Q1: What is Skim Rumah Pertamaku 2019 (SRP) / My First Home Scheme?
A1: The scheme is one of the measures announced by the Government in the 2011 Budget aimed at assisting young adults earning RM5,000 per month or less 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.
In the most recent 2019 Budget, the Government of Malaysia has introduced a home financing initiative to first time house buyers from lower income group for the purchase of houses priced up to RM300,000. Financing up to 110% will be allowed under the revised SRP to facilitate home ownership amongst the target group.
Cagamas SRP Berhad will guarantee the banks on financing above the 90% level i.e. if a borrower obtains 110% financing, Cagamas SRP will guarantee 20% (from 90% to 110%) of the financing for property purchase price up to RM300,000
Q2: With Cagamas SRP Berhad's guarantee, does it mean borrower(s)/customer(s) under the Scheme are only liable to the bank for 90% financing only?
A2: No, the borrower(s)/customer(s) are liable to the bank for the full financing amount (up to 110%) for property purchase priced up to RM300,000. The guarantee only indemnifies the bank for any loss incurred as a result of financing above 90% level.
Q3: Do I have to pay a higher interest/profit rate or any fee to enjoy up to 110% financing under the Scheme?
A3: No. The normal interest/profit rates of the respective banks shall apply and borrower(s)/customer(s) do not have to pay for the Cagamas SRP Berhad's guarantee.
Q1: Who is eligible for this Scheme?
A1: This scheme is open to all Malaysian citizens meeting the following criteria:
a) First time house buyer for the purpose of own occupation
b) Salaried worker or self-employed
c) No record of impaired financing for the past 12 months
d) Single or joint borrowers
e) Relationship eligibility for joint applicants – immediate family members (i. e: father, mother, brother, sister, daughter, son and spouse)
Q2: What is the property purchase price eligible under this scheme?
A2: The property price eligible under this scheme as follows: