Enjoy exclusive home financing deals - Promotions

Notice

With effect from 31 October 2023, the Business I-Banking service will be terminated and will be replaced by our new Baiduri b.Digital Business service. To help you with your transition, email us at [email protected].

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Enjoy exclusive home financing deals

From now until 31 March 2024, enjoy special rates on a Home Ownership Loan for the Magnolia Residences by Gemarlapan Management.

Terms & Conditions
Enjoy Exclusive Home Financing Deals (this “Promotion”) Terms and Conditions

1. Promotion Period

1.1 This Promotion is valid from 20 October 2023 to 31 March 2024, (both dates inclusive) or such other date(s) as may be determined by Baiduri Bank Sendirian Berhad (“the Bank”) at its discretion (the “Promotion Period”).

2. Eligibility

2.1 This Promotion is offered to all new and existing individual customers of the Bank who are applying for a Home Ownership Loan to purchase the residential property titled ‘Magnolia Residences’ (Strata or Leasehold) listed by Gemarlapan Management, and fulfill the following criteria during the Promotion Period ("Eligible Applicants"):

i.) Brunei citizens or permanent residents; OR

ii.) Eligible Foreigners* who have their salary assigned to the Bank.

*Eligible Foreigners are defined as:

Foreigners born in Brunei; OR
Foreigners working in Brunei for more than 10 years; OR
Foreigners working in Brunei and married to a Brunei citizen; OR
Foreigners earning a director or partnership fee.

2.2 Eligible Foreigners who have their salary assigned to the Bank must maintain their salary assignment throughout the duration of the Home Ownership Loan.

2.3 This Promotion is only applicable to Eligible Applicants who are applying for a Home Ownership Loan with the following criteria:

Minimum loan amount

BND100,000
Minimum loan tenor
Ten (10) years

2.4 The approval of the loan application is subject to full satisfaction of the Bank’s criteria including the Bank’s credit assessment policies and documentation requirements.

3. The Promotion

3.1 Eligible Applicants will be entitled to one of the following offers below:

The Promotion
Offer A

Non-Subsidised

Offer B

Subsidised
Promotional Effective Interest Rate (“EIR”)¹

4.0%
4.25%
Subsidy
No subsidy
5% of loan amount or up to BND15,000 (whichever is lower)

Loan entitlement for Brunei Citizens and Permanent Residents

Up to 95% of Loan-to-Value (“LTV”)²
Up to 95% of Loan-to-Value (“LTV”)²
Loan entitlement for Eligible Foreigners

Up to 85% of LTV²
Up to 85% of LTV²
¹EIR is floating and linked to the Base Lending Rate ("BLR"). For the avoidance of doubt, the BLR is currently at 5.5% and subject to changes at the Bank's discretion.

²LTV refers to the loan amount against the Open Market Value (OMV) of the property.

3.2 The subsidy granted under Offer B in this Promotion shall be used for the payment of fees including but not limited to:

i. Preparation of legal documentation including Sales and Purchase Agreement
ii. Fire insurance for the first year of purchase only
iii. Mortgage Reducing Term Assurance (“MRTA”)
iv. Valuation reports
v. Stamp duty for Memorandum of Charge

For the avoidance of doubt, any balance of unutilised subsidy amount after the payment of the abovementioned fees will not be released to the successful applicants. In the event the approved loan is partially or fully settled before its maturity date, the Bank reserves the right to recover the whole subsidy granted under this Promotion.

3.3 For the purpose of this Promotion, the Bank will appoint AIP Law Firm on the Eligible Applicant’s behalf for the preparation of legal documentation including Sales and Purchase Agreement.

3.4 Upon the approval of the loan application and signing of the Facility Offer Letter (“FOL”) by the successful applicant, the loan amount will be disbursed to the successful applicant's Bank account within fourteen (14) working days of the date of signing of the FOL.

4. General

4.1 This Promotion is governed by the Bank’s terms and conditions on the related products and any other documents forming the banking agreement.

4.2 The Bank may, at any time and without prior notice or liability to any party, suspend or terminate this Promotion or vary these terms and conditions.

4.3 This Promotion is not valid with other offers, privileges or promotions unless stated otherwise.

4.4 The Bank reserves the right to determine at its sole and absolute discretion all matters arising out of or in connection with this Promotion. Its determination of all matters relating to this Promotion shall be final and conclusive and no correspondence will be entertained.

4.5 By participating in this Promotion, Eligible Applicants:

Agree to be bound by these terms and conditions;
Consent to their personal data being collected, processed, and used by the Bank in accordance with the Group Privacy Policy, which may be viewed at https://www.baiduri.com.bn/legal-notice/privacy-policy; and
Consent to their personal data being collected, processed, and used by the Bank for the purposes of this Promotion and for marketing and promotional activities conducted by the Bank.

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Important update
19 September 2023

We would like to inform you that with effect from 31 October 2023, Business i-Banking service will no longer be operational, and this will be replaced with our new Baiduri b.Digital Business service.

If your company has not transitioned to b.Digital Business, please ensure that every existing user provides the following by 8 October 2023 through the Business i-Banking Inbox:

User’s full name
User’s valid Identification Card (IC) or Passport
User’s mobile number
User's company assigned email address (General company email is not accepted e.g., [email protected])

Alternatively, you can complete the b.Digital Business Amendment Form and submit the form(s) directly to Baiduri Digital Hub, Ground Level, Baiduri Bank Headquarters.

Every user will receive a notification email at their registered email address, once they have been migrated and activated on the b.Digital Business service.

Companies who have not moved to b.Digital Business after 31 October 2023 can re-apply as a new subscriber to the b.Digital Business service. This will require additional documentations to be submitted as part of the application. Refer “Required Documents” here.

Important notice: Our Business i-Banking service will be deactivated soon. To ensure continued access and a smooth transition to the new Baiduri b.Digital Business, please provide your full name, IC, email address and mobile number via Business i-Banking Inbox. If we do not receive updated details from all authorised users, your company will not be migrated to the new platform and a fresh application will be required. For assistance, contact us at [email protected] or call 2268 637/8/9 during business hours. Thank you for your cooperation.

I have read and understood the notice above.

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Important notice: We have updated the Baiduri b.Digital Personal mobile app on 21 August 2023.

If you have not logged in to your mobile app lately, you will be required to update the app when you open it.

If you have updated the app but have forgotten what your User ID is, you can retrieve it via one of the following:
• Visit Digital Hub at ground level, Baiduri Bank Headquarters
• Visit your nearest Baiduri Bank branch
• Call our 24-hour Customer Helpline at 2449666

If you have forgotten your password, you can reset it through the Baiduri b.Digital Personal web platform through the “Forgot Password” feature.

If you need further assistance, click here for a guide.

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