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:
- Household income not more than RM3,000.
- House purchase price from RM100,000 to RM220,000.
- Maximum repayment period at 30 years tenure.
- 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 :
- Affin Bank Bhd
- Affin Islamic Bank Bhd
- Alliance Bank Malaysia Bhd
- Alliance Islamic Bank Malaysia Bhd
- AmBank Bhd
- AmIslamic Bank Bhd
- Bank Islam Malaysia Bhd
- Bank Muamalat Malaysia Bhd
- CIMB Bank Bhd
- CIMB Islamic Bank Bhd
- EON Bank Bhd
- EONCAP Islamic Bank Bhd
- Hong Leong Bank Bhd
- Hong Leong Islamic Bank Bhd.
- Maybank Bhd
- Maybank Islamic Bank Bhd
- OCBC Bank Malaysia Bhd
- OCBC Al Amin Bhd
- Public Bank Bhd
- Public Islamic Bank Bhd
- RHB Bank Bhd
- RHB Islamic Bank Bhd
- United Overseas Bank Malaysia Bhd
- Standard Chartered Bank Malaysia Bhd
- Standard Chartered Saadiq Bhd
- 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.