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MY FIRST HOME SCHEME 2013 / MY 1ST HOME SCHEME 2013

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

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* 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.

By | 2016-11-01T10:40:14+00:00 January 5th, 2013|Latest Article/News, My First Home Scheme|Comments Off on MY FIRST HOME SCHEME 2013 / MY 1ST HOME SCHEME 2013