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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.

Product Benefits

Financing tenure

up to age of 70 years or maximum duration of 35 years, whichever is earlier

Financing of MCRE

(Moving Costs & Related Expenses) i.e. MRTT/MLTT, LTHT, legal fees, valuation fee & stamp duty

Fully-Shariah compliant product
Peace of mind with Mortgage Reducing Term Takaful (MRTT)/Mortgage Level Term Takaful (MLTT) coverage
No lock-in period
Competitive profit rate

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
  1. 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
  2. The name of the applicant(s) appears in the Sale and Purchase Agreement (SPA).
  3. 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)
  4. Not a person who is a bankrupt/ a debtor/ a person who is financially incapable/ is being subjected to disciplinary action or pending dismissal.
  5. 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

 

Let us help you calculate!

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Financing Amount (RM)
Profit Rate
Installment period (years)
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Terms and Conditions
Product Disclosure Sheet

*Terms and conditions apply.

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2024-06-13 08:48:21