MBSB Mortgage Update

Residential floating rate 

< 150k: ECOF + 0%

150k ~ 299k: ECOF - 0.8%

300k ~ 499k: ECOF -0.9%

>500k: ECOF -1%

Commercial floating rate 

< 150k: ECOF + 1%

150k ~ 299k: ECOF + 0%

300k ~ 499k: ECOF - 0.5%

>500k: ECOF -1%

Other Terms:

1. Exit Penalty: Lock in 5 years 1st drawdown, 3.5% of outstanding balance / RM 6000 whichever is higher

2. MOF: 

Max 95% + 15% (legal fee, stamp duty, MRTA financing, Will writing) for residential. 

Max 85% + 10% legal fee, stamp duty, MRTA financing, Will writing) for commercial.

3. Tenure: 

Age 65 / 30 yrs, whichever is earlier for residential.

Age 60 / 20 yrs, whichever is earlier for commercial.

4. ZEC available subjected to certain loan amount

5. Prepayment withdrawal fee: N/A

6. Mortgage Insurance: MRTA/MLTA/Life policy are compulsory to be taken up

7. Valuation of properties: compulsory for all completed properties. Fee to be borne by MBSB, subjected to certain loan size

8. Event of default: -

9. Others: compulsory to acquire will writing services, mortgage insurance / life insurance / PA to insure against the mortgage

Charges:

1. Processing fee of 0.15% based on loan amount will be charged on commercial properties only

Last update on 12 Sep 2011