Differences between Sharia KPR and traditional KPR you should know
e="font-weight: 400;">When you want to buy a dream property or home, you need to be familiar with the term KPR or home ownership credit, right? A KPR is a loan in the form of a credit that a bank provides to a customer to buy a home, which will definitely further reduce the burden.
But did you know that there are several types of mortgages you can use to buy a new home? At the very least, there are two types of KPR that are most often considered: Islamic KPR and traditional KPR. So what's the difference between the two types of mortgages? Now, take a look at Kania's review of the differences between Islamic mortgages and traditional mortgages below!
What do Shariah and traditional KPR mean?
The difference between the most basic Shariah and traditional KPR can be seen from their understanding.Islamic mortgage Apply the principles of the Sharia trading system or Murabaha contract, which does not incur interest or usury costs. Traditional mortgages, on the other hand, are not free of interest and the terms of the installment payment are determined by the bank that provides the credit.
Looking at this understanding of Shariah and traditional mortgages, you may be wondering which is more profitable. But don't hurry. Before making a decision, make sure you know the other differences and make sure you don't make the wrong choice.
Differences in transaction process between Shariah and traditional KPR transactions
Of course, the big difference other than interest expense and usury is the two KPR trading processes. Traditional mortgages generally trade in the form of money. Islamic KPR, on the other hand, trades using commodities. In this case, the item in question is the house itself and is carried out on the principle of buying and selling (Murabahah).
For more information, When you buy a home with a traditional mortgage, you pay interest and other costs on the mortgage in addition to the loan. On the other hand, if you use a Shariah mortgage, for example, if you buy a home for $ 650 million, the Islamic Bank will buy the home you want and sell it in installments. However, the bank will use the sale of the home with a pre-agreed rate of return (such as 150 million), so the fee will be 750 million during the period.
Interest and duration
In terms of interest, Islamic mortgages do not charge interest, but use the home sales margin directly. Therefore, the monthly installment fee is fixed. Meanwhile, traditional mortgage rates continue to follow interest rate fluctuation references from Bank Indonesia or BI. For example, in the first two years, the interest rate on traditional mortgages set by BI was 6%, but then the interest rate increases to 10%. Therefore, your interest expense is nominally different.
Let's move on to the installment payment period offered by the two types of mortgages. Traditional mortgages typically offer a term of 5 to 25 years, and in some cases up to 30 years. Now, if KPR Shariah applies a tenor system with a shorter installment period (5-15 years). This difference in installment terms can certainly be an individual consideration for everyone.
Fines imposed by Sharia KPR and traditional KPR
Islamic mortgages and traditional mortgages do have their own restrictions on fine-grained arrangements. In this case, KPR Shariah will not impose sanctions on customers who are late in paying installments for their new home. With traditional mortgages, customers are penalized for delaying or overdue payments according to bank policy.
Down payment and Shariah and traditional KPR contracts
Upfront payments, contracts and agreements from Shariah and traditional mortgages are also important things you need to pay attention to. Islamic mortgage down payments are usually lighter, or 10-15%, depending on each bank's policy. The contract itself is based on Islamic law, that is, the trading system and Murabaha.
Traditional mortgages, on the other hand, usually require a down payment of at least 20%. The contract or agreement is then based on positive law, including home prices, loan interest, monthly installments, and even repayments.
Sharia KPR is unique
Now, apart from all these differences, there is one unique thing that Shariah Mortgage owns. It is an Islamic mortgage that allows customers to freely negotiate a home choice with a bank. In fact, some Islamic mortgages allow you to cancel your first loan and change the home to suit your needs. This is usually influenced by economic or regional factors. For example, if you want to move from a new home in Depot to Bekasi.
This is because Islamic KPR has a gradual ownership agreement called the "term". Musyarakah Mutanaqisah, Both the customer and the bank own the house and the customer pays the given installment payment. Ownership then gradually transfers from the bank to the customer. Unlike traditional mortgages, where you have to complete what you first specified.
This is the difference between an Islamic mortgage and a traditional mortgage. After reading the reviews above, have you decided which type of mortgage to use? Of course, both have their strengths and weaknesses. Therefore, be sure to choose according to your needs.
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Source : http://i0.wp.com/www.dekoruma.com/artikel/111920/perbedaan-kpr-syariah-dan-konvensional
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