The “Skim Rumah Pertamaku” or My First Home Scheme was first announced in the 2011 Budget by the Malaysian Government. This is one of the good initiatives taken by the government to help young adults earning RM5,000 per month or less to get 100% financing from Banks to purchase their first home.
Who Is Eligible To Apply For Financing Under This Scheme?
Requirements | |
---|---|
Citizenship | Malaysian Only |
Maximum Age of Applicant | 40 years old |
Gross Income | Single borrower income not more than RM5,000 or joint borrower income not more than RM10,000 |
Property Type | Residential properties in Malaysia only |
Status of Completion | Under construction or completed properties |
Property Price | RM100,000 t0 RM500,000 (Revised in 2013) |
Maximum Tenure | 35 years or age not exceeding 65 years, whichever is lower |
Type of Facility | Amortizing facility. This is a Non Full-Flexi Loan |
Installment Payment Method | Salary deduction or standing instruction |
Finance Obligation | Repayment of total financing obligation must not be more than 60% of the net monthly income or maximum financing limit of the participating bank, whichever is lower. For example: Gross combined income : RM2,000 + RM3,000 = RM5,000 Net combined income : RM4,350 (income after statutory deductions i.e. tax, EPF & SOCSO) 60% of RM4,350 = RM2,610 (total financing obligations) Mortgage loan repayment should not exceed: RM2,610 – RM1,200= RM1,410 Based on current interest rates and permitted maximum financing tenor of 35 years (subject to borrowers’ age not exceeding 65 years at the end of financing tenure), your maximum eligible financing amount is about RM294,000. |
Fire Insurance/ Takaful | Compulsory |
List Participating Banks

How to apply?
If you qualify for all the above criteria, to apply 100% margin of finance, all you have to do is indicate to the bank officer of the participating bank that you intend to apply for a loan under the Skim Rumah Pertamaku scheme. There is usually a different form to use which indicates to the bank your intention.
Question & Answer
The scheme is one of the measures announced by the Government in the 2011 Budget aimed at assisting young adults to own a home. The scheme allows homebuyers to obtain 100% financing from financial institutions, enabling them to own a home without having the need to pay a 10% down payment.
Cagamas SRP Berhad will guarantee the banks on financing above the 90% level i.e. if a borrower obtains 100% financing, Cagamas SRP will guarantee 10% (from 90% to 100%) of the financing.
About Cagamas
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