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.
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.
BSN provides 5 types of home loans:
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.
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.
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.
*Depending on the selected home loan.
For more information or assistance with the BSN Home Loan,
As per the Stamp Duty Act 1949 (Revised 1989).
Late payment fee
1% of the amount in arrears.
Early settlement fee
Must submit a written notice to the bank.
Purchase of security document charges
RM250 (property more than RM150,000 and above).
Photocopy of security document charges
RM50 (full), RM30 (partial).
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.
It is the amount of money you paid to the bank in addition to the principal amount.
An estimate of the property’s worth and the stamp duty is calculated based on its value.
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.
Repaying an existing loan and replacing it with a new one with new terms and conditions.
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