1. What is BSN MyHome (Program Perumahan Rakyat)?BSN MyHome (Program Perumahan Rakyat) is a housing loan offered by Bank Simpanan Nasional Malaysia (BSN) to assist people who are self-employed or with irregular income to own a home.
2. What are the eligibility requirements for BSN MyHome (Program Perumahan Rakyat)?To qualify, you need to meet the following criteria:
- Malaysian citizen
- Aged between 18 to 60 years old during application of this scheme
- Individual / Joint Applicants
- Proof of self-employment
- Minimum income of RM1,000 per month
- For financing of first home and own residence only
- Financing of low cost or average properties only
- No housing loans with any other financial institutions.
- BSN Giro/ BSN Giro-i account holder.
Here are the features and benefits of this programme. Through this home loan, you will get the following:
3. What are the features and benefits of BSN MyHome (Program Perumahan Rakyat)?
- Financing amount from RM25,000 up to RM300,000
- Financing tenure up to 35 years
- Financing margin up to 100% (inclusive of MRTA / MRTT and LTHOT
- The following interest rates:
|Loan Amount (RM)||Tenure (Years)||Effective Interest Rate (EIR)|
|Completed Property||Under Construction Property|
|RM100,000 & below||Whole Tenure||BR + 3.00%||BR + 3.00%|
|RM100,000 to RM300,000||1-2||BR + 1.20%||BR + 0.95%|
|Thereafter||BR + 1.20%|
You may use the BSN Housing Loan Calculator to estimate the amount of your monthly instalment. You can also calculate Late Payment Charges (LPC) using this formula:
4. How much would I be paying every month?
Source: BSN MyHome (Program Perumahan Rakyat)
5. What are the fees and charges for BSN MyHome (Program Perumahan Rakyat)?For BSN MyHome (Program Perumahan Rakyat), applicants need to pay the following fees:
- Stamp duty – As per the Stamp Act 1949 (Revised 1989).
- Principal Documents – will be charged on an ad valorem basis.
- Other Documents – RM 10.00
- MRTA fee – 5% from the total loan amount
- Valuation fee – greater than RM100
- Disbursement fee – RM100 ( varies according to state and type of property)
- Transfer of ownership title fee – Greater than RM100
- Processing fee – Waived
You may visit the nearest BSN branch or download the application form from the official website.
6. How do I apply for BSN MyHome (Program Perumahan Rakyat) ?
7. What are other home financing programmes offered by BSN?Previously BSN offered the BSN MyHome (Youth Housing Scheme). If you have missed that opportunity, you may explore BSN MyHome (Residential Property) scheme to check the availability and requirements. BSN also offers BSN MyHome (Commercial Property) scheme for people who are interested in securing commercial properties.
*This article was repurposed from "BSN MyHome (Program Perumahan Rakyat) 2021: Everything you need to know", first published on iProperty.