Can foreigners borrow in Ringgit?

Yes. Under Bank Negara Malaysia’s Foreign Exchange Policy framework, non-residents are permitted to obtain Ringgit financing from Malaysian banks to purchase real estate in Malaysia, subject to each individual bank’s own credit and lending criteria — BNM does not itself set the interest rate or approve individual loans.

Source: Bank Negara Malaysia — Foreign Exchange Policy.

The policy interest rate context

Malaysian bank lending rates are generally anchored to Bank Negara Malaysia’s Overnight Policy Rate (OPR), which BNM publishes and updates at its own Monetary Policy Committee meetings. As of the most recent published rate, the OPR stood at 2.75%. This is the policy benchmark, not the rate any individual bank will actually offer — every bank adds its own margin on top, and this changes over time.

Source: Bank Negara Malaysia — Key Rates & Statistics (check this page directly for the current rate, as it changes).

What varies by bank, not by law

Loan-to-value margins (how much of the property price a bank will lend against), tenure, and documentation requirements for non-resident and MM2H borrowers are set individually by each bank, not fixed by BNM in a single published rule. In practice, non-resident buyers commonly see lower loan-to-value margins and shorter tenures than Malaysian citizens, and some banks offer better terms to MM2H participants specifically — but the exact figures are bank-specific and change over time. Ask several Malaysian banks directly, or use a licensed mortgage broker, for current terms.