MY FIRST HOME SCHEME 2013
|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 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.
*Note: Most banks are not allowing financing of loan legal fees and valuation fees. Therefore, customers have to pay themselves. These fees are estimate 2-3% of loan amount.
|PROPERTY TYPE||*Completed 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).|
|MARGIN OF FINANCE||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 and sibling)|
|EMPLOYMENT||*Only Private Sector.*Not for self-employed and government staff.|
|INCOME /LIQUIDITY RESERVE||*Max salary of up to RM5,000 per month per individual borrower/customer*Spouses Joint application with combined gross income of up to RM 10,000 with single borrower’s gross income not exceeding RM5,000/month( Bonus to be excluded from calculations.)
*Other joint applicant (other than spouses’ relationship) still bound to maximum RM6000.
|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 acknowledgement
8. Latest KWSP statement/Latest EA form
9. Deposit Statement e.g. Fixed Deposit, ASB or Bonds .
|CREDIT CRITERIA||*No adverse credit checking*Debt Service Ratio under this Scheme must be 1/3 of your income only. Exceptional cases up to 50%-60% with evidence of good saving habit.*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*For leasehold property: Minimum 60 years balance to expiry leasehold period. Any exception will require prior approval from Cagamas SRP Bhd before consideration.
*Location across all Malaysia
*Copy of Master /Individual title is compulsory.
*Compliance with relevant regulations under the Malaysian Laws.
|STAMP DUTY||*50% stamp duty exemption on purchase of first residential property of up to RM400,000 extended to Dec 31, 2014.*50% stamp duty exemption on loan agreement as well.
|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
Please contact us now for 100% housing loan financing!
* Note: The above criteria and information are for illustration only. We 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 company & 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.