MBSB My First Home Scheme-i is a housing loan scheme offered by Malaysia Building Society Berhad to those who are looking to invest in their first home. The margin of financing offered under this scheme can go up to 105% of the SPA or OMV. Read on to know more about this housing loan.
Features and Benefits of MBSB My First Home Scheme-i
- Exclusively meant for first-time home buyers.
- Valid for completed and under construction residential properties.
- Financing margin of 105% for non-individuals and 100% for individuals.
- Minimum value of the property should be RM100,000 and can go up to RM500,000.
- Flexible payment modes and repayment tenures that go up to 35 years.
- No processing fees.
- No early settlement charges.
- No compounding of profit charges or other fees.
- Get rebates in case of early settlement of the loan.
|Scheme Name||Margin of Financing||Tenure||Profit Rate|
|MBSB My First Home Scheme-i||
||Up to 35 years or until you attain 75 years of age, whichever is earlier.||
|Nationality Criterion||Malaysian citizen|
|Age Criterion||Maximum age: 40 years. You should not be more than 75 years old at the time of maturity of your tenure.|
|Availability||Only to first-time home buyers|
|House/Property Status||Owner occupied property|
|For a Salaried Applicant||
|Self-Employed or Non-Individual (Sole-Proprietorship, Partnership, or Company) Applicant||
|Other Supporting Documents||
Fees and Charges
|Profit Rate||Calculated on variable rate basis Capped at 11% p.a. (Ceiling Profit Rate)|
|Processing Fee||Waived for residential properties|
|Early Settlement Charges||No fees charged|
|Stamp Duty||Based on Stamp Duty Act 1949 (revised in 1989)|
|Valuation Charges||Only for completed properties|
|Letter for EPF Withdrawal||RM50 for each request|
How Do You Apply for This Housing Loan?
In all probability, your house will be your biggest investment. If you’ve just started working and are on the lookout for a new home, then MBSB My First Home Scheme-i can be an ideal option. You can also apply for this loan as an individual or as a joint applicant. This way, you’ll be able to lessen the burden on your future finances.
Q. Do I have to present a guarantor while applying for the My First Home Scheme-i?
A. The need for a guarantor depends on your credit assessment. You can check with the bank at the time of application whether you need to provide a guarantor.
Q. Can I settle my outstanding payment before its maturity date?
A. Yes, you are allowed to pay off your financing amount fully before its maturity date. You will not be charged with any penalty while doing so.
Q. How can I reach the customer service desk?
A. You can contact the customer service department at 03-2096-3000. For any queries regarding the home loan scheme, you can also fill out a form that’s available online on the bank’s website.
Q. What payment options do I have for MBSB My First Home Scheme-i?
A. You can make your repayments via the following payment modes:
- Cash or by depositing a cheque at any MBSB Bank branches.
- Any branch of BSN under Giro service.
- Online bill payment facility with Maybank2u.
- Online bill payment service of CIMB.
- Online bill payment service with RHB Now.
Q. Do I need to take any takaful cover?
A. You need to have Fire Takaful and Mortgage Reducing Term Takaful (MRTT) (if applicable) policies by a takaful provider who’s approved by MBSB.