SMART Mortgage LPPSA
To assist the government staff and his/her spouse or immediate family members (non-government staff) in jointly owning their dream home by financing the differential sum.
Package Name
SMART Mortgage LPPSA (Lembaga Pembiayaan Perumahan Sektor Awam) Package:
Second Charge home financing package for government servant to obtain an additional financing on top of his/her LPPSA financing eligibility.
Eligibility
- Meet the qualifications as an applicant:
– At least one of the applicants is a civil servant:
– For joint applicant(s) who is not a public sector employee, the applicant may obtain the financing from the Bank
– Application for joint-financing covers husband/ wife/ mother/ father/ children - The name of the applicant(s) appears in the Sale and Purchase Agreement (SPA).
- Eligible persons according to the definition of LPPSA and must be:
i) Permanent officers currently in service; and
ii) Has served at least one (1) year and has been confirmed in office.
(The Letter of Offer (LO) from LPPSA serves as an evidence of the above) - Not a person who is a bankrupt/ a debtor/ a person who is financially incapable/ is being subjected to disciplinary action or pending dismissal.
- Other criteria as per the Bank’s credit underwriting terms, inclusive of the employment requirements.
Benefits
- Oportunity to obtain higher financing amount to purchase property that is higher that the applicant’s LPPSA financing eligibility.
- Financing of Moving Costs and Related Expenses (MCRE) i.e. MRTT/MLTT, LTHT, legal fees, valuation fee & stamp duty
- No lock-in period
- Fully-Shariah compliant product
Margin of Financing
To part finance purchase of residential property:= [MOF+MCRE]
a) MOF = [Up to 90% x PP or MV, Whichver is lower] – [LPPSA’s Home Financing approval limit (on principal amount only, excluding MRTT & legal fees)]
b) MCRE (up to 10% of PP or MV)
Documents required
-
- Photocopy of I/C of applicant(s)
- Latest 3-month salary slips
- Latest J/EA Form
- Confirmation letter from employer
- Original S&P Agreement/ booking sheet/ down payment receipt
- Business Registration and other related forms for self-employed (whichever is applicable)
- Latest 3-month Bank Statement
- Letter of Offer (LO) from LPPSA
- Valuation Report* (Laporan Nilaian Pinjaman Perumahan) from Jabatan Penilaian dan Perkhidmatan Harta (JPPH)
- Any additional documents if required by the Bank
