1. What is Skim Rumah Pertamaku (SRP)/My First Home Scheme?

Answer : The scheme is one of the measures announced by the Government in the 2011 Budget aimed at assisting young adults earning RM3000 per month or less to own a home. In  The scheme allows homebuyers to obtain up to 100% financing from financial institutions, enabling them to own a home.

Cagamas SRP Berhad will guarantee the banks on financing above 90% level i.e. if a borrower obtains 100% financing, Cagamas SRP will guarantee 10% ( from 90% to 100%) of the financing.

In year 2012 Scheme

Max salary of up to RM3,000 per month per individual borrower/customer and Joint application with combined gross income of up to RM 6,000 with single borrower’s gross income not exceeding RM3,000/month

2. With Cagamas SRP Berhad’s guarantee, does it mean borrowers under the Scheme are only liable to the bank for 90% financing only?

Answer :  No, the borrowers are liable to the bank for the full financing amount (up to 100%). The guarantee only indemnifies the bank for any loss incurred as a result of financing above 90% level.

3. Do I have to pay a higher interest /profit rate or any fee to enjoy up to 100% financing under the Scheme?

Answer: No, the normal interest /Profit rates of the respective banks shall apply and borrowers do not have to pay for the Cagamas SRP Berhad’s guarantee.

4. Who is eligible for this Scheme?

Answer: This scheme is open to all  Malaysian citizen aged 35 years old or less (age next birthday is 36 years old or less) with monthly income of not more than RM3000 per applicant.  And Joint application with combined gross income of up to RM 6,000 with single borrower’s gross income not exceeding RM3,000/month

5. I am self employed and my spouse works in a trading company earning RM2000 per month. Are we eligible as joint applicants under the Scheme?

Answer : No, all applicants (including joint applicants) must meet the citizenship, first home, employment, age and income criteria.

6. My spouse and I each earn RM1500  per month and we wish to obtain 100% financing purchase our first home of RM220,000. Would we qualify under the scheme?

Answer : Under the Scheme, the monthly financing repayment amount must not be more than 1/3 of borrower’s monthly combined gross income; in this case, RM1000 per month as the financing is subject to affordability.

Example of calculation:

• Gross combined income : RM1500 + RM1500= RM3000
• 1/3 of RM3000 = RM1000

Based on current interest rates and permitted maximum financing tenor of 30 years, your maximum eligible financing amount is approximately RM200,000. To obtain RM220,000. To obtain RM220,000 financing, your combined monthly income would need to be approximately RM3300.00

7. My friend and I meet all the the criteria. Can we jointly apply for financing under the Scheme?

Answer : No, joint applicants must be family members, i.e. husband and wife or siblings only, and they must all meet the criteria set.

8. Does the Scheme cover completed properties as we as those under development?

Answer : Yes the Scheme covers both completed properties and those under development? The guarantee is effective upon full disbursement of the financing.

9. My spouse and I bought a property at RM220,000. Will we be entitled to RM220,000 financing if we meet the income criteria?

Answer : Valuation of the property is subject to the bank’s underwriting policy. Generally, banks will finance based on purchase price or valuation (open market value) from their panel valuer which ever is lower.

10. My existing financing was taken up for the purchase of  my first home. Am I eligible to refinance the loan under the Scheme?

Answer : No, the Scheme does not cover refinancing of an existing financing.

11. Are the any limitations on the type of residential properties or locations under the Scheme?

Answer : The type of residential properties and locations are subject to participating banks’ underwriting policies.

12. How do I apply for financing under the Scheme?

Answer : Please contact us now and we will help you for the applications.

13. Can I apply for Islamic financing under the Scheme?

Answer : Yes, the scheme covers both conventional and Islamic financing.

14. What is the maximum financing tenor?

Answer : The maximum financing tenure is 30 years, subject to participating banks respective underwriting policies.

15. Do I need to purchase fire insurance/takaful and Mortgage Reducing Term Assurance (MRTA) / Mortgage Reducing Term Takaful (MRTT) ?

Answer : The borrower will have to purchase fire insurance/takaful. However, MRTA/MRTT requirements will depend on the requirements of the participating banks.

16. With up to 100% financing under the Scheme, does that mean I do not have to come up with any down payment?

Answer: The homebuyer would be required to pay a booking fee and/or deposit to the seller under the terms of the Sale and Purchase Agreement pending disbursement of the home financing by the bank. When financing documentation is completed, the home buyer would be reimbursed from the disbursement of the financing by  the bank. When financing documentation is completed, the home buyer would be reimbursed from the disbursement of the financing by the bank. The home buyer may try to make an arrangement with the seller for deferment of deposit payment pending disbursement by the bank. Such request is dependent on the seller’s willingness for such accommodation.

Please contact us now for 100% home loan financing

* Note: The above FREQUENTLY ASKED QUESTIONS 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.

Please contact us  now for 100% housing loan financing!

* 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.

Under Budget 2011 our government announced many initiatives to help house ownership. These included allocation of RM568 million to build 300 units under the Urban Housing Assistance Scheme and 79,000 units under the People’s Housing Programme.

On top of that, an additional allocation of RM50 million has been set aside especially to help house ownership among estate employees under the low cost housing scheme.

After long a wait and received many emails pertaining to this subject, I am happy to announce “My First Home Scheme” was launched by our respectful Prime Minister, Datuk Seri Najib Tun Razak today.

The purpose of this programme launched was to ease the burden of our younger generation who are facing in increased of cost of living and increased in property price. Government understand and hoping with this programme our younger generation are able to own a house.

We should be thankful to government, mortgage companies, Cagamas Berhad and financial institution for giving full support in this special programme for “Rakyat”.

The brief criteria for this programme will be as follow:

1. Household income not more than RM3,000.
2. House purchase price from RM100,000 to RM220,000.
3. Maximum repayment period at 30 years tenure.
4. First time house buyer.

Under this 100% housing loan financing, Government via Cagamas Berhad will guarantee the 10% house deposit.

Government had appointed following financial institution to collaborate with the programme. Banks that involving in “ My First Home Programme” are as follow :

1. Affin Bank Bhd
2. Affin Islamic Bank Bhd
3. Alliance Bank Malaysia Bhd
4. Alliance Islamic Bank Malaysia Bhd
5. AmBank Bhd
6. AmIslamic Bank Bhd
7. Bank Islam Malaysia Bhd
8. Bank Muamalat Malaysia Bhd
9. CIMB Bank Bhd
10. CIMB Islamic Bank Bhd
11. EON Bank Bhd
12. EONCAP Islamic Bank Bhd
13. Hong Leong Bank Bhd
14. Hong Leong Islamic Bank Bhd.
15. Maybank Bhd
16. Maybank Islamic Bank Bhd
17. OCBC Bank Malaysia Bhd
18. OCBC Al Amin Bhd
19. Public Bank Bhd
20. Public Islamic Bank Bhd
21. RHB Bank Bhd
22. RHB Islamic Bank Bhd
23. United Overseas Bank Malaysia Bhd
24. Standard Chartered Bank Malaysia Bhd
25. Standard Chartered Saadiq Bhd
26. Cagamas Bhd.

Hopefully, this scheme will help many people out there to own a house.

Stay tune for next article on housing loan financing under 100% loan financing.

Those with income below RM3000 need not make down payment on house.

First-time house buyers with a family income less than RM3000 per month can obtain addtional 10% loan under the My First House Scheme (SKIM Rumah Pertamaku). home loan

The 10% down payment will be guaranteed by Cagamas Bhd for houses priced below RM220,000. This will allow the first time buyers to obtain 100% home loan.

They will also be given stamp duty exemption of 50% on instruments of transfer on a house not exceeding RM350,000.

The government also proposed a stamp duty exemption of 50% for loan agreement instruments to finance first-time purchasers.

There will also be a housing assistance programme with an allocation of RM300mil for the construction and repair of some 12,000 houses nationwide – particularly in Sabah and Sarawak.

For estate workers, the Government will help them own houses under a RM50mil housing sponsorship scheme.

The scheme is open to all Malaysian estate workers to assist them in obtaining home loan with a maximum of RM60,000 for the purchase of low-cost houses at 4% interest, and repayment period of home loan up to 40 years, which can be extended to the second generation home loan.

For government servants, the goodies include an increase in the maximum loan eligibility from RM360,000 to RM450,000 effective Jan 1 2011.

For more home loan information please contact us

These terms and conditions may be revised without notice from time to time.

Buying your first home is exciting and a little scary at the same time. Not only are you faced with the challenge of finding the right property to become your first home, but you also need to know you’re getting the right first home loan.

How Much Can I Borrow?

Before you go hunting for your new home, you should have a clear idea of exactly how much the banks will allow you to borrow. Once you understand how much borrowing power you have, learn how much the repayments will be and work out if this amount is affordable for your income level.

Knowing your borrowing capacity and your repayments ahead of time means you won’t be tempted to overspend or go hunting for houses that are outside your budget. Contact, our home loan consultant they may be able to help you achieve your goals.

Which First Home Loan is Best?

The Malaysia mortgage market can be a confusing maze of options, home loan interest rates and bank jargon that can be difficult for a first home buyer to navigate successfully, but you don’t have to get through it on your own.

When it comes to finding the ‘best’ first mortgage for you, it’s important to remember that no two people have identical financial situations. Nobody else but you has your income, your expenses or your goals. This means that aiming at a mortgage that worked really well for a friend or family member of yours may be a terrible option for your own first home loan.

Always keep in mind that you should aim at finding a mortgage package that works best for your unique personal situation.

Do I Need a Deposit to Buy My First Home?

Most Malaysia banks have scaled back the availability of no deposit home loans and 100% home loans. The current maximum financing is 90% + 5% MRTA (optional).

The best way to check if you’re able to begin searching for your first home is to contact a professional mortgage consultant. You’ll be helped to understand your full borrowing capacity, you’ll know how much your repayments will be and, best of all, a mortgage consultant will make sure you’re applying for the best possible first home loan to suit your needs and your goals.

Call our mortgage consultant now to get a simple quotation and free verbal valuation on your property.