Bank Rakyat Home Loan

    There are four different types of house financing schemes offered by the bank that includes, Home Financing-i, Home Financing-i ZEC, Home Financing-i My 1st Home Scheme, Home Financing-i Commercial, and Home Financing-i (PR1MA). The financing schemes come with a high margin of financing, competitive profit rates and flexible tenures.

    Interest/Profit Rates

    The profit rates for different schemes under Bank Rakyat Home Loan are as follows:

    Financing With MRTT
    Financing Without MRTT
      Financing Amount Profit Rate Financing Amount Profit Rate
    Home Financing-i Below RM200,000 BR + 1.30% Below RM200,000 BR + 1.40%
    RM200,000 - RM349,999 BR + 1% RM200,000 - RM349,999 BR + 1.10%
    RM350,000 and above BR + 0.80% RM350,000 and above BR + 0.90%
    Home Financing-i ZEC Open BR+1.33% Open BR+1.43%
    Home Financing-i My 1st Home Scheme Up to RM2 million BR+1.18% until BR+1.48 - -
    Home Financing-i (Shophouse / Commercial) Open BR+1.50% - -
    Home Financing-i PR1MA Open BR+0.58% (Profit Rate)

    (Base Rate (BR)= 3.85%); (MRTT = Mortgage Reducing Term Takaful)

    Fees & Charges

    Type of fee Amount
    Stamp duty charges 0.5% of total financing amount as per the Stamp Duty Act 1949 (Revised in 1989)
    Agency fee or Wakalah fee RM30
    Custodian of security documents after full settlement RM10.60 per month
    Issuance of statement for EPF withdrawal RM15.90 per document
    Disbursement fee As per the bank’s discretion (Includes registration fee)
    Legal fee As per the bank’s discretion
    Valuation fee As per the bank’s discretion (Applicable for completed properties only)

    Eligibility Criteria

    Nationality Criterion Malaysian citizen
    Age Criteria
    • Minimum age: 18 years
    • Maximum age: 70 years
    Income Criteria -
    • An applicant should not be bankrupt while applying for any of the Bank Rakyat Home Loan schemes.
    • He/she must not possess any bad records with any other bank or financial institutions.
    • A joint application must be made with direct/related family members such as spouse, parents, children, or siblings.
    • While applying for the My 1st Home Scheme, an applicant should not be more than 40 years of age while completing the financial tenure.
    • He/she should be a first time house buyer to obtain the My 1st Home scheme.
    • Only a spouse is allowed for a joint application for Bank Rakyat Home Financing-i My 1st Home.
    • House Financing-i PR1MA and My 1st Home schemes provide financing only when the property is being purchased for the customer’s own occupation.

    Documents Required

    For An Applicant With Fixed Income:

    • Copy of MyKad (Malaysian identity card) or
    • Authority Card (Police or military)
    • Latest salary slips (for successive 3 months)
    • Latest bank statements (for 3 months)
    • Latest EPF statement / EA form
    • Confirmation Letter of Employment by the employer

    For An Applicant With Non-fixed Income:

    • Copy of MyKad (Malaysian Identity Card) or
    • Authority Card (Police or military)
    • Latest bank statements for 6 months (Individual or business)
    • Business registration documents: Form 24 or 49
    • B Form with Payment Receipt

    Property Documents:

    • Sale and Purchase Agreement
    • Copy of Title
    • Offer to Purchase from Developer
    • A copy of the Booking Receipt
    • Memorandum of Sale: Auction
    • A valuation report: Completed/Auction/Subsale/Refinancing/Construction of House (whichever is applicable)

    Types Of Bank Rakyat Home Loans

    • Home Financing-i: The loan is offered for various purposes including under construction, completed, auction, subsale along with the construction of the house, purchase and redemption of residential land as well as for the purpose of refinancing.
    • Home Financing-i ZEC (Zero Entry Cost): This is a form of Home Financing-i which helps to finance a customer’s legal fees, valuation costs along with stamp duty charges. Up to 2.5% fees cost from the approved financing amount is borne by the bank, under this scheme.
    • Home Financing-i My 1st Home Scheme: This is a home loan scheme exclusively for young adults. A customer can acquire up to 110% margin of finance for their first home under this scheme.
    • Home Financing-i Shophouse/Commercial: This is a type of loan offered by the bank to finance a customer’s commercial or shophouse property. The margin of finance provided is up to 90% including MRTT/Legal Fee/Valuation Cost.
    • Home Financing-i (PR1MA): This is a loan facility given by the bank for projects developed by PR1MA. The margin of finance obtained through the scheme is as high as 110% and no-lock in period is involved in the scheme.

    Features & Benefits

    • The home loan schemes provided by the bank can be utilised for completed or under construction properties, properties under auction, sub sale, purchase of the residential land and for refinancing.
    • The margin of financing provided on the home loan schemes ranges from 90% to 110% depending on the type of loan a customer is opting for.
    • Joint application is permitted for select schemes.
    • The financing tenure can go up to 35 years or until the borrower attains 70 years of age.

    How To Apply

    Offline Application: Customers can go to the nearest branch of Bank Rakyat and request for the application form. The duly filled form must be submitted along with the documents requested along to finish the application process.

    Online Application: While applying on the bank’s website, a customer can click on the tab and fill in their personal details and loan requirements. Upon submission of all the details, a customer will receive a phone call from the bank representatives to carry the process forward.

    (All the fees and charges are inclusive of 6% Goods and Service Tax)

    Bank Rakyat Home Loan Repayment

    For repayment purpose, a customer can choose any mode of payment from the following:

    • Biro Perkhidmatan Angkasa (Space Services Bureau)
    • Salary Deduction
    • Savings Account-i Deduction
    • Electronic Payment facility

    Bank Rakyat Home Loan Refinance

    Home Financing-i and Home Financing-i ZEC (Zero Entry Cost) are two schemes from Bank Rakyat that allow customers.

    Contact Number

    Customers who have any queries or require any additional information regarding the products offered by the bank, can contact the bank representatives on the bank’s hotline at: 1-300-80-54-54.


    Q. What are the benefits a customer can get from Home Financing-i (ZEC) Zero Entry Cost?

    A. When you get a Home Financing-i Zero Entry Cost, your legal fees, stamp duty charges, and valuation costs will be borne by the bank.

    Q. Do I need a guarantor to obtain the home financing?

    A. The requirement of a guarantor depends on various factors including the applicant’s credit history, amount of financing etc.

    Q. Do I need to pay a security deposit?

    A. The security deposit is asked to be paid only when the customer is obtaining a refinancing scheme. Here, 2 months instalment amount will be deducted from the customer’s financing and credited into his/her Special Account upon disbursement.

    Q. Do I need to have a houseowner takaful coverage?

    A. Houseowner Takaful coverage for residential and Fire Takaful for shophouse or commercial lot is mandatory.

    Q. Will I get a rebate if I settle my home loan earlier than the allotted tenure?

    A. The bank will provide you with Ibra (rebate) for early repayment of your home financing-i.

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