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.
What is a home loan?
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.
What type of home loan does MBSB Bank offer?
MBSB Bank provides 2 types of home loans:
Residential Property
Standard Home Financing-i
Ultimate Home Financing-i
My First Home Scheme-i
My First Home Scheme-i – First Time House Buyer (FTHB) (Lower Income Group)
Commercial Property
Standard Home Financing-i
Ultimate Home Financing-i
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 MBSB Bank home loans?
Standard Home Financing-i & Ultimate Home Financing-i
All individuals and joint applicants are allowed
My First Home Scheme-i
Malaysian citizen
40 years old and below
First-time homebuyer
Occupant is required
Employed applicant:
Worked for the same employer for at least 6 months from the hire date
Degree holder/ at least 2 years of total work experience
My First Home Scheme-i – First Time House Buyer (FTHB) (Lower Income Group)
Malaysian citizens
Between 18 to 40 years old
Maximum monthly household income of RM5,000 (individual/ joint with spousal or blood relationship)
Employed applicant:
Worked for the same employer for at least 6 months from the hire date
Degree holder/ at least 2 years of total work experience
No record of impaired financing in the last 12 months for all credit facilities
Why should I choose MBSB Bank home loans?
It provides a variety of home loan financing options to suit your needs
MBSB also offered Shariah Compliant loan based on Tawarruq
Enjoy repayment tenure period up to 35 years or age 75, whichever is earlier*
Get up to 90% (basic financing) of the Purchase Price or Open Market Value (OMV), whichever is lower*
Flexible Takaful coverage, MRTT, and assignment of Family Takaful
A waiver on processing fees*
No early settlement will be charged*
*Depending on the selected home loan.
Who should I contact for further information about MBSB Bank home loans?
For more information or assistance with the MBSB Bank Home Loan, you can choose to:
Contact MBSB at +60320963000
Email enquiry@mbsbbank.com
Visit MBSB Mortgage Department on the 9th Floor, Menara MBSB, 46 Jalan Dungun, Damansara Heights, 50490 Kuala Lumpur
What are the documents required for MBSB Bank home loans?
Salaried employee
Copy of NRIC
Copy of passport/ Work Permit (for non-residents)
Latest BE Form and tax receipt/ EA Form
Latest 3-month Savings/ Current Account Statement (where salary is being credited)
Latest 3-month salary slip
Letter of employment
Latest EPF statement
Sale and Purchase Agreement
Self-employed
Copy of NRIC/ passport
Business Registration/ Form 9, 24, 49 and B&D/ M&A
Latest B Form and tax receipt
Latest 6-month Current Account statement (company and personal)
Latest 3-year Profit and Loss/ audited/ management accounts
Sale and Purchase Agreement
What are the fees included in MBSB Bank home loans?
Stamp duty
As per Stamp Duty Act 1949 (Revised 1989)
Wakalah fee
Waived
Processing fee (residential properties)
Waived
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
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.
