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.|
|Stamp Duty||As per the Stamp Duty Act 1949.|
|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.|
|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.|
|Self-employed Individuals/Partnerships/Sole Proprietorships||
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.
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.