A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • MBSB My First Home Scheme

    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
    • For non-individuals: Financing can go up to 105% of the Sale and Purchase Agreement (SPA) or the OMV price.
    • For individuals: Financing can go up to 100% of the SPA or the OMV price.
    Up to 35 years or until you attain 75 years of age, whichever is earlier.
    • Calculated based on Variable Rate.
    • Ceiling Profit Rate is capped at 11% p.a.

     

    Eligibility Criteria

    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.
    Income Criteria
    • A confirmed employee with the same employer for a minimum of 6 months
    • A degree-holder, or
    • A non-degree holder with a minimum of 3 years of total working experience.
    Availability Only to first-time home buyers
    House/Property Status Owner occupied property

     

    Documents Required

    For a Salaried Applicant
    • Copy of MyKad (both sides)
    • Tax receipt with latest BE Form/EA Form
    • Latest 3 months’ statement of current account or savings account
    • Latest 3 months’ salary slips
    • Employment letter
    • Latest EPF details/statement
    • A copy of Sale and Purchase Agreement (SPA)
    Self-Employed or Non-Individual (Sole-Proprietorship, Partnership, or Company) Applicant
    • Copy of MyKad
    • Business Registration Certificate, or Form 9,24,49, or B&D, or M&A
    • Latest B Form with Tax Receipt
    • Latest bank account statement for 6 months (Personal and Company)
    • Latest 3 years’ P&L Accounts, or Audited, or Management Accounts
    • Sale and Purchase Agreement
    Other Supporting Documents
    • Completed application form
    • Redemption statement for other settlement (if applicable)
    • Booking receipt or S&P Agreement
    • Official Valuation Report (if applicable)
    • Land Title

    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?

    Offline Application
    • Drop by MBSB Bank’s nearest office and collect an application form.
    • Fill out the form with all the necessary details.
    • Attach all mandatory documents.
    • Submit the form to the bank officials.  
    Online Application
    • Download the application form on the bank’s official website.
    • Fill out the form with all the required details.
    • Attach all mandatory documents.
    • Submit the form to the bank officials.

    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.

    FAQs

    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.

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