Take the next step towards personal stability with a home financing plan tailored for first time home owners by Malaysia Building Society Berhad. Choose a conventional mortgage or shariah-approved financing, available to all Malaysians between the ages of 18 to 35 years.
What is MBSB My First Home Buyer Scheme?
As part of My First Home Scheme or Skim Rumah Pertamaku (SRP) by the Malaysian government, you can now own your own place with a mortgage that provides 100% financing up to 35 years with MBSB.
The market value of the property you wish to purchase must be between RM100,000 to RM500,000. Your financing limit must not exceed the maximum property value, and will include other incidental costs such as home insurance and stamp duties, at 5.85% interest rate (current rate).
How does the Floating Interest Rate work?
The interest that you’ll pay each month for this housing loan will be based on a floating interest rate? What is this strange bank jargon you ask? It simply means that the interest rates may change over the duration of your loan – after all you are borrowing money for a long period.
Depending on the market, interest rate changes by Bank Negara Malaysia and other factors, your monthly payment rates may go down, or up if you’re unlucky.
What is a Term Loan?
MBSB My First Home Buyer Scheme is a term loan, so you’ll have to repay what you owe in fixed instalments each month. If you do not make these payments each month you will be charged late payment charges, as stated in your loan agreement with MBSB.
Am I eligible to apply?
To apply, you have to be employed for a minimum of 6 months and the property has to be your first home purchase. Self-employed individuals such as business owners, partners, directors and sole-proprietors are not allowed to apply for this home loan.