Is a MBSB Home Loan Right for Me?
MBSB offers various exclusive MBSB housing loans products. One of the popular home loan products is called MBSB Home Financing, which is available for completed and under construction properties, as well as refinancing
. Zero entry cost packages are available for all loans above RM150,000. MBSB also offers you MBSB home loan with competitive rates in the market.
The margin of financing for MBSB home loans can go up to 100% and loan tenure is available for a maximum of 35 years (in accordance to the latest ruling by Bank Negara Malaysia) or up to age 70, whichever comes earlier. This MBSB housing loan also includes the MRTA financing of 5%. Purchase of Mortgage Reducing Term Assurance (MRTA) and Personal Accident Insurance (PA) from MBSB is compulsory. Another key feature of this MBSB housing loan is its fast approval. MBSB Home Loan has a lock in period of 5 years, which is one of the longest lock-in-periods in the market. This particular MBSB home loan also waives the processing fees for residential property. To repay your monthly MBSB home loan instalment, there are various payment channels including online payment through Maybank2u and CIMB Clicks.
Like any other financial institutions, MBSB housing loans also impost certain charges and fees such as stamp duties, legal fees and valuation fees. You will also face the late payment charge if you do not make repayment on time. Therefore, you need to really commit when you sign up for MBSB housing loans.
MBSB Home Loan has a lock in period of 5 years, which is one of the longest lock-in-periods in the market.
MBSB Home Loan Packages
MBSB Bank provides conventional home loans in the form of its product Home Financing. The main features of this product are highlighted in the table for your comparison.
Is this a flexi package?
MBSB Home Financing
Zero entry cost (RM150,000 and more) and subsidized legal fees (below RM150,000) available
Mortgage Reducing Term Assurance (MRTA) and Personal Accident (PA) is compulsory
Margin of financing up to 100%
What Documents Will I Need to Prepare?
For your MBSB Home Loan application, you will need to provide some supporting documents to allow the bank to process your application. These documents are listed below:
* Application Form
* NRIC / Identity Card
* Copy of Sales and Purchase or Booking Receipt or Letter of Offer from Developer
* Copy of Individual Title Deed
* Property Valuation Report (for completed properties)
* Latest 3 consecutive months of salary slips / vouchers
* Latest 6 consecutive months of commission statement
* Latest EPF statements (with 3 consecutive months or more transaction history)
* Latest EA form
* Latest 6 months Bank Statement
* Letter of Confirmation of Employment and Remuneration
Sounds Great! How Should I Proceed?
The MBSB home loan calculator will allow you to determine your monthly loan repayment based on the loan amount that you are taking from MBSB. Once you have identified the mortgage amount that you are comfortable with, you can apply through iMoney and our mortgage consultants will assist you with your housing loan application.
If you are not sure whether MBSB home loan is your best option, click here
to compare other home loans in Malaysia.
Is It Easy to Repay my MBSB Home Loan?
MBSB currently has a small network of physical branches, where MBSB home loans are most commonly repaid. The lack of ATM and online banking support makes repayment a lot more of a hassle with MBSB
: Transfer funds from your MBSB Bank Savings or Checking accounts to make your payments online
Pay your loans at any of the MEPS ATMs (over 5,000) nationwide
: Pay your loans through the Interbank GIRO fund transfer at the participating bank’s branch or through online banking
Standing Instruction Facility
: Automatic deduction from your bank account every month
: Transfer funds from your MBSB Savings or Checking accounts to make your payment at all MBSB branches
Express Payment machine
: Make a check or cash deposit at MBSB branches
Payment by Mail
: Mail to MBSB with your check and statement enclosed in an envelope
: Issue instructions to have your bank account deducted to pay for your home loan with your T-PIN
If you are looking for other home loans, you may also consider
Alliance Bank Home Loan
: At Alliance Bank, the home loan rate starts from Base Rate (BR) 4.00%. There is available the option of a flexi loan package and there is a maximum of 90% margin of financing. There is a 3 year lock-in period for this home loan.
Bank Rakyat Home Loan
: The housing loan rate from Bank Rakyat starts from Base Rate (BR) 3.87%. There is no option of a flexi loan package available and there is a maximum of 90% margin of financing. The lock-in period for this housing loan is 5 years.
Public Bank Home Loan
: Public Bank provides a mortgage rate starting from Base Rate (BR) 3.65%. There is available the option of a flexi loan package for this loan and there is a maximum of 90% margin of financing. The lock-in period for this mortgage is 3 years.