Bank Simpanan Nasional (BSN) Housing Loan
BSN Second Charge is a home loan under BSN GIRO Home that suits for any government servants and other government agencies. This home loan mainly work as an additional loan for the individual mentions received insufficient loan that they are entitled. Another BSN GIRO Home packages include the BSN 2 Generations which primarily work as a joint loan between two generations comprising a parent with a child who still studying at any level, age 21 years old and above that would graduate in three years time. This makes the BSN 2 Generations to have a longer loan period with the parents did not suffering from a bad income for a period of five years.
Moreover, BSN which is a wholly government owned can opt for the zero moving cost (ZEC). The ZEC works as an absorbent for the entry cost that has been made to the borrowers. Currently, these home loans offer a financial amount starting from RM 50,000 to RM 100,000 and above. The interest rates for the borrowers start from 6.95% per annum to 4.40% per annum with a financial margin up to 90% of the property value. There is also another 5% charges with the property value finance which include the MRTA. The loans tenure is up to 35 years or till borrowers is age 70 years old whichever comes first.
The loan needs the borrowers to be at least 21 years old to 70 years old by the end of financing with a minimum annual income of RM 24,000 and is open to any nationalities.
BSN property loan requires a 1% per annum for any delayed payments, 1% for the late penalty fee from current outstanding amount, RM 50 for the redemption letter fee and RM 20 for the letter for EPF withdrawal fee.
These documents are needed to apply the loan
- A copy of NRIC or Identity Card
- A copy of sales and purchase, letter of offer or booking receipt from the developer
- A copy of individual title deed
- Property evaluation reports for built or subsale properties
- A copy of letter of employment
- Latest copy of 3 to 6 consecutive months salary slip
- A copy of business registration Form 24 and Form 49