Takaful Mortgage objective is to redeem the mortgage in the event of policy holder’s untimely death.
A Shariah-compliant reducing term Takaful plan provides Bai' Bithaman Ajil (BBA) home financing borrowers with financial protection in the event of premature death or total permanent disability
With Takaful Mortgage, a borrower can safeguard his home and family against the unexpected, so that they will not be burdened with mortgage repayments or face the possibility of losing their home.
A mortgage Takaful plan is in general eligible for individuals between 18 to 65 years with a financing/loan facility. The coverage amount reduces according to the tenure making it the perfect choice for covering against term loans.
A mortgage Takaful offers the guaranteed benefit to settle the mortgage balance based on the table of reducing sum covered plus a consolation benefit payable upon death or permanent disablement in accordance to a takaful agreement.
The halal mortgage insurance offers also an excellent coverage that compensates financially a permanent disablement benefit if a borrower is not able to perform hos job for a period of six consecutive months.