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)
|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||
(IIMM – Islamic Interbank Money Market)
|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|
|For Individuals or Joint Applicants||
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.
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: