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.

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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 

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.

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

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.

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

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

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

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

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Yes, the Scheme covers both conventional and Islamic financing.

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

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