BSN had already acquired 2.5 Million customers by 1974 when it was first established but its roots can be traced to the 19th century when they opened the first savings bank service in Perak and Selangor. The main objective of BSN is to provide comprehensive financial products that allow Malaysians from all walks of life to maximise their savings and investments.
BSN offers various funding and loan options to its customers in the form of home loans, car loans, personal loans and corporate funding. BSN’s home loans are one of the most sought after housing finance products in the Malaysian banking market owing to its lowest interest rates and high margins of finance. Those who have been dreaming about owning a home without putting a dent in their savings should give due consideration to BSN Home Loan.
You’re probably eligible for an BSN Bank Home Loan if you are
At least 21 years old
Less than 70 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your BSN Bank Home Loan amount eligibility is based on these factors
Instalment limited to about 50%
of monthly income
Loan capped @ Up to 95%
Instalments of other loans lower
Increase your eligible BSN Bank Home Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 35 years
Alternatively add your parents
Documentation needed to apply for an BSN Bank Home Loan
- 1. Pay Slip - original copy and latest three (3) months copies.
- 2. A copy of NRIC (applicant's / joint applicant's).
- 3. J Form / Latest Income Tax Declaration.
- 4. Copy of Sale and Purchase Agreement and / or property documents.
- 5. Copy of Evaluation Report (for property purchase) from evaluation panel registered with the Bank.
BSN Bank Home Loan Interest RatesUpdated on 24 Oct 2016
|Margin of Finance||Up to 95%|
|Guarantor Requirement||Guarantee Required|
BSN Home Loan Malaysia
BSN offers home loans both conventional and Islamic in Nature. While the conventional loans are more apt for commercial properties, the Islamic loans follow the Shariah concept of Bai’ Bithaman Ajil and are more suited to individual or joint applicants. The loans are available for both under construction properties and completed properties
Features of the BSN Home Loan
- The loans provide a financing margin of up to 95% which is inclusive of MRTA
- It has a range of financing options that allow customers to purchase completed or under construction properties, commercial lots and avail mortgage refinancing.
- The loan comes with a range of packages such as a second charge package that’s designed for government servants and the 2 generation package which is designed for both parents and children and offer a longer financing period
- BSN offers employers who provide staff amenities, the Corporate Staff Home financing –i package
- The loan has a tenure of up to 35 years
- The late penalty fee is 1% of the outstanding amount while settling the loan earlier than the tenure will attract an early settlement fee which will be agreed upon by the bank at the time of approval of the loan
- The home loans from BSN require an MRTA and Fire Insurance policy
- The loans from BSN can be cancelled after receiving the approval letter at a cost of 1% of the loan amount
BSN Home Loan Interest Rates
BSN charges a floating interest rate on their home loans and the interest depends on the financing amount availed. If the loan amount is RM 100,000 or below the interest rate is 6.95% p.a. If the loan amount ranges between RM 100001 to RM 299999 then the interest rate is 4.65% p.a. and for amounts exceeding RM 300000 the interest rate is 4.55% p.a.
Types of Home Loans available from BSN
BSN offers the following types of home loans and packages whose salient features are given below
BSN AN NAIM Home Financing-i:
The loan is based on the Shariah concept of Bai’ Bithaman Ajil. It offers a financing tenure of up to 35 years and a finance margin of up to 95% inclusive of MRTA. It has 2 package options which are the 2 generations option and the second charge package.
This loan is for individual applicants above the age of 21 and as the name suggests is designed for purchasing commercial property that is completed and classified as MF7 and above and has a tenure of up to 20 years and provides a finance margin of up to 80% with an additional 5% for MRTT and MRTA
Pembiayaan Perumahan Rakyat:
This home loan is specifically designed for those who are not salaried persons but self-employed or who receive irregular income. The age limit for this loan is between 18 years to 60 years. Applicants need an income of only RM 1000 a month to avail this loan and the loan provides financing up to RM 120,000
The flagship conventional home loan from BSN, the loan offers a tenure of up to 35 years or till the applicant attains the age of 70 years and provides a finance margin of up to 95% inclusive of MRTA and fire insurance. It covers certain under construction properties and all completed properties and has 2 financing packages, namely the 2 generations package and the second charge package
Youth Housing Scheme:
This loan is designed for married youths who are first time home buyers and is applicable to those properties whose value is between RM 100000 to RM 500000. The loan tenure has a minimum of 5 years and maximum of 30 years and applicants who avail this loan need to be within the age of 25 to 40 years whose household income does not exceed RM 10,000 a month.
How to apply for BSN Home Loans
BSN home loans are easy to acquire and the entire process can be completed online without any hassle. The applicants will firstly need to meet certain eligibility criteria and secondly will need to have the list of supporting documents which are also mentioned on their website. Alternatively one can fill up the application form and submit it at their nearest BSN branch. The list of eligibility criteria and documents required are as follows.
- The minimum Annual income of the applicant needs to be at least RM 24000 and for the youth housing scheme, the minimum household income of borrowers should not exceed RM 10,000 per month. For the Pembiayaan Perumahan Rakyat, the minimum income should be at least RM 12,000 a year
- The minimum age of the applicant should be at least 21 years as at last birthday and the maximum permissible age for an applicant is 70 years of age as at last birthday. The youth housing scheme requires the applicants to be within the age of 25 to 40 years and the Pembiayaan Perumahan Rakyat requires the age of applicants be below 60 years and above 21 years
- The applicant needs to be a Malaysian citizen to avail the home loans from BSN
- If the applicant is salaried, then they would require a copy of their identity card, the copy of 3 months of pay slips, , the copy of their latest EPF statement along with a copy of the employer confirmation letter. For the youth housing scheme, the applicant needs a copy of their marriage certificate as well
- For self-employed applicants, a copy of their NRIC, a copy of their business registration certificate, the latest form b and tax payment receipts along with the financial statement of their company
Q) What types of insurance policies are compulsory for the BSN Home loans?
A) The BSN home loans require the borrower to take out a fire insurance policy and an MRTA policy. The fire insurance policy will cover the property against any damage caused by accidental fires while the mortgage reducing term assurance hedges the risk of the family losing out the property due to the unforeseen demise of the borrower
Q) Why choose BSN Giro over the other home loans?
A) Firstly, the rates of interest are very competitive. BSN has one of the lowest BR’s amongst all the major banks which will lead to significant savings on interest paid. The repayment methods are easier and can be done either through ATMs or cash deposit machines or by leaving standing instructions and the tenures offered are also longer than usual with a range of financing packages that allow the borrower to work around their financial constraints
Q) How does the second charge package work?
A) The second charge package is designed for government servants and other entities of the government that are eligible for home loans and under this package, the borrowers can avail an additional amount if the initial loan amount is insufficient.
Other Products offered by BSN:
Apart from offering Home Loan,BSN offers other products and services which include: