• Home Loan BYTES FROM OUR KITCHEN

    BSN MyHome-i (Residential Property)

    This is a home financing scheme by BSN that works on Shariah concept of Commodity Murabahah (Tawarruq). The plan offers flexible financing tenures and competitive rates. This scheme can be utilised for completed and under-construction properties it comes with various other benefits. Let us find out more about the home financing scheme.

    Margin of Financing Up to 95% including MRTT (based on the purchase price from the developer)  
    Financing Tenure Up to 35 years or up to the age of 70 years
    Profit Rate From BR + 0.45%
    Type of Properties Covered Completed and under-construction properties
    Type of Loan/Financing NA
    Current Base Rate 4.10% p.a.

    (MRTT – Mortgage Reducing Term Assurance)

    Features and Benefits

    • This plan of home financing is offered for completed, under-construction, and sub-sale properties and for refinancing purpose also.
    • You can get a minimum financing tenure of 5 years.
    • The maximum obtainable financing tenure if 35 years or up to the age of 65 or 70 years old, whichever is earlier.  
    • The home financing plan is accessible for individuals, joint applicants, and organisations.
    • 2 types of packages are offered under this facility: Second Charge Package and 2 Generations Package.
    • No processing fee is charged for this plan.
    • The bank may grant you Ibra’ (rebate) if you choose to settle the financing before its maturity date.

    Fees and Charges

    Stamp Duty Charges As per the Stamp Act 1949 (revised in 1989)
    Disbursement Charges Includes stamping charges, registration fee, lodgement and withdrawal of caveats, and other related charges
    Legal Fee As per the bank’s discretion (charges related securities documentation)  
    Valuation Fee Charges to prepare valuation report (only applicable for completed properties)
    Wakalah No fee charged
    Late Payment Charges  
    • 1% of your overdue instalment (within the facility period)
    • As per the IIMM rates (after the completion of the applicable tenure)  

    (IIMM – Islamic Interbank Money Market)

    Requirements

    For individuals or joint applicants:

    Nationality Criterion Malaysian citizen
    Age Criteria Minimum age: 21 years old Maximum age: 70 years old
    Income Criteria Regular income earner and capable of making repayments
    Other Criteria
    • You need a property purchase proof or must own a property
    • The property must be located in MF6 and above regions

     

    For organisations:

    • Organisation must be owned by a Malaysian citizen
    • It should have a sole proprietor, partnership, private company, or a public company
    • The organisation must be operating for at least 2 years
    • It must have a stable financing record

     

    Documents Required

    For Individuals or Joint Applicants
    • A copy of NRIC
    • Original and copies of latest salary slips (for 3 months)
    • Latest bank statements (for 3 months)
    • Latest bank statements for 6 months (for other income earners)
    • Latest EPF statement
    • Confirmation letter from the employer
    • Latest income tax declaration or J Form
    • Copy of Sale and Purchase Agreement and/or property documents
    • Copy of evaluation report (for property purchase) from panel valuer listed with the bank
    For Organisations
    • Latest bank statements of the organisation (for 6 months)
    • Financial statements of the organisation for the previous 2 years (validated by authorised Audit Body)
    • B/BE Form and LHDN receipt
    • Business Registration Certificate (SSM)
    • Memorandum and Articles of Association (M&A) or
    • Form 24, 44, and 49
    • Board of Director Resolution

     

    How to Apply

    Online Application
    • Visit the official website of BSN.
    • Click on your desired product.
    • Click on the ‘Apply Now’ tab on the page.
    • Download the form and fill it with all necessary details.
    • Submit the form via fax or email or by visiting the bank’s branch.
    • Attach all required documents to it.
    Offline Application
    • Visit any nearest branch of BSN.
    • Get the application form for the home financing facility.
    • Fill the form with all mandatory information.
    • Submit this form along with a set of required documents to bank representatives.

     

    BSN MyHome-i (Residential Property) is a home financing plan that is available for individuals as well as organisations. The plan offers convenient payment channels and you can apply for it through all BSN main branches across the country.

    FAQs

    Q. Do I require to present a guarantor for this plan?

    A. The bank will decide if you need to present a guarantor or not. If you are asked to present a guarantor, he/she needs to submit all the mandatory documents that are applicable for an applicant.

    Q. What are the specifications of ‘Second Charge Package’?

    A. This package is available for government servants and government agencies who are eligible to obtain a home financing. You can also use it as an additional financing option if your existing financing is not sufficient.

    Q. What is ‘2 Generations Package’?

    A. This is a joint financing plan catering to 2 generations (parents and child). Through this plan, a steady income-earner parent and his/her child, who is minimum 21 years old and still pursuing studies, can obtain home financing. Longer financing period is offered under this plan.

    Q. What should I do if I want to settle my financing earlier than the set date?

    A. You can settle your financing any time by providing a written notice to the bank.

    Q. Is having a takaful coverage mandatory for this scheme?

    A. The Mortgage Reducing Term Takaful (MRTT) is essential to cover your finances during the financing tenure in case of death or total and permanent disability. However, Houseowners/fire/Takaful Rumahku - Long Term (TRLT) can be obtained, if necessary.

    Q. What are the payment methods that I can use for this home financing scheme?

    A. You can opt for the following payment modes:

    • Over the counter payment at BSN branches across the country
    • Interbank GIRO (IBG)
    • Via standing instructions or savings account
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