Subsidised Tawarruq Home Financing-i by State Government of Sabah
For civil servants serving in the State Government of Sabah.
Guidelines, terms & conditions under the financing scheme as stipulated in Ministry of Finance’s circular letter
KEW 100-4/4.Klt.7 issued on 30th March, 2017.
100% of cost of property or valuation on the property or whichever is the less, subject to applicant’s eligibility.
Maximum financing is RM500,000 – subject to confirmation of entitlement by the Sabah State Government.
Required Documents for Application:
- Certified copy of IC (applicant / spouse / vendor / guarantor )
- Certified copy of salary slip (applicant / guarantor ) – 3 months
- Certified copy of EC / EA (applicant)
- Certified copy of Surat Perlantikan Jawatan (applicant)
- Eligibility Confirmation Letter from Department
- Booking Form / Sale & Purchase Agreement / Letter of Intent
Maximum Payment Period
30 years subject to age plus repayment tenure not exceeding 70 years.
Subsidised Profit Rate
At 3% per annum on monthly rest.
Frequently Asked Questions
Yes, you may apply but subject to Government’s approval.
Our maximum financing period is 30 years subject to age not exceeding 70 years whichever is earlier.
3) If we have a financing with other Bank, can we transfer our financing to Borneo Housing utilising our Government subsidised financing?
Yes, you may but subject to Government’s approval.
4) If I am building my own house using direct labour, can I request for advance payment in order to commence the construction of the building?
No, we do not allow payment in advance. Release of payment upon completion of documentation can only be made progressively based on our Company’s Progress Report on construction works achieved.
5) If I apply for Borneo Housing financing , can the legal fees be paid from the financing approved?
No, we do not allow the legal fees to be deducted from the approved financing facility and other disbursements are to be paid by you.
Since the land belongs to the Community for e.g. the Kampung itself and not individual, it is therefore not acceptable to us as a security for financing facility.
7) I am in the State Government service and my wife is a housewife and I intend to apply for Government subsidised financing, can I apply to include my wife’s name in the financing?
Under the Government Housing Loan Scheme, both must be in the State Government service.
* The Company reserves the right to vary the above information, terms & conditions from time to time without assigning any reason whatsoever.