MY FIRST HOME SCHEME 2012
|CAGAMAS SRP BHD||Joint Venture between Ministry of Finance/Government of Malaysia and the Cagamas Group|
|GUARANTEE COVER||Cagamas SRP Bhd will only guarantee 10% on a “first loss” basis|
|LOAN(LTV)/FINANCING AMOUNT||*Upon qualification of the scheme, Banks will provide 100% (of SPA/OMV whichever is lower) financing to purchase the property.*As per existing banks’ policies, participating banks can still finance an additional 5% for Insurance/MRTT, Legal and Valuation Fees, but this will not be covered by Cagamas SRP Bhd and Subject To Bank’s Discretions.|
|PROPERTY TYPE||*Completed Residential Properties*Under Construction residential properties. For property under construction, the Guarantee Protection/Cover will only commence upon full disbursement/Property fully completed. As such only empanelled EF project will be considered under this scheme. Any exception will be considered on a case to case basis.|
|PURPOSE OF LOAN/FINANCING||*To finance purchase of a house.*Not applicable for refinancing.|
|LOAN/FINANCING FACILITY/PRODUCT||Subject to bank’s package.|
|LOAN/FINANCING TENURE||Max 30 years, subject to not exceeding borrower’s age of 65 (based on younger borrower’s age, for joint application) at loan maturity-(Subject To Bank’s Discretions).|
|LTV/FINANCING AMOUNT||LTV/Financing amount should not be more than 100% of SPA/OMV whichever is lower.|
|INTEREST RATES||Subjected to bank’s package.|
|BORROWER /CUSTOMER||*Malaysian Citizenship only.*Young Adults not exceeding 35 years of age.*First Time Homebuyers only (defined through CCRIS checks) and declaration in Application form and letter of offer.Joint Borrowers/Customers, if any, must be related as immediate family members ( Spouse, children and sibling)|
|EMPLOYMENT||*Confirmed employee with minimum 6 months employment with same employer.*Not for self employed and goverment staff.|
|INCOME /LIQUIDITY RESERVE||*Max salary of up to RM3,000 per month per individual borrower/customer*Joint application with combined gross income of up to RM 6,000 with single borrower’s gross income not exceeding RM3,000/month( Bonus to be excluded from calculations. Treament of commission as per participating bank’s existing policies)|
|DOCUMENT REQUIRED||1. NRIC copy2. Property Booking Receipt3. Vendor Sales and Purchase Agreement / Title copy / New Sales and Purchase Agreement4. Latest 3 months pay slips5. Latest 3 months personal bank statement (To show salary credited as per pay slip)6. Employment Letter ( on letter head or bearing company chop) confirming job title and income details.7. Latest From B/BE with payment receipt acknowledgement8. Latest KWSP statement/Latest EA form9. Deposit Statement e.g. Fixed Deposit, ASB or Bonds .
*Borrower/Customer must show saving habit with average balance equivalent to 3 times instalments in the past 3 months. Example, instalment of RM1000 per month, average saving balance is RM3000 in the past 3 months.
|CREDIT CRITERIA||*No adverse credit checking*All other underwriting standards as per participating Bank’s policies.|
|PROPERTY TYPE||*Residential Properties only ( Landed and non Landed)*OMV/SPA ( whichever is lower) to be from RM100,000 to RM400,000*Minimum 60 years to expiry leasehold period. Any exception will require prior approval of Cagamas SRP Bhd before consideration.*Location across all Malaysia*Copy of Master /Individual title is compulsory.*Compliance with relevant regulations under the Malaysian Laws.|
|OWNER OCCUPANCY||*At least one of the income-generating borrower/Customer, in case of joint borrower/customer, must physically live in the property and use the property as his/her first and primary residence; and*The income of the occupying borrower/customer who must be immediate family member of the joint borrowers/customers, must not be less than the sum of monthly asset instalment payment and his/her other monthly debt or financing obligations.|
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* Note: The above criteria and information are for illustration only. We(www.malaysiahousingloan.net) will not be liable for any losses or damages cause by it. The final approval still subject to bank’s decision and terms and conditions apply. While every care has been taken in compiling and preparing the contents herein, neither the www.malaysiahousingloan.net & nor its consultant(s) guarantees the accuracy, completeness and/or applicability of the information provided nor is the information meant to be final and binding. These terms and conditions may be revised without notice from time to time.