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  • MBSB Standard Home Financing-i
    Home Loan BYTES FROM OUR KITCHEN

    MBSB Standard Home Financing-i

    MBSB Standard Home Financing-i offers financing to individuals and non-individuals for purchasing residential properties. The scheme offers you a high range of financing and refinancing at competitive interest rates.

    Here are the major highlights of this financing scheme:

    Financing Amount Up to RM500,000
    Margin of Financing Individuals: Up to 90% of the OMV (Open Market Value)
    Non-individuals: Up to 60% of the OMV
    Banking Principle Shariah concept of Tawarruq
    Properties Covered Vacant lands, completed and under-construction residential properties
    Loan Tenure Individuals: Up to 35 years
    Non-individuals: Up to 20 years
    Interest Rate Up to 11% p.a. pegged to a base rate of 4.02% p.a.

    Features and Benefits

    Fees and Charges

    Stamp Duty As per the Stamp Duty Act 1949.
    Processing Fee Waived.
    Valuation Fee As per MBSB’s discretion (applicable for completed properties only).
    Redemption Statement RM50 per request.
    Letter of Confirmation of EPF Withdrawal RM50.
    Late Payment Charges (during the tenure) 1% of the instalment due.
    Late Payment Charges (after term’s maturity) IIMM% (Islamic Interbank Money Market) of the overdue instalment amount.

    Eligibility Criteria

    Nationality Requirement Malaysian and non-Malaysian citizens.
    Age Requirement Individual applicants: Not more than 75 years before the maturity of the financing facility.
    Non-individual applicants: Not more than 70 years before the maturity of the financing facility.

    Documents Required

    Salary-earning Employees
    • A copy of MyKad or passport, and valid working permit (for non-residents).
    • Employment letter.
    • Latest EPF statement.
    • Salary slips for the last 3 months.
    • Sale and purchase agreement.
    • Bank statement for the last 3 months.
    • Latest BE form with a valid tax payment receipt.
    • Latest EA form.
    Self-employed Individuals/Partnerships/Sole Proprietorships
    • A copy of MyKad or passport.
    • Business registration form.
    • Form 9, 24, 49, B&D, M&A.
    • Sale and purchase agreement.
    • Latest B form with a valid tax payment receipt.
    • Last 3 years’ P&L accounts/management accounts/audited accounts.
    • Current account statements for the last 6 months (personal and company).

    How to Apply

    Online Application
    • Visit MBSB official website.
    • Select your package.
    • Click on ‘Apply Now’.
    • Fill up the application form with personal and employment details.
    • Submit the form for approval.
    Offline Application
    • Reach out to MBSB via its customer service numbers and request for an application.
    • Visit your nearest branch of MBSB.
    • Select the financing package.
    • Fill up the relevant application form and submit required documents.

    MBSB Standard Home Financing-i package provides you with financing to buy and build residential properties. The facility is open to all applicants including non-Malaysian individuals. Read all the terms and conditions before you apply for a loan.

    FAQs

    Q. Can I settle the financing amount before the completion of the agreed upon tenure?

    A. Yes, you are allowed to settle the financing amount before the facility’s maturity.

    Q. Will I be charged a fee if I opt for an early settlement on the facility?

    A. No, there is no early settlement fee associated with this facility.

    Q. Is there a benefit associated with early settlement of this financing package?

    A. Yes, you can get rebates (Ibra’) if you opt for an early settlement on this financing scheme.

    Q. Do I have to take Takaful protection with this financing package?

    A. Yes, you are required to take the MRTT (Mortgage Reducing Term Takaful) and fire takaful with this financing scheme.

    Q. Does the financing application process require me to bring a guarantor?

    A. The requirement of a guarantor varies from application to application depending upon your credit assessment performed by MBSB. You have to present a guarantor if MBSB requires you to do so.

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