Home Loan BYTES FROM OUR KITCHEN

MBSB Ultimate Home Financing

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.

Features and Benefits

  • Get financing up to 90% of the property purchase price for individual applicants.
  • Acquire financing amount of minimum RM500,000 and above.
  • Get mortgage financing with variable profit rates.
  • Enjoy a rebate when you settle your loan before the tenure ends.
  • Get refinancing on an existing mortgage loan taken from other bank or financial institution.
  • Acquire financing for constructed, and under-construction residential properties.
  • Get financing to purchase vacant land to build a house or a bungalow.
  • Enjoy a waiver on the processing charges for purchase of residential properties.
  • Get financing for legal fees and Mortgage Reducing Term Takaful.
  • Choose between fixed or bullet payment modes.

Fees and Charges

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

Eligibility

Nationality Malaysian citizens and non-Malaysian citizens
Applicants Individuals, non-individuals, and joint applicants

Required Documents

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

How to Apply

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.

FAQs

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.  

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