The BSN housing loan calculator is a digital tool designed to assist potential borrowers in estimating their monthly loan repayments. Users need to input specific details such as the loan amount, loan tenure, and interest rate to generate an estimated monthly payment. This calculator serves as an essential resource for individuals planning to purchase a house, allowing them to manage their finances better by understanding potential commitments beforehand. BSN home loan calculator provides estimates only and not actual quotes.
BSN Home Loan Calculator
How to Calculate BSN Home Loan Repayments?
To calculate BSN home loan repayments, use their housing loan calculator by entering the loan amount, interest rate, and repayment tenure. For instance, RM280,000 at an interest rate of 4.1% over 25 years results in approximately RM1,509 per month. For more accurate figures, consult BSN representatives for assistance.
What Are the Features of BSN MyHome and MyHome-i?
BSN offers two main housing loan products: BSN MyHome and BSN MyHome-i. Both products cater to individuals looking for financing for residential properties, whether under construction or completed.
BSN MyHome
BSN MyHome is a conventional loan option that offers floating interest rates with a margin of finance up to 95%. It allows for a maximum tenure of 35 years or until the borrower reaches 70 years old.
BSN MyHome-i
BSN MyHome-i is an Islamic financing solution using the Shariah concept of Tawarruq (Commodity Murabahah), providing similar financing margins and tenure but adhering to Islamic banking principles.
Each product features various packages, such as the Second Charge Package and the 2 Generations Package, catering to different customer segments such as government servants and multi-generational households. Both loans offer flexible repayment methods, including standing instructions and Interbank GIRO.
What Are the Eligibility Criteria for BSN Housing Loans?
To be eligible for BSN MyHome or MyHome-i, applicants must meet several criteria:
For Individuals or Joint Applicants
Must be Malaysian citizens aged between 21 and 70 years at the end of the loan period, have a regular income, and capability of making repayments. They must provide proof of property purchase or ownership and ensure the property is located in approved areas.
For Organisations
Must be Malaysian-owned and have been operating for at least two years with stable financial records. This includes sole proprietors, partnerships, and companies under the Partnership Act 1961 or Company Act 1965.
Applicants must submit various documents, including copies of NRIC, recent pay slips, bank statements, and an evaluation report from a registered valuer.
What Are the Interest and Profit Rates for BSN Housing Loans?
BSN offers competitive floating rates for both its conventional and Islamic home financing products. The interest or profit rates depend on the loan amount and the selected tenure. For instance:
- Loans up to RM100,000 have an interest rate of SBR + 3.85%.
- Loans from RM100,001 to RM300,000 are charged at SBR + 1.60%.
- Loans from RM300,001 to RM500,000 carry a rate of SBR + 1.50%.
- Loans above RM500,001 are offered at SBR + 1.40%.
The Standardised Base Rate (SBR) is subject to change, influencing the overall cost of borrowing. An additional 0.15% applies if the loan or financing is without insurance or takaful coverage.
How Can Borrowers Repay Their BSN Housing Loans?
Borrowers can choose to make payments at any BSN branch nationwide, set up standing instructions from their savings accounts, or use the Interbank GIRO (IBG) system.
Early settlement is possible, and borrowers can clear their loans before the end of the tenure by notifying the bank in advance. However, maintaining regular monthly payments for at least five years is recommended before opting for full settlement to benefit from potential rebates on unpaid interest or profit.
Are There Any Additional Costs or Risks Involved?
Borrowers should be aware of potential additional costs, such as late payment charges which are typically 1% per annum on the outstanding amount. Early settlement and other administrative fees, like the redemption letter fee, may also apply.
Major risks include the potential foreclosure of the property if the borrower defaults on their loan repayments. As the loan is secured against the property, timely payment is crucial to avoid such situations.