BSN MyHome (Program Perumahan Rakyat) 2021: Everything you need to know


For someone self-employed, buying a house can be a much more complicated process. Thankfully, BSN MyHome (Program Perumahan Rakyat) 2021 is a valid financing option for anyone in this category.

what is BSN MyHome (Program Perumahan Rakyat) 2021

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Being self-employed carries a multitude of perks. There’s creative control, independence, job satisfaction, higher potential income, and a host of other benefits. Of course, the rule of the universe generally states that when there are pros, they will also be cons.

One such downside, if you even consider it as one, is a slightly trickier time when purchasing a home. This of course involves the process of applying for a home loan. Thankfully, schemes such as BSN MyHome (Program Perumahan Rakyat) 2021 will help not only those in this category but also people with irregular income (for example, commission-based income).

1. What is BSN MyHome (Program Perumahan Rakyat)

BSN MyHome (Program Perumahan Rakyat) is a housing loan offered by Bank Simpanan Nasional Malaysia (BSN) to assist people who are self-employed or with irregular income to own a home.

2. What are the eligibility requirements for BSN MyHome (Program Perumahan Rakyat)

To qualify, you need to meet the following criteria:

  • Malaysian citizen
  • Aged between 18 to 60 years old during application of this scheme
  • Individual / Joint Applicants
  • Proof of self-employment
  • Minimum income of RM1,000 per month
  • For financing of first home and own residence only
  • Financing  of low cost or average properties only
  • No housing loans with any other financial institutions.
  • BSN Giro/ BSN Giro-i account holder

READ: Latent Defect Liability Claims: How much time do homeowners have to pursue legal recourse?

3. What are the features and benefits of BSN MyHome (Program Perumahan Rakyat)

Here are the features and benefits of this programme. Through this home loan, you will get the following:

  • Financing amount from RM25,000 up to RM300,000
  • Financing tenure up to 35 years
  • Financing margin up to 100% (inclusive of MRTA / MRTT and LTHOT
  • The following interest rates:
Loan Amount (RM) Tenure (Years) Effective Interest Rate (EIR)
Completed Property Under Construction Property
RM100,000 and below Whole tenure BR + 3.00% BR + 3.00%
>RM100,000 to RM300,000 1-2 BR + 1.20% BR + 0.95%
Thereafter BR + 1.20%

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4. How much would I be paying every month?

You may use the BSN Housing Loan Calculator to estimate the amount of your monthly instalment. You can also calculate Late Payment Charges (LPC) using this formula:


Source: BSN MyHome (Program Perumahan Rakyat)

5. What are the fees and charges for BSN MyHome (Program Perumahan Rakyat) 

For BSN MyHome (Program Perumahan Rakyat), applicants need to pay the following fees:

  • Stamp dutyAs per the Stamp Act 1949 (Revised 1989). 
    • Principal Documents – will be charged on an ad valorem basis.
    • Other Documents – RM 10.00
  • MRTA fee – 5% from the total loan amount
  • Valuation fee – greater than RM100
  • Disbursement fee – RM100 ( varies according to state and type of property)
  • Transfer of ownership title fee – Greater than RM100
  • Processing fee –  Waived 

6. How do I apply for BSN MyHome (Program Perumahan Rakyat) 

You may visit the nearest BSN branch or download the application form from the official website.

READ: Can I cancel a house purchase after signing the SPA?

7. What are other home financing programmes offered by BSN?

Previously BSN offered the BSN MyHome (Youth Housing Scheme). If you have missed that opportunity, you may explore BSN MyHome (Residential Property) scheme to check the availability and requirements. BSN also offers BSN MyHome (Commercial Property) scheme for people who are interested in securing commercial properties.

Edited by Rebecca Hani Romeli

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