BSN Home Loan

About Bank Simpanan Nasional (BSN)

Bank Simpanan Nasional is a government-owned bank that took over the former Post Office Savings Bank on 1 December 1974. In 2014, BSN was listed in the Malaysia Book of Records as the Largest Network of Banking Agents and won the Best GreenTech Practice Award for Ejen Bank Berdaftar BSN, highlighting the company’s many years of success in this industry. As a result, we can see that BSN continues to expand its services to meet the needs of its customers day by day.

What is a home loan?

A home loan is a sum of money that you apply for or borrow from a bank to assist you in purchasing your dream home. Each loan will be charged an interest rate determined by the loan amount and the repayment period. So, keep in mind that each bank will have a different interest rate, and you should do some research before applying for a home loan.

What type of home loan does BSN offer?

BSN provides 5 types of home loans:

BSN MyHomePlus
BSN MyHome (Skim Rumah Pertamaku)
BSN MyHome (Residential Property)
BSN MyHome (Program Perumahan Rakyat)
BSN MyHome (Commercial Property)

What should I know before applying for a home loan?

Interest rates

You must be aware of the interest rates that the bank will charge you, either fixed interest rates or variable rates.
Type of loan

In Malaysia, there are 3 types of loans offered: term loan, semi loan, or flexi loan.
Lock-in period

Knowing the lock-in period is crucial because it often occurs when there is a sudden need for full settlement, refinancing, or selling your property.
Margin of finance

You must understand your margin of finance, which is the amount of money that a bank will allow you to borrow for your loan and how much cash/ upfront you must pay for the property.
Fees

The fees include legal fees, stamp duty charges, late payment fees, early settlement fees, and others.
Type of bank

The bank you have chosen to apply for a home loan with, as different banks offer different loan amounts, terms, etc. Choose a bank where you are comfortable applying for a home loan.

Who is eligible to apply for BSN home loans?

BSN MyHomePlus

Malaysian citizen
Between 21 to 60 years old (not older than 70 years old at the end of the loan period)
The existing BSN MyHome loan has lasted for at least 2 years or has reached the end of the lock-in period

BSN MyHome (Skim Rumah Pertamaku)

Malaysian citizen
Between 21 to 60 years old (not older than 70 years old at the end of the loan period)
Maximum monthly gross income of RM5000 (individual)
Individual or joint application is allowed
Purchase of first home and own occupancy
No record of an impaired loan in the last 12 months
Not bankrupt

BSN MyHome (Residential Property)

Individual/ joint

Malaysian citizen
Between 21 to 60 years old (not older than 70 years old at the end of the loan period)
Has the ability to make repayment
Has the proof of property purchase or owning a property
Has a property located in MF 6 and above areas
Under construction property and completed property

Organisation

Sole proprietor, partnership, a private company, or public company owned by a Malaysian citizen under the Partnership Act 1961 or Company Act 1965
Operated for at least 2 years
Has a stable financial record

BSN MyHome (Program Perumahan Rakyat)

Malaysian citizen
Between 21 to 60 years old
Individual or joint application is allowed
Must have proof of self-employment
Minimum monthly income of RM1,000
Purchase of first home and own occupancy
Low-cost or average property only

BSN MyHome (Commercial Property)

Malaysian citizen
Between 21 to 65 years old

Why should I choose BSN home loans?

It provides a variety of home loan financing options to suit your needs.
Margin up to 90% + 5% (FEC) over current market value (CMV)*.
Interest rate from BR + 0.55% per annum to BR + 0.80% per annum*.
Enjoy loan tenure up to 35 years or up to age 70, whichever is earlier*.
You can apply quickly and have a convenient payment channel.

*Depending on the selected home loan.

Who should I contact for further information about BSN home loans?

For more information or assistance with the BSN Home Loan,

Contact BSN at 1-300-88-1900
Walk in the nearest BSN branches

What are the documents required for BSN home loans?

BSN MyHomePlus

Fixed income earner

Copy of NRIC
Copy of Sale and Purchase Agreement/ previous Letter of Offer from BSN (if applicable)
Copy of valuation report from panel valuer registered with the bank
Original copy of latest 1-month salary slip
Latest 1-month bank statement/ EPF statement

Non-fixed income earner

Copy of NRIC
Copy of Sale and Purchase Agreement/ previous Letter of Offer from BSN (if applicable)
Copy of valuation report from panel valuer registered with the bank
Original copy of latest 3-month salary slip
Latest 3-months bank statement/ EPF statement (if applicable)

Self-employed

Latest 6-months bank statement
B/ BE Form together with LHDN receipt
Business Registration Certificate (SSM)
Form 24, 44 and 49

BSN MyHome (Skim Rumah Pertamaku)

Copy of NRIC
Loan application form
Proof of your income
Copy of booking order/ Sales and Purchase Agreement/ Strata/ Master title
Statutory declaration on purchase of the first home for self-occupancy

BSN MyHome (Residential Property) & BSN MyHome (Commercial Property)

Individual/ joint

Copy of NRIC
Original copy of latest 3-month salary slip
Latest 3-months bank statement
Latest 6-month bank statement (other income)
Latest EPF statement
Employer confirmation letter
J Form/ latest income tax declaration
Copy of Sale and Purchase Agreement/ property documents
Copy of valuation report (for property purchase) from panel valuer registered with the bank

Organisation

Latest 6-months bank statement
Latest 2-year financial statement (approved by the authorised audit body)
B/ BE Form and LHDN receipt
Business Registration Certificate (SSM)
Memorandum and Articles of Association (M&A)/ Form 24, 44 and 49
Board of Director Resolution

BSN MyHome (Program Perumahan Rakyat)

What are the fees included in BSN home loans?

Stamp duty

As per the Stamp Duty Act 1949 (Revised 1989).
Wakalah fee

RM30.
Late payment fee

1% of the amount in arrears.
Early settlement fee

Must submit a written notice to the bank.
Processing fee

Waived.
Purchase of security document charges

RM250 (property more than RM150,000 and above).
Photocopy of security document charges

RM50 (full), RM30 (partial).

What are the common terms of home loan?

Lock-in period

A period during which you will be penalised if you pay off your home loan earlier than agreed. The fine ranges from 2% to 5% of the total amount.
Margin of Finance (MOF)

The amount of money that a bank will lend you for your loan determines how much cash you must pay upfront for the property.
Interest rates

It is the amount of money you paid to the bank in addition to the principal amount.
Valuation

An estimate of the property’s worth and the stamp duty is calculated based on its value.
Base rate

The base rate is the interest rate charged by Bank Negara Malaysia to commercial banks for loans.
Base Lending Rates (BLR)

A rate set by each bank based on the cost of borrowing the money to be lent to borrowers.
Refinancing

Repaying an existing loan and replacing it with a new one with new terms and conditions.