Subsidised Tawarruq Home Financing-i by State Government of Sarawak, Statutory Bodies and Councils
For officers serving in the State Government of Sarawak, Statutory Bodies and Councils under the Employer’s Guarantee Scheme.
Guidelines, terms & conditions under the Government Officers’ Islamic Financing Housing Loan Scheme 2024 – State Financial Secretary’s Office Circular No. 02/2024 dated 6th February 2024.
Maximum Payment Period
40 years or before reaching the age of 70, or whichever comes earlier.
Subsidised Profit Rate
At 3% per annum on monthly rest.
Frequently Asked Questions
Yes, but the financing amount is subject to the remaining qualifying amount and the percentage of your monthly deduction amount.
Our maximum financing period is 40 years subject to age plus repayment period not exceeding 70 years whichever is earlier.
Yes, you may but subject to Government’s/Employer’s/Council’s approval. The amount to be transferred is the outstanding balance of loan with the Bank at the point of application.
Yes, you do. You have to provide us with the Construction Agreement entered between you and the contractor and Approved Building Plans by the local council/authority.
No, we do not allow payment in advance. Release of financing payment upon completion of documentation can only be made progressively based on our Company’s Progress Report on construction works achieved.
6) If I apply for an additional financing facility can the progressive payment be paid direct to me?
No, all progressive payments are to be channelled through the Solicitors handling the loan documentation.
Yes. The financing amount may include legal costs and/or stamp duty related to the preparation of the loan agreement. However, it’s depending on your maximum eligibility and the percentage of your total deduction in payslip.
No. The land must be on land owned by the applicant with “Residential land” status.
Loan application with spouses who are not a State Government employees are allowed as long as the applicants are registered owners of the property.
* The Company reserves the right to vary the above information, terms & conditions from time to time without assigning any reason whatsoever.