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  • Home Loan BYTES FROM OUR KITCHEN

    BSN Islamic Home Loan

    BSN provides home loan schemes based on the concept of Islamic banking and offers financing schemes available for private sector and public sector borrowers and offers competitive profit rates and flexible tenures allowing borrowers to pay off their instalments in an affordable manner.

    Types Of BSN Islamic Home Loans

    • BSN MyHome-i (Residential Property): The loan scheme is offered for the property which is completed or under construction. It can also be used for refinancing and sub-sale. Under this scheme, the bank offers packages suiting to the needs of the applicants:
      • Second Charge Package: It is offered exclusively for government servants and works as an additional loan in case the existing loan proves insufficient for the customer.
      • Two Generations Package is a joint loan facility consisting of 2 generations such as parents with a fixed income, and a child who is studying and above 21 years of age. It also offers a longer tenure.
      • CES Package: It is a corporate staff home financing-i package. This home loan plan is a collaboration between BSN and employers which provides staff amenities.
    • Mortgage Refinancing-i Package: It is a facility that allows borrowers to refinance their home loans for competitive rates and free up some extra cash as well.
    • BSN MyHome-i (Youth Housing Scheme): This is a home loan catering to young adults, married or single, who are looking to buy their first home. Anyone who is aged between 21 and 45 years with a monthly income not exceeding RM10,000.

    Features & Benefits of BSN MyHome-i

    • The BSN Islamic home loans are based on the Shariah concepts of Islamic banking based on Commodity Murabahah or Tawarruq.
    • Borrowers can acquire the loan for a residential property that is either under construction, or completed, or a bungalow plot, or a shophouse property.
    • Depending on the scheme chosen by a customer, the BSN MyHome-i offers margin of finance of up to 100%.
    • The tenure offered for the schemes range up to a maximum of 35 years or until the applicant is 70 years old at the time of the maturity of the financing tenure.
    • The profit rates are decided according to the ZEC (Zero Entry Cost) and NZEC (Non Zero Entry Cost).
    • The home loan schemes can be easily applied for at the branches of the bank across the nation.
    • Borrowers can pay off their instalments through multiple payment channels.

    Interest/Profit Rates Of BSN MyHome-i

    Loan Type
    Loan Amount
    Loan Tenure
    Effective Interest Rate (EIR)
    Completed Property
    Under Construction
          Zero Entry Cost (ZEC) Non Zero Entry Cost (NZEC) Zero Entry Cost (ZEC) Non Zero Entry Cost (NZEC)
    BSN MyHome-i (Residential Property) RM 100,000 and below Whole Tenure NIL 6.95% p.a. NIL 6.95% p.a.
    More than RM 100,000 to RM 300,000 Year 1-2 5.05% p.a. 4.65% p.a. 4.8% p.a. 4.4% p.a.
    Thereafter 5.05% p.a. 4.65% p.a.
    RM 300,000 and above Year 1-2 4.95% p.a. 4.55% p.a. 4.8% p.a. 4.4% p.a.
    Thereafter 4.95% p.a. 4.55% p.a.
    BSN MyHome-i (Youth Housing Scheme)   5 to 35 years Between 4.55% p.a. up to 6.95% p.a.

    (*Current BSN Base Rate (BR) is 3.95%)

    Eligibility Criteria For BSN MyHome-i

    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 BSN MyHome-i

    For Individual Or Joint Applicants:

    • A copy of NRIC (both for joint and single applicant)
    • Payslip - 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 or 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 Organization:

    • 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 For BSN MyHome-i

    Offline Application: Interested borrowers can visit the nearest BSN Islamic branch and fill the application form. The duly-filled form must be submitted along with the mandatory supporting documents.

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

    Fees & Charges Of BSN MyHome-i

    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
    Wakalah or Agency Fee No fee charged
    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

    BSN MyHome-i Repayment

    A customer can choose from the following repayment channels of the bank to pay the regular instalments:

    • He/she can make the payment by personally visiting the BSN Branches across the nation
    • Standing Instruction or Savings Account
    • Interbank GIRO (IBG)

    BSN MyHome-i Refinance

    If a customer is looking for a Mortgage Refinancing Package, he/she can consider BSN MyHome-i (Residential Property) as it could extra funds as a result of the difference between the current property value and the current housing financing.

    BSN MyHome-i 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: 1300 88 1900.

    FAQs

    Q. Can the profit rate change at any point of time throughout my tenure?

    A. The profit rate is dependent on the current Base Rate (BR). As the BR might change as per the fluctuations in the financial market, both locally or internationally, the profit rate will also alter. On any such changes in the profit rate, the bank will inform you.

    Q. Is it compulsory to have a takaful coverage?

    A. It is asked by the bank to have a Mortgage Reducing Term Takaful (MRTT) throughout your tenure on the financing. However, Houseowners/Fire/Takaful Rumahku - Long Term (TRLT) is mandatory for a customer.

    Q. If I miss to make the payments on time, what charges do I need to pay?

    A. Late payment charges are based on Ta’widh (compensation). For any late payment made within the facility period, the calculation formula used is:

    Overdue instalment(s) x 1% x No. of overdue day(s) / 365

    After the facility, the charges are calculated as:

    Outstanding principal x IIMM x No. of overdue day(s) / 365

    Where,

    IIMM: Islamic Interbank Money Market

    Q. What is the applicable base rate (BR) currently?

    A. With effect from 21 July 206, the current Base Rate (BR) for the BSN is 3.95%.

    Q. I want to acquire the Youth Housing Scheme-i. Along with the financing for my home, can I get financing for my takaful coverage also?

    A. BSN will provide you financing amount of 100% of the purchase price of your house and an additional 5% of purchase price to finance the takaful coverage (MRTT).

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