MBSB Bank Berhad was granted a license by Bank Negara Malaysia to conduct Islamic banking business and became a full-fledged Islamic bank on 28 November 2005. Because of MBSB Bank’s rapid growth, they now provide a wide range of Islamic-compliant banking services to meet the needs of all their customers. Due to the rapid growth, MBSB Bank currently operates approximately 27 branches throughout Malaysia.
Borrowing money to purchase a house is known as a home loan. The interest rates and payment terms will depend on your chosen bank and the type of property you plan to purchase.
MBSB Bank provides 2 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 MBSB Bank Home Loan, you can choose to:
As per Stamp Duty Act 1949 (Revised 1989)
Processing fee (residential properties)
Late payment fee
1% of the amount arrears
Request for redemption statement
RM50 per request
Letter of confirmation for EPF withdrawal
RM50 per request
Security document retrieval and photocopying
RM10 per document
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.