Bank Muamalat: House Loan Like A Box Of Chocolate.

Thinking of getting a house loan? Work in Government? Please get a loan from Government.

I am very confused with conventional bank. No matter its Islamic or not. There is a lot of term, a lot promised, a lot of legal stuff, which happen to be - not going to make your life easy.

At first I get a problem with Late payment Purchase with my apartment as bank pay the developer a year late! I was charged Rm8000+ on that and then I request bank to help me someway to settle it and they just said I was late on completing the deal causing them to delay to release the money to the developer. However, I recall that the bank never called me to tell me that I need to pay some Mortgage payment amount Rm600 before they can proceed. I wouldn't know that if they did not tell me. But the blame is all on me. Nobody want to help me. Even lawyer which supposed to handle the legal issue on my loan refused to help me saying that they can't do anything. They ask me to deal with the bank myself. I.....vs the bank? Think of the logic, how many percent that I would win it?

Then I have to settle the payment with my own pocket money. Then before I can feel comfortable, the bank call me that my monthly instalment has been raised. Why? Because thats the procedure. In a few years, there is a schedule that I need to pay a bit more. I checked all my previous document, and yes there is a schedule. I need to pay ultimately Rm768 by the end of my loan. It will increase from Rm618 initially. Ok.

Then settle. Before I can get comfortable, again the bank call me and said that my instalment payment has been raised. Why?

They said Bank Negara Malaysia has increase the BLR. So my loan interest will increase and now I have to pay RM787, which is way above what have been agreed before.

I went to the bank requesting my statement to double confirm the thing. The bank show me that my balanced is RM600000+. For a Rm169000 loan i need to pay RM600K? In my agreement clearly said that I need to pay RM300k in the end.

I told them how come it increase that much? How do I cope if I bought a small pity apartment like this and need to pay RM600K loan. How can people survive like that? Loan until how many generation need to pay?

Then I was told that that amount is base on ceiling price. But no worry because my instalment every month will not be affected. I need to pay per schedule and then when I reach the end, I will only pay around Rm300K plus in total. This is Islamic way of loan. She would said every term in Islamic bank on how the mechanism work which I do not understand and I never will understand. For me, simple, you rent, plus interest, thats the amount you need to pay.

So I continue paying like they told me. Rm787 per month instead of Rm768. Then before I get comfortable, the bank call me again a few days back. My instalment was raised to RM797!!!

Common!!!!

What the hell with all this raised. My salary has not been raised since forever. Why do my loan get raised? Thats not fair.


Now they said about disbursement payment or dispersement payment or something. So the bank raised the instalment payment.

How do I keep my monthly budget like this? How do I plan for the next 5 years. What are the odds that in a few months they will raised my loan payment until Rm1000.

You make a loan, you expect to pay that sum amount over some time period. But now, I feel like I am paying a Loan shark. They would increase the monthly payment according to their will, according to their profit margin, not mine.


Do you have the same experience? Can someone enlighten me on this matter. Is this legal. Or is it legally illegal?


sigh.