What is this product about?
BSN MyHome-i (Youth Housing Scheme) is a Shariah compliant home loan based on the Tawarruq contract, i.e. sale and purchase transaction, which is designed to help married youth to own their first home.
Calculated on a floating rate basis, BSN can provide up to 100% financing to purchase your dream house, whether completed or under construction, ranging between RM100,000 and RM500,000. You also have the option to include MRTT insurance by adding 5%.
However, it is wise to note that the profit rate which you will get is depending on your profile and the property location.
Who can apply for BSN MyHome-i (Youth Housing Scheme)?
Only married youth aged between 21 to 45 years can apply for BSN MyHome (Youth Housing Scheme), provided that their household income doesn’t exceed RM10,000 per month and must be a BSN Giro / BSN Giro-i accountholder.
What is so unique about this home financing?
As part of efforts to increase home ownership among youths, the government will give you RM200 aid money (or incentive if you will) to service your monthly instalments for a period of 2 years from the date of first disbursement.
Also, BSN will exempt 100% stamp duty on the transfer of ownership and facility documents for property price up to RM300,000.
Can I fully settle the loan early?
You may do so after the lock-in period of 5 years by writing to the bank a notice to obtain the early settlement amount, anytime during working hours and at any of BSN’s branches. You will be granted with Ibra’ (rebate) for settling the loan before maturity.
What documents do I need to prepare?
The main documents you are required to submit are the application form, your NRIC, a valid marriage certificate, stamped Sale & Purchase Agreement, Valuation Report, Copy of Title Deed and Statutory Declaration. Together with these documents, you attach the following:
If you are an employee earning a salary:
- Latest 3-month salary slip
- Latest 3-month bank statement
- Latest 6-month salary slip/bank statement (other income)
- EPF statement
- Employer Confirmation Letter
If you are self-employed:
- Company Registration
- B/BE form + LHDN receipt
- Company’s financial statement
- Latest 6-month company’s bank statement