Efforts To Network Millennials Through Sharia-Based KPR Savings

JAKARTA - PermataBank Syariah officially launched the PermataKPR iB Bijak with the Musyarakah Mutanaqisah (MMQ) agreement, which is the first innovative product of sharia-based mortgages in the Indonesian Islamic banking industry through a synergy between mortgages and savings.

"We see an increasing need for property ownership, as well as public interest in sharia products," said Sharia Banking Director PermataBank Herwin Bustaman in Jakarta, Monday 23 December.

Herwin said that this latest product has three advantages, namely the potential for ujrah of 0 percent according to the arrangement according to customer savings, a tenor of up to 25 years, and a maximum approval process of five working days.

"If the placement (savings) is up to 125 percent of the ceiling, then ujrah can be up to zero percent," he said.

Meanwhile, PermataBank Head of Mortage Business Maya Dewi said that through PermataKPR iB Bijak, customers can get a mortgage margin of up to 0 percent, with the 70-80 percent scheme the savings balance will be calculated as a deduction from the principal of the loan in calculating the KPR margin.

"We use 80 percent of the savings (to cut ujrah). Savings can be up to 25.94 percent if the assumption of savings is 50 percent of the total ceiling. The higher the existing savings, the smaller the installments, "Maya said.

On the other hand, Maya said that customers can continue to transact as usual through the savings, because the balance is calculated every day and will be adjusted according to the amount that will be paid.

"The savings are not blocked. If you want to withdraw them, you can use them because we calculate the daily balance. For example, today the balance is Rp. 500 million, tomorrow it will be withdrawn Rp. 200 million, now we immediately count it every day so the system is a daily calculation, "he explained.

Furthermore, Herwin said that PermataKPR iB Bijak targets customers of various ages, but through a tenor of 25 years, it is hoped that many millennials will be netted because the installments will be smaller, making it easier for them.

"For the short tenor, the installments are usually difficult for millennials, that's why we are introducing a long one of up to 25 years," he said.

For information, based on the Property Index Survey by Bank Indonesia (BI), the total mortgage portfolio shows growth every year, from IDR 467 trillion in 2018 to IDR 499 trillion as of September 2019.

In addition, the Sharia Banking Statistics data published by the Financial Services Authority (OJK) as of September 2019 shows Sharia KPR has increased since 2018 for all property lines such as residential ownership units, which increased by 14 percent, units of flat or apartment ownership by 23 percent, and 7 percent. shop ownership unit (rukan).