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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( 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 & 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.

By | 2016-11-01T10:40:18+00:00 March 17th, 2011|1st Time Home Buyer, Latest Article/News, My First Home Scheme|1 Comment

One Comment

  1. Lew March 10, 2011 at 12:39 pm

    My sister and I fulfilled the term and condition of SRP. Can we apply the loan of RM 440k(RM220k each) to purchase a house worth approximately RM 400k under the joint name??

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