Financing Amount below than RM50,000
RM44 per transaction
Financing Amount of RM50,000 and above
RM50 per transaction
The Bank will notify at least 21 days’ notice before any changes made to the fees and charges.
Please be informed that effective 1 April 2015, Goods and Services Tax (“GST”) of 6% will be imposed on fees and charges (where applicable) for products and services offered by Agrobank.