TAKE HOME TEST - GE20803 QUESTION 4 (25 MARKS) A married couple Salim and Hajanah is considering purchasing a house in Kota Kinabalu. The couple search several property websites and finally found a double storey house that cost RM400,000. The couple has paid only a 10% down payment for the house bought and will obtain the balance from the bank. The couple is seeking for Islamic home financing and about to make a decision to apply either tawarruq home financing or musharakah mutanaqisah (MM) home financing. The following information is provided to enable you answer questions (i) to (iv). Tenure of financing - 20 years Profit rate for tawarruq home financing - 6.6% Profit sharing ratio between bank and customer (90:10) Monthly rental for MM home financing - RM1,200 . Compute the following: i) Total monthly instalment under tawarruq home financing. (5 marks) ii) Total monthly instalment under MM home financing. (5 marks) iii) Additional monthly redemption. (5 marks) iv) Customer's share portion for the first month under MM home financing. (5 marks) v) The difference of monthly instalment of tawarruq home financing and MM home financing. (5 marks) TAKE HOME TEST - GE20803 QUESTION 4 (25 MARKS) A married couple Salim and Hajanah is considering purchasing a house in Kota Kinabalu. The couple search several property websites and finally found a double storey house that cost RM400,000. The couple has paid only a 10% down payment for the house bought and will obtain the balance from the bank. The couple is seeking for Islamic home financing and about to make a decision to apply either tawarruq home financing or musharakah mutanaqisah (MM) home financing. The following information is provided to enable you answer questions (i) to (iv). Tenure of financing - 20 years Profit rate for tawarruq home financing - 6.6% Profit sharing ratio between bank and customer (90:10) Monthly rental for MM home financing - RM1,200 . Compute the following: i) Total monthly instalment under tawarruq home financing. (5 marks) ii) Total monthly instalment under MM home financing. (5 marks) iii) Additional monthly redemption. (5 marks) iv) Customer's share portion for the first month under MM home financing. (5 marks) v) The difference of monthly instalment of tawarruq home financing and MM home financing