What Are The 3 BSN MyHome Housing Schemes In Malaysia All About?

Should you be interested in applying for the various schemes under BSN MyHome, this guide will walk you through everything you need to know before you sign up for it!

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Everyone has a right to access quality housing. Yet it’s increasingly tricky for young people to access affordable housing when they need it. That’s where the BSN MyHome schemes come in!

Time to find out just how many versions there are and how you can go about applying for each one.


What Are All The Schemes Under BSN MyHome?

With many Malaysians finding it more difficult to successfully finance a home of their own, Bank Simpanan Nasional (BSN) has introduced an array of schemes aimed at supporting Malaysians to finance their first home. These include:

  • BSN MyHome for Residential Property 
  • BSN MyHome (Program Perumahan Rakyat) 
  • BSN MyHome-i

Let’s go through them one by one to find out what they’re all about!


What Is BSN MyHome For Residential Property?

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BSN MyHome for Residential Property is a housing scheme aimed at helping homeowners finance or refinance their home with lower interest rates. 

This scheme is available for all eligible homebuyers, not just targeted at first-time homebuyers or those with limited income. This means even multi-generational families and organisations can apply too!

For families who’ve just bought a new home or are building their own property on a self-purchased bungalow lot, this scheme is available to you too. There are a further 2 packages under this scheme as below:

1) Second Charge Package

The Second Charge Package is an extra financing option for government servants only. In case the existing home loan is insufficient, government servants can opt for this additional package to help bolster their financing.

2) 2 Generations Package

This package offers a longer loan period for 2-generation families (parents and children) living under one roof. The child or children however, must be a student and aged 21 years old and above. Other criteria include:

  • The child or children must be pursuing studies at Diploma level or above and will be graduating in three years.
  • Parent(s) has steady income for a period of five years.


What Are The Eligibility Criteria For BSN MyHome For Residential Property?

The good news is, this scheme is available for almost everyone! As it’s not marketed as an affordable housing scheme, there are no limits to the property price, and applicants need not be a first-time homebuyer either.

BSN MyHome for Residential Property Eligibility (for joint/individual)




21 years old and above (not exceeding 70 years old at the end of loan period)

Marital status

Single or married

Purchase history

With proof of property purchase or owns a property

Household income

With regular income and capable of making repayment

Property criteria

  • Property located in Marketability Factor (MF) 6 and above areas
  • Under Construction Property and Completed Property



What Are The Terms Under BSN MyHome For Residential Property?

BSN MyHome for Residential Property Financing Terms

Margin of financing

Up to 90% of purchase price + 5% MRTA + 5% legal and valuation fees

Stamp duty 

No exemption

MRTA cover

Up to 5% of purchase price 

Minimum loan period

5 years

Maximum loan period

35 years 

Maximum age at end of loan

70 years old

Loan type

Individual, joint or organisation

Interest rate

Ranging from +0.40% to +3.0% over the base rate, dependent upon circumstances 


What Is BSN MyHome (Program Perumahan Rakyat)?

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Are you self-employed? We all know self-employed individuals have a slightly different journey when it comes to applying for a home loan, and it can be a little trickier to obtain financing compared to those with regular employment. 

Well, BSN wants to help you own a home with their MyHome (Program Perumahan Rakyat) scheme! This scheme is specifically designed for self-employed individuals or those bringing in an irregular income.


What Are The Eligibility Criteria For BSN MyHome (Program Perumahan Rakyat)?

BSN MyHome (Program Perumahan Rakyat)


Malaysian, with proof of self-employment


18 - 60 years old

Marital status

Single or married

Purchase history

For financing of first home and own residence only

Household income

Minimum Income of RM1,000 per month

Property criteria

Financing only for low cost or average properties


What Are The Terms Under BSN MyHome (Program Perumahan Rakyat)?

Because this scheme is aimed exclusively at self-employed Malaysians, there are some key features to note here.

Most notably, the loan amount is capped at RM300,000 with a maximum age limit of 65 years old at the end of the tenure.

BSN MyHome (Program Perumahan Rakyat) Financing Terms

Margin of financing

Up to 100% of purchase price inclusive of (MRTA / LTHOT / Legal Fees / Stamp Duties)

Stamp duty 

Inclusive under financing

MRTA cover

Up to 5% of purchase price 

Maximum loan amount

RM25,000 - RM300,000

Maximum loan period

35 years

Maximum age at end of loan

65 years old

Loan type

Individual or joint

Interest rate

Ranging from +0.95% to +3.0% over the base rate, dependent upon circumstances 


What Is BSN MyHome-i?


The BSN MyHome for Residential Property has a Shariah-compliant sibling known as the BSN MyHome-i, a Shariah-compliant housing loan that’s based on the Tawarruq contract.

The main difference is that this scheme provides MRTT insurance coverage, while the BSN MyHome for Residential Property offers MRTA.

Not sure what those are? Read our Complete Guide To MRTA, MLTA, MRTT, And MLTT In Malaysia, here!


DISCONTINUED: What Was The BSN MyHome Youth Housing Scheme? 

This was a youth housing scheme administered by Bank Simpanan Nasional (BSN), designed to help both single and married youths take that first important step into property ownership.

The key word here to remember is first home, because if you’ve previously bought a property or have any in your name, you wouldn’t have been eligible for this housing scheme.

BSN MyHome Youth Housing Scheme covered properties from RM100,000 up to RM500,000, for eligible applicants aged 21 to 45.

The best part of this scheme was the 100% loan cover, where you would have been offered full financing compared to the 90% maximum home loan value usually offered by banks.

Crucially, that means no need to save up for that (often hefty) 10% down payment. However, this scheme has been discontinued and is currently not available until further notice.


How Can I Apply For These BSN MyHome Schemes?

As you might have guessed from terms like ‘property financing’ or ‘housing scheme’, there’s a lot of paperwork you need, to help you along the way:

  • BSN application form
  • Copy of NRIC
  • Copy of valid marriage certificate
  • Salaried Applicant/Co-applicant (spouse only)
    • Latest copy of 3 months' salary slip
    • Copy of 3 months' bank statement
    • Latest 6 months' bank statement (if any other income)
    • Latest EPF statement
    • Employer Confirmation Letter/HRMIS (Government servant)
    • Side income documents (if any)
  • 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 of property
    • Copy of Property Sale and Purchase Agreement (SPA) which has been stamped
    • If the SPA has not been completed, S&P Draft/Letter of Intent to Purchase/Down Payment Receipt/Proforma Purchase Orders
  • Master/Individual title (if any)
  • Birth certificate (joint application for siblings)

You will also need to be a BSN GIRO/GIRO-i account holder to apply for this housing scheme, as it’ll help smoothen the payment process in the future.

To apply or find out more, drop by your nearest BSN branch or fill in the application form here.



1) What is the Base Rate (BR)?

The Base Rate is an interest rate banks refer to, which are internally derived after taking into account a minimum interest rate set by Bank Negara Malaysia (BNM).

The current BSN Base Rate (BR) is 2.60% (with effect from 15 July 2020), but please confirm with your BSN representative as Base Rates are subject to change.

2) What if I’m late on my repayments?

You will incur Late Payment Charges of 1% per annum on the amount in arrears.

3) What if I want to fully settle the financing before the maturity period?

Most home loans are subject to a lock-in period, which means that you’ll be hit with a hefty fee for paying off the loan early!

BSN charges early settlement fees of 2.50% of the principal balance if full/partial settlement is made within three years from the date of the first disbursement.


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