MBSB

MBSB 2S - Ready Home

A home loan that can be a conventional or shariah compliant mortgage while still maintaining its core benefits for sub sale properties

    • Up to 30 years
    • Term Islamic financing
    • Floating Profit Rate
    • 5 years lock in period
    • Up to 95% margin of finance
    • 30 days approval
  • You BorrowEstimated Profit Rate
    RM300000 - 5000000.70% p.a.
    more than RM5000001.65% p.a.

    *Effective profit rate will be determined by MBSB upon approval.

View product disclosure sheet.

Fees & Charges

There are always fees but how much are they?

Late Penalty Fee
depends on agreed terms with the bank
Processing Fee
Early Settlement Fee
3.5% or RM6000 whichever is higher
Redemption Letter Fee
RM53.00 per request
Letter for EPF Withdrawal Fee
RM21.20 per request
Insurance Types
  • MRTA
  • MRTT
  • Fire Insurance

All fees & charges are inclusive of 6% GST if applicable

Requirements

Are you eligible for this MBSB home financing?

Minimum annual income
RM24000
Minimum age
18 years old
Maximum age
65 years old
Who can Apply
  • Any nationality

Frequently Asked Questions about MBSB 2S - Ready Home

Things you might want to know

What is the MBSB 2s-Ready Home?

Well, this is a conventional home loan that can be converted into an Shariah compliant home loan - if that's what you're after. MBSB 2s-Ready Home is especially designed for sub sale of completed properties only.

You will be given an MBSB X-tra line upon request, this is additional funding that you can use for home modifications and renovation, to liven up your new house.

MBSB will be able to finance up to a maximum of 100% for borrowing above RM150000, inclusive of other incidentals, and 95% for anything below that amount. If you want to apply for a loan over RM500000, it would be better to look at MBSB's Ultimate home loan.

For borrowing above RM150000, MBSB will absorb all moving cost and valuation cost that might burden the borrower. Even if you borrow a lower amount, these fees will be subsidised, giving you a great amount of savings.

What are my obligations?

Firstly, your monthly installments will be calculated based on the ECOF, which may fluctuate, resulting in higher or lower interest charges. You can deposit extra, but it will only be counted as advance repayment, and will not reduce your principal.

By the end of your tenure, which can go up to 30 years, you would have paid all of the principal plus interest charges. Just a heads up, this MBSB loan may come with reduced transaction fees, but they currently have one of the highest interest charges on the market.

Given that MBSB is not a bank, you will be able to pay off your repayments using Maybank2u, over the counter at BSN, or by using cheque and or a standing instruction attached to your private account.

What difference will the Islamic mortgage offer me?

For a start, your interest rate charges will be calculated using the ECOF, which rate is equivalent to the BFR, if that is what you are worried about.

Here's the part you might find appealing: the profit rate of the Bank will be capped at 11%, should it ever get that high than that in the market. 

This home loan follows the Al-Bai' Bithaman Ajil ( BBA) rule, in which you are require to pay the cost including a profit mark up, paid over a deferred period of time.

Is the insurance compulsory?

Yes, the MRTA/ MRTT is compulsory.

How can I be eligible for this home loan?

You will be eligible if you are a Malaysian, but foreigners are also allowed, given that you have the proper documents.

Great, what documents do I need to apply?

For salaried applicant:

NRIC / Identity Card
Property Valuation Report
Latest 3 consecutive months’ salary slips / vouchers
Latest EPF statements
Latest EA form
Letter of Confirmation of Employment and Remuneration
Completed Application form

For self-employed applicant:

Application Form duly completed
NRIC / Identity Card
Business Registration / Form 24 and 20
Property Valuation Report
Latest 6 months Bank Statement
Latest EPF statements
Latest EA form
Completed Application form

Additional documents for foreigners:

Latest Valid Passport and VISA
Valid Working Permit

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