Monday, 17 December 2018,   07 Rabiulakhir 1440H

Islamic Banking

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BSN MyHome-i (Youth Housing Scheme)

 

BSN MyHome-i (Youth Housing Scheme) is designed to help single or married youths own their very first home with ease.
 
Shariah Concept
The Shariah concept used is Commodity Murabahah (Tawarruq) which refers to buying and selling of the commodities as the underlying asset on the deferred basis by way of Murabahah (Sale contract with the disclosure of the asset cost price and profit margin), then selling it to a third party to obtain cash.

 

 

Features

This facility is offered for financing the purchase of either completed,  under construction or sub-sale properties.
» This facility is offered for financing the purchase of either completed,  under construction or sub-sale properties.
» 100% of stamp duty exemption on the transfer of ownership and facility documents for property price up to RM300,000.
» The Government is also to aid monthly instalments of RM200 per month that will be credited to customer’s financing account for a period of 2 years, from the date of first disbursement to the developer / vendor.


   

Property Price

» Minimum: RM 100,000
» Maximum: RM 500,000


   

Margin of Financing

» Property: Up to 100% of the purchase price/ market price (whichever is lower)
» MRTT: Up to maximum 5% of the purchase price/ market price (whichever is lower)


   

Financing Period

» Minimum : 5 years
» Maximum : 35 years (subject to age limit of not more than 65 years old at the end of the financing period).
   
   

Profit Rate

» Pricing range between BR+0.60% up to BR+3.00% subject to customer’s profile and property location.
» For financing amount of RM350,000 and above with 30 years of financing tenure, the indicative profit rate is BR + 0.80%*.
» Current BSN Base Rate (BR) is 4.10% (with effect from 7th February 2018).
   
*Subject to terms and conditions
   
   

Criteria

» Malaysian citizen.
» Aged 21 to 45 years old (subject to age limit of not more than 65 years old at end of tenure).
» Single or married.
» Household income no more than RM10,000 per month.
» First time purchaser.
» Individual / Joint Financing.
» BSN GIRO / GIRO-i account holder.
» Proof of purchase.
   
   

Documents Required

» BSN application form
» Copy of NRIC 
» A valid marriage certificate
» Salaried Applicant / Co-applicant (spouse only)

-   Latest 3 months’ Salary Slip
  Note: For single application, spouse of applicant must submit a copy of latest Salary Slip.
 
-  Latest 3 months’ bank statement
-  Latest 6 months’ Salary Slip and bank statement (other income)
-  EPF statement
-  Employer Confirmation Letter

» Self Employed Applicant / Co-applicant (spouse only)

-  Company’s registration (SSM)
-  B/BE Form + LHDN Receipt
-  Company’s Financial Statement
-  6 months’ company bank statement
-  Other documents i.e site visit report etc.

» Proof of purchase consisting of a copy of Property Sale and Purchase Agreement(S &P), which has been stamped. If the S&P has not been completed, the deposit receipt /proforma purchase orders is acceptable  for the  purpose of approving the application.
» A copy of valuation report (for the purchase of completed property from individuals / non-developers) of BSN panel valuer
» Master / Individual title (if any)
»

Statutory Declaration (SD) for the purchase of the first house and self-occupied.

(Note: Statutory declaration must be signed by the applicant and co-applicant/ spouse)


Late Payment Charges


»
   Within the Facility Period

Overdue instalment(s) x 1% x No. of overdue day(s)
                                  365

»   After the Facility Period

Outstanding principal x IIMM* x  No. of overdue day(s)
                                   365


Note:
» Islamic Interbank Money Market (IIMM) is subject to change from time to time. 

  

Stamp Duty


»  Principal Documents - Will be charged on ad valorem basis.
»  Other Documents – RM 10.00