What do I need to know about BSN Pembiayaan Perumahan Rakyat ?
Pembiayaan Perumahan Rakyat (PPR) is a home loan is designed for those with irregular source of income and who are self employed to own a house with financing amount up to RM120,000.
BSN will be able to finance up to 100% of the value of the property, which is inclusive of MRTA/ MRTT or TLRT.
How much will this home loan cost me?
This home loan is not a tiered home loan with one flat interest rate of BR + 3% throughout the entire tenure, meaning that your monthly repayments will not change with any movement in the Base Rate.
What fees and charges do I need to pay?
| Type | Amount |
| MRTA fees | 5% from the total loan amount |
| Sales & Purchase Agreement | not more than 2% of total loan amount |
| Valuation fee | greater than RM100 |
| Disbursement fees | RM100 ( varies according to state and type of property) |
| Transfer of Ownership Title fee | greater than RM100 |
| Processing fee | Waived |
Do I need insurance cover?
It is highly recommended to take up the Group Mortgage Reducing Term Assurance ( MRTA) to hedge the risk of losing your family's property due to unforeseen circumstances. The fee for this policy is included in the 100% financing margin.
What are the potential risks?
- The interest rate on this loan may go up or down according to changes in the BR. An increase in interest rate may result in higher monthly repayment
- Important note: Your property may be foreclosed if you DO NOT keep up repayments on your BSN Pembiayaan Perumahan Rakyat account.
Why should I take BSN Pembiayaan Perumahan Rakyat?
- With a standing instruction your repayments will be deducted from the home loan automatically!
- You can use Interbank GIRO to pay your mortgage bill, so you can deal with your finances at the ATM machine or online.
- 100% of the property value can be covered by the bank - how convenient is that?
Who can apply for this loan?
- Malaysian citizen.
- Age of 18 years old and above.
- Financing amount up to RM120,000 only.
- For financing of first home and for own residence only.
What documents are needed when applying?
If you are a salaried applicant:
- NRIC photocopy
- Latest 3 months salary slip
- Letter of Employment
- Sales & Purchase Agreement/Booking receipt from developer
- Valuation report
- Copy of the Title Deed
If you are a self-employed applicant:
- NRIC photocopy
- Latest 3 months salary slip
- Latest 6 months salary slip
- Form 24 & 49
- Sales & Purchase Agreement/Booking receipt from developer
- Valuation report
- Copy of the Title Deed