My First Home Scheme

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

Source of info

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.

Get Banker To Call Me

Question & Answer

What is Skim Rumah Pertamaku (SRP) / My First Home Scheme?

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

Do I have to pay a higher interest/profit rate or any fee to enjoy up to 100% financing under the Scheme?

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.

I am self-employed and my average monthly income is RM2,000. Am I eligible for the Scheme?

No, the scheme is limited to employees in the private sectors only.

I am self-employed while my spouse is an employee in a trading company earning RM2,000 per month. Are we eligible as joint borrowers under the Scheme?

No. Only your spouse is eligible to apply because she is an employee in a private sector. In addition, she has to meet all other criteria under the scheme.

My friend and I meet all the criteria. Can we jointly apply for financing under the Scheme?

No, joint borrowers must be family members, i.e. husband and wife or siblings only, and they must all meet the criteria set.

Does the Scheme cover completed properties as well as those under development?

Yes, the Scheme covers both completed properties and those under development. The guarantee is effective upon full disbursement of the financing.

My existing financing was taken up for the purchase of my first home. Am I eligible to refinance the loan under the Scheme?

No, the Scheme does not cover refinancing of an existing loan.

How do I apply for financing under the Scheme?

Application can be made at any branch of the participating banks.

Contact us here

Can I apply for Islamic financing under the Scheme?

Yes, the Scheme covers both conventional and Islamic financing.

Do I need to purchase fire insurance/takaful and Mortgage Reducing Term Assurance (MRTA) / Mortgage Reducing Term Takaful (MRTT)?

The borrower(s) will have to purchase fire insurance/takaful. However, MRTA/MRTT requirements will depend on the requirements of the participating banks.