The MBSB My First Home Scheme-i is a mortgage financing scheme exclusively designed for first-time home buyers. This financing is based on the Shariah concept of Tawarruq. You can purchase residential properties ranging from RM100,000 to maximum RM500,00 with this financing facility.
|Applicants||Type of Financing||Margin of Financing||Financing Tenure||Ceiling Profit Rate|
|Individuals||Flexi||Up to 100% of Sale and Purchase Agreement price or OMV, whichever is lower Additional 5% if MRTT (Mortgage Reducing Term Takaful) is included||Up to 35 years or 75 years of applicant’s age, whichever is earlier||11% p.a.|
|Ceiling Profit Rate||11% p.a.|
|Stamp Duty||As per the Stamp Duty Act 1949 (Revised 1989)|
|Valuation Fee||Completed properties only|
|Legal Fee||Any fee for bankruptcy search, loan documentation, land search, and registration of charge|
|Redemption Letter||RM50 (per request)|
|Processing Fee||Waived for residential properties|
|Early Settlement Fee||None|
|Late Payment Fee||Before the end of loan tenure: 1% of the total overdue amount After the end of loan tenure: IIMM rate on the total overdue amount|
|Age||40 years and below|
|Employment||Confirmed employee (working with the same employer for minimum 6 months and above from the date of employment)|
|Education||Degree-holder: Graduate Non-degree holder: Minimum 3 years of work experience|
|Salaried Applicants||Copy of MyKad (citizens) Copy of passport and valid work permit (non-citizens) Salary slip (3 months) Salary credited savings or current account statement (3 months) Latest EPF statement Latest Form BE with tax receipt, or Form EA Employment letter Sale and Purchase Agreement|
|Self-employed Applicants and Non-individual Applicants||Copy of MyKad or passport (applicant or director) Latest current account statement (6 months for both company and personal) Business Registration, Form 9, 24, 49, B&D/M&A Latest P&L accounts or audited accounts or management accounts (3 years) Latest Form B with tax receipt Sale and Purchase agreement|
|Online Application||Fill up and submit the online enquiry form available on the bank’s website. A bank representative will contact you to assist with the application process.|
|Branch Application||Visit your nearest MBSB branch with the required documents. Complete and submit the application form along with the required documents.|
Purchase your first house in Malaysia with this MBSB My First Home Scheme-i. If you meet all the requirements imposed by MBSB, you can get financing of up to 100% of your property purchase price. If required, you can even get financing for MRTT and legal fees. Read all the terms and conditions before you apply for this facility.
Q. How can I get a quote for this mortgage financing facility?
A. You can find an online calculator on the MBSB website. Key in relevant details, such as financing amount, preferred tenure, and purchase price to get a quote.
Q. On what type of properties can I get this financing facility?
A. You can get financing for completed residential properties and for properties under construction.
Q. Is the Takaful cover mandatory with this loan?
A. Yes. You are required to take up MRTT and Fire Takaful for this financing.
Q. How much coverage would I get from MRTT?
A. The total coverage amount depends on your total financing amount. The percentage of coverage is explained below.
Q. What does the Fire Takaful cover me for?
A. The fire Takaful covers your property in the event of accidental fire. It covers loss or damage to your property due to fire. The Takaful will help you repair or rebuild your property based on the level of damage caused by fire.
Q. Is the processing fee waived for all types of properties?
A. No. The processing fee is waived only for residential properties. Purchase of commercial properties do carry a processing fee based on the total financing amount.