A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Home Loan BYTES FROM OUR KITCHEN

    BSN Home Loan

    Bank Simpanan Nasional (BSN) offers a range of home loan facilities to its customers depending on the income criteria of the applicant. The BSN MyHome packages offer financing packages at competitive interest rates with flexible tenures that allow for easier repayments.

    Types Of BSN Home Loans

    • BSN MyHome (Residential Property): This is the loan facility that is granted by the bank for the purchase of a new house or a residential house that is under construction. Individual applicants, as well as organisations, can apply for this loan scheme. The home financing scheme comes with Zero Moving Cost or Zero Entry Cost that comes with a lower rate. The loan comes with 2 packages that include that are:
      • Second Charge Package: It is offered exclusively for government servants and works as an additional loan in case the existing loan is proving insufficient for the customer.
      • Two Generations Package: It is a joint loan consisting of 2 generations such as parents, and their child who is studying and above 21 of age. It also offers a longer tenure.

    • BSN MYHome (Program Perumahan Rakyat): This home loan scheme is specially designed for those who are self-employed or have an irregular income flow to own a home. The program is designed for customers who are looking for their first home and will be residing in the property. Financing amount of up to RM120,000 is granted through this scheme.
    • BSN MyHome (Youth Housing Scheme): This is a home loan scheme by BSN to help single or married youngsters who want to own their very first home with ease.

    Features & Benefits

    • Depending on the type of the scheme, the BSN Home Loan provides up to 100% of margin of financing to the applicants.
    • The loan offers tenures that last up to 35 years or until the customer reaches 70 years of age.
    • Through the schemes, a customer can get financing for a range of properties.
    • Properties include new or under construction residential houses, and bungalow lots
    • The financing can also be acquired for building a house, or to purchase a shophouse.
    • It also allows for refinancing.
    • The loan schemes are accessible from the branches of the bank located across the country.
    • A customer can pay off the loan instalments by various easy and accessible methods.

    Interest/Profit Rates

    Loan Scheme Amount of Loan Tenure of Loan
    Effective Interest Rate
    Property Which Is Completed
    Property Under Construction
          Zero Entry Cost (ZEC) Non Zero Entry Cost (NZEC) Zero Entry Cost (ZEC) Non Zero Entry Cost (NZEC)
    BSN MyHome (Residential Property) Up to RM 100,000 Throughout the Tenure NA BR + 3% NA BR +3%
    More than RM 100,000 to RM 300,000 Year 1 to 2 BR + 1.10% BR + 0.70% BR + 0.85% BR + 0.45%
    After that BR + 1.10% BR + 0.70%
    RM 300,000 and above that Year 1 to 2 BR+1% BR+0.60% BR+ 0.85% BR + 0.45%
    After that BR + 1% BR + 0.60%
    BSN MyHome (Program Perumahan Rakyat) Up to amount RM120,000 Tenure up to 35 years BR+3%
    BSN MyHome (Youth Housing Scheme)   From 5 to 35 years From BR+0.60% to BR+3%

    (Current Base Rate (BR) of the bank is 3.95% (effective from 21 July 2016)

    Eligibility Criteria

    Nationality Criterion Malaysian citizen
    Age Criteria
    • Minimum age: 18 years
    • Maximum age: 65 to 70 years (depending on the scheme/plan)
    Income Criteria As per the bank’s discretion

    Documents Required

    For Individual Or Joint Applicant:

    • A copy of NRIC (both for joint and single applicant)
    • Pay Slip - original draft and copy for latest 3 months
    • Latest bank statement (for 3 months)
    • Latest bank statement (other income) (for 6 months)
    • Latest EPF statement
    • Confirmation Letter from the employer
    • J Form / Latest Income Tax Declaration
    • Copy of Sale and Purchase Agreement and/or property documents
    • Copy of Evaluation Report (for property purchase) from panel valuer registered with the bank

    For Organizations:

    • Organisation’s bank statement for the period of 6 months
    • Organisation’s financial statement for last 2 years validated by an authorised audit body
    • B/BE form and LHDN receipt
    • Business Registration Certificate (SSM)
    • Memorandum and Articles of Association (M and A) / Form 24, Form 44 and Form 49
    • Board of Director Resolution

    How To Apply

    Offline Application: An interested borrower can walk into the nearest BSN branch and fill the application form. Following that, all other mandatory documents are needed to be submitted by the applicant as and when asked by the bank officials.

    Online Application: A customer may visit the official website of BSN and apply for the suitable home loan facility according to their income and requirements. After submitting the form online, the customer care representative of the bank will contact the applicant and carry the application process forward.

    Fees & Charges

    BSN Home Loan Fees and Charges
    Stamp Duty Charges 0.5% of total financing amount as per the Stamp Duty Act 1949 (Revised in 1989)
    Processing Fee Waived
    Disbursement Fee As per the bank’s discretion (Includes registration fee, stamping fee etc.)
    Legal Fee (pertaining to securities documentations) As per the bank’s discretion
    Valuation Fee As per the bank’s discretion (Applicable to completed properties only)
    Late Payment Charges 1% p.a. on the amount in arrears
    Early Settlement Fee 2.50% of principle balance amount (if settlement done within 3 years of first disbursement)

    BSN Home Loan Repayment

    A customer can opt for one of the following repayment channels of the BSN to pay off the regular instalments:

    • Personally visiting the BSN Branches across the nation
    • Standing Instruction or Savings Account
    • Interbank GIRO (IBG)

    BSN Home Loan Refinance

    Customers looking for a Mortgage Refinancing Package can consider BSN MyHome (Residential Property). Refinancing can provide competitive profit rates and allow for greater savings.

    Contact Number

    To know more about the application status or if encountered any difficulty regarding the products, a customer can contact the call centre through the hotline at: 1300 88 1900.

    FAQ's

    Q. Can I get any assistance from the government to obtain the BSN MyHome Youth Housing Scheme?

    A. Yes, the government can pay you RM200 every month for 2 years to obtain your dream home under the BSN MyHome Youth Housing Scheme.

    Q. What do I have to offer as a security for MyHome (Residential Property) scheme?

    A. Your house will act as a security for this scheme which is calculated on variable rate basis.

    Q. What type of charges are included in disbursement fee?

    A. The disbursement fee includes a range of fees and charges such as stamping fees, registration of charge, withdrawal of caveats and other related fees.

    Q. What actions can be taken by the bank if I fail to make the repayments?

    A. BSN has the right to set-off any credit balance in your account(s) maintained with the bank against any outstanding balance in this loan account. The bank will notify you about the same 7 calendar days in advance. Furthermore, legal action will be taken if you fail to respond to reminder notices by the bank and you also have to tolerate the legal costs involved in it.

    Q. Is insurance coverage necessary?

    A. Mortgage Reducing Term Assurance (MRTA) is required to protect your interest in the unfortunate event of death or permanent disability occurred during the loan tenure.

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