What is this product about?
For aspiring young people looking to own a house for future occupation or investment, MBSB My First Home Scheme-i provides you the affordable financial means to secure your very first asset.
Working on the principal of Bai Bithaman Ajil, i.e. a contract of sale with deferred payment, MBSB can finance up to 105% of the property value, which can be repaid over instalments of up to 35 years.
Are there extra benefits from MBSB Islamic home loan?
Regardless of how much you earn every year, higher or lower, you can still apply for this Islamic mortgage from MBSB as there is no income restriction. To make it more accessible for you to obtain the fund, the bank will also waive fee on processing and cap the ceiling profit rate at 11%.
Moreover, your expenses on legal and valuation will also be alleviated with a subsidy of up to RM6,000 – making your home ownership journey less expensive and more meaningful.
What type of properties can be financed via this Islamic facility?
Any properties under construction and completed ranging from RM100,000 to RM500,000 located in selected states in Malaysia can be financed via this Islamic home financing. You can also use this Shariah compliant mortgage to purchase houses from MBSB’s bridging developers.
Who can apply for MBSB My First Home Scheme-i?
Only Malaysian citizens aged somewhere between 18 and 40 years can apply for MBSB My First Home Scheme-i. Next, you must be a first-time home buyer and employed for at least 6 months from the day you started working.
What documents I need submit together with application form?
You need to complete the application form and supplement it with a copy of Sale and Purchase Agreement or Booking Receipts and following documents:
If you are an employee earning a salary:
- A copy of NRIC
- Latest 3 months’ salary slip
- Latest 3 months’ salary crediting statement
- Latest EPF statement
- Latest BE Form + Tax payment receipt
If you are self-employed:
- Sole Proprietor & Partnership – Form A & D
- Private Limited – Form 24 & 49
- Latest Form B + Tax payment receipt
- Latest 6 months’ current account statement