MBSB Ultimate Home Financing is a Shariah-based financing that’s offered to help purchase residential properties in Malaysia. This mortgage loan is available for individuals and non-individuals. Even joint applicants can also apply for this loan.
|Applicants||Type of Financing||Margin of Financing||Financing Tenure||Ceiling Profit Rate|
|Individuals||Flexi||Up to 90%||Up to 35 years||11% p.a.|
|Non-Individuals||Flexi||Up to 60%||Up to 20 years||11% p.a.|
|Ceiling Profit Rate||11% p.a.|
|Stamp Duty||As per the Stamp Duty Act 1949 (Revised 1989)|
|Stamp Duty Land Tax for Property Transfer||0% to 5% depending on the total value of the residential property|
|Processing Fee||Waived for residential properties|
|Redemption Letter||RM50 (per request)|
|Valuation Fee||Completed properties only|
|Legal Fee||Any fee for bankruptcy search, loan documentation, land search, and registration of charge|
|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|
|Early Exit Penalty||None|
|Nationality||Malaysian citizens and non-Malaysian citizens|
|Applicants||Individuals, non-individuals, and joint applicants|
|Salaried Applicants||Copy of MyKad (citizens) Copy of passport and valid work permit (non-citizens) Latest Form BE with tax receipt, or Form EA Salary credited savings or current account statement (3 months) Salary slip (3 months) Employment letter Latest EPF statement Sale and Purchase Agreement|
|Self-employed Applicants and Non-individual Applicants||Copy of MyKad or passport (applicant or director) Latest Form B with tax receipt 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) Sale and Purchase agreement|
|Online Application||Fill up the enquiry form available on the MBSB website. Submit the form with correct details. A bank representative will contact you to help with the application process.|
|Branch Application||Visit your nearest branch with the mandatory documents. Complete and submit an application form along with the mandatory documents.|
The MBSB Ultimate Home Financing offers non-compounding charges and profit rate. You can get refinancing if you have an existing mortgage loan with another bank. You can buy vacant bungalow or agricultural land to build a house with this financing.
Q. Is Takaful compulsory for this home financing?
A. Yes. You need to take up Fire Takaful and Mortgage Reducing Term Takaful (MRTT) for this home financing.
Q. What does the Mortgage Reducing Term Takaful (MRTT) cover me for?
A. The Mortgage Reducing Term Takaful (MRTT) provides protection in the event of death, or permanent and total disability. The Takaful will cover all the outstanding loan amount in case of such an event.
Q. Do I need to present a guarantor to apply for this loan?
A. MBSB may require you to present a guarantor based on your credit assessment. It will be decided by MBSB based on each application.
Q. Can I appoint a lawyer of my choice when I apply for this loan?
A. Yes. You can appoint a lawyer of your choice as long as MBSB approves the appointment. MBSB has a panel of approved lawyers, and you also can choose one among them.
Q. Whom can I contact for any queries on this mortgage financing?
A. You can contact the MBSB customer service line at 03 2096 3000 for any queries.