Some home loans come with great interest rates, while some come with great features. But the key factor is to be able to finance the home without much trouble. While some banks offer a margin of 80%, MBSB Bank goes a step further to be able to provide a product that is more than perfect when it comes to providing fiancing margin at 105%. Now, this is possibel through complete fiancing as well as the optional isnurance of MRTT and MRTA. This option is available for properties that have been already completed or are under ocnstruction. The loan tenure time is also conveneient for people who do not wish to be overwhelmed by really big payments. The lockin period is at 5 years and the loan has the advanatge of EPF withdrawal at RM 21.20 for every request made including GST. There is also an option for fire insurance. For more details on this product, read on for more details. The rates of interest charged by this bank is based on the loan amount availed. So, the minimum loan amount is RM 500,000. If the loan amount ranges between RM 500,001 to Rm 1000000, chargeable interest rate on the loans will be 5.85% p.a. If the loan amount is higher than RM 1 million, then the interest rate may not be 5.85% p.a. The final decision is made on the bank’s dicretion. Read on to know more about this product.
At least 21 years old
Less than 75 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Instalment limited to about 50%
of monthly income
Loan capped @ 105% (including financing MRTT / MRTA)
Instalments of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 35 years
Alternatively add your parents
|Margin of Finance||105% (including financing MRTT / MRTA)|
|Guarantor Requirement||No Guarantee Required|
MBSB stands for Malaysia Building Society Berhad and was established in 1950. It was listed on the stock exchange of Malaysia and Singapore way back in 1963 and became an exempt finance company in 1972. With its huge experience, it also has a lot of expertise under its belt in the realm of retail business, corporate business, wholesale financing and financial products in line with the Shariah concept.
The home loans offered by MBSB cater to the needs of the borrower and offer more than just a means to finance a property. The home loans from MBSB are a wholesome Mortgage package that offers financing and deposit benefits and allows borrowers to choose their protection type. The home loans cover both under construction and completed properties and allows for flexible modes of payment and even offers preferential rates on deposits made.
The interest rates charged by MBSB depend on the amount of the loan availed. The minimum loan amount is RM 500,000 and if the amount borrowed ranges between RM 500,001 to Rm 1000000 then the interest rate charged on the loan is 5.85% p.a. For loan amounts exceeding RM 1 Million the interest is 5.85% p.a. The effective interest rate will be decided by MBSB at the time of taking out the home loan
MBSB offers 4 types of home loans to their customers whose salient features are given below
The plan is designed for borrowers who want to go big with their property investments and is applicable for under construction properties as well as completed properties. The minimum financing amount available under this loan is RM 500,000 and offers competitive rates. The tenure of this loan can vary from 35 years to when the borrower attains 75 years, whichever is earlier. The loan offers borrowers a range of flexible insurance policies to choose from. The insurance policies offered are MRTA, MRTT and fire insurance.
The plan follows the Islamic concept of Bai’ Bithaman Ajil. The tenure of this loan is either 35 years or up to when the borrower attains the age of 75 years. Financing is available for legal fee whereas the processing fees for this loan is waived. The loan covers both under construction and completed properties and provides flexible modes of payment such as fixed payment and bullet payment.
This plan provides for up to 105% of the financing margin and follows the BBA Shariah concept and this loan is eligible for Malaysian citizens under the age of 40 whose property values are in the range of RM 100,000 to RM 500,000. It does not require a maximum annual income limit and waives processing fees
This plan is for Malaysians between the ages of 18 and 35 who are first time home buyers. The plan is available only for salaried persons and business owners cannot apply for this loan. The applicant needs to have been an employee at the current place of employment for a minimum of 6 months.
Applying for a MBSB home loan is a hassle free process. One can find all the required information and application forms on their website and can choose from the home loan products that best suit them. Alternatively they can apply for the home loan at the MBSB branch nearest to them. While applying for a loan, applicants will need to have certain documents in hand and need to meet certain eligibility criteria for the loan to be successfully approved.
A) Yes. Applicants will receive additional life insurance and investment link coverage that offers extra returns on completion of the tenure. Applicants can also receive preferential rates on fixed deposits when they deposit an amount of up to RM 50000 in a MBSB Fixed Deposit Account
A) The MBSB Home loans are designed to offer flexibility in repayment for the customers. These are designed keeping the financial constraints of a borrower in mind and offer flexible payment modes such as fixed repayment, bullet repayment or gradual repayment.
A) Borrowers can avail insurance policies such as MRTA, MRTT and fire insurance policies on their loan which is highly recommended
Apart from offering Home Loan,MBSB offers other products and services which include:
Malaysia Building Society Bhd (MBSB) is set to finance eight housing projects this year. According to reports, the total loan amount required to fund this project is valued at RM700 million. The gross development value (GDV) for these projects under the Rumah Wilayah Persekutuan (Rumawip) scheme is valued at RM2 billion.
Speaking to the media, president and chief executive officer (CEO) of MBSB, Datuk Seri Ahmad Zaini Othman, said that Rumawip continues to dominate the property sector despite the weakening of the market. The rise in loan-to-approval ratio will also play an important role in the affordable housing sector, he added. The CEO also thanked the Government for its initiatives to bolster homeownership.
Currently, MBSB is supporting nine Rumawip housing projects that involve 5,768 units of Rumawip homes. According to reports, the total GDV is valued at RM1.66 billion. Ahmad Zaini told the press that the financial services company is planning to process another RM355 million for Rumawip projects.
He said that this year will be challenging due to oversupply and glut in the property segment. However, Zaini said that there are still opportunities in the affordable housing sector.
22nd January 2018