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Features & Benefits
Special home loan for first time home buyers which offers up to 100% financing.
Own your first home
Skim Rumah Pertamaku helps young, first time home buyers to obtain up to 110% financing for property purchase price up to RM300,000 or up to 100% financing for property price more than RM300,000 to RM500,000 for their first residential home
This is in line with the Government’s aspirations of increasing home ownership amongst the “rakyat”.
Note: Document administration fee is waived for lawyer to use Bank’s standard loan/financing documents for loan/financing granted for purchase of residential property with purchase price up to RM300,000
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
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.
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.
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)
A2: The property price eligible under this scheme as follows:
Skim Rumah Pertamaku 2019 & Skim Rumah Pertamaku 2019 Step-Up
Skim Rumah Pertamaku (SRPC)
Property Purchase Price
Up to RM300,000
>RM300,000 to RM500,000
A3: The gross monthly household income required as follows:
A4: Yes. This scheme is opened to employees in the public and private sectors. All applicants (including joint applicants) must meet the citizenship, first home, employment and income criteria.
Skim Rumah Pertamaku 2019 & Skim Rumah Pertamaku 2019 Step-up
Skim Rumah Pertamaku (SRPC)
Gross monthly household Income
RM5,000 and below
§ RM5,000 and below (individual)
§ Up to RM10,000
A5: Yes, all applicants (including joint applicants) must meet the citizenship, first home, employment, and income criteria.
A6: No, joint applicants must be family members, i.e. immediate family members (ie: father, mother, brother, sister, daughter, son and spouse)
A1: Yes, the Scheme covers both Residential properties for completed and under construction in primary and secondary market.
A2: Valuation of the property is subject to the bank's underwriting policy. Generally, banks will finance based on purchase price or valuation (open market value) from their panel valuer, whichever is lower.
A3: No, the Scheme does not cover refinancing of an existing financing.
A4: The type of residential properties and locations are subject to participating banks' underwriting policies.
A1: Yes. The Financial education is mandatory. It is offered free of charge through an easy self-assessment online portal called “Rumahku” at https://power.akpk.org.my/eLearning/Courses/View/40. For joint borrowers, all borrowers must undergo this module.
A2: The purpose of the online learning “Rumahku” is to educate borrower(s)/customer(s) on their financial obligations and responsibilities
A3: Yes. You are required to provide the certificate number/ID of the completed online learning “Rumahku” for processing of the loan/financing application
A1: Application can be made at any branch of the participating banks.
A2: Yes, the Scheme covers both conventional and Islamic financing.
A3: The maximum financing tenure is 35 years or up to age of 70, whichever is earlier and for under construction property is 33 years or up to age of 70, whichever is earlier.
A4: MDTA / MRTT is optional unless it is under a promotional criteria as stated in Letter of Offer. However homebuyers are encouraged to take up MDTA/MRTT to protect their family from losing the property due to unforeseen circumstances.
A5: The homebuyer would be required to pay a booking fee and/or deposit to the seller under the terms of the Sale and Purchase Agreement pending disbursement of the home financing by the bank. When financing documentation is completed, the homebuyer would be reimbursed from the disbursement of the financing by the bank. The homebuyer may try to make an arrangement with the seller for deferment of deposit payment pending disbursement by the bank. Such request is dependent on the seller's willingness to accommodate.
Malaysian citizen only
- Salaried worker or self-employed individuals
- Single or Joint Applicants
- Relationship eligibility for joint applicants – immediate family members (ie: father, mother, brother, sister, daughter, son and spouse)
- First time house buyer for own occupation
- No record of impaired financing for the past 12 months
- All outstanding debt repayment obligations from banks and non-banks (including those not covered by CCRIS) must not be more than 60% of monthly income after statutory deductions (ie. Tax, EPF, SOCSO) or maximum limit of the lending bank, whichever is lower.
- For property price up to RM300k – Gross monthly household income not more than RM 5,000 for single or joint applicants
- For property price > RM300k up to RM500k – Gross monthly household income not more than RM5,000 for individual applicants or not more than RM10,000 for joint applicants *Subject to maximum gross monthly household income of RM 5,000 per applicant.
- Latest 3 months salary slips
- Latest Borang BE (supported by tax payment receipt)
- Latest EPF statement
- Latest 3 months bank statement / Bank book
- Letter of employment
- Property value up to a maximum of RM500,000
- Completed & Under Construction Residential properties only from primary and secondary market
- Own Occupation
- Copy of Master/ Individual Title is compulsory
- Financing tenure not exceeding 35 years, subject to applicant’s age not exceeding 70 years at the end of financing tenure
- Amortising facility only (no redrawable features)
- Instalments payable via monthly salary deduction or standing instruction
- Compulsory fire insurance/takaful *
- For purchase of property priced up to RM300,000 and for applicants with gross monthly household income of not more than RM5,000:
a.) Mandatory to complete the online financial education module provided by AKPK which can be accessed from AKPK’s RumahKu portal at https://power.akpk.org.my/eLearning/Courses/View/40
b)Moratorium period of 5 years
c)Applicant may elect to meet a monthly repayment obligation of principal and interest/profit over the entire financing tenure; or opt for step-up financing, where the applicant repay only the interest/profit portion for the first five years of the financing tenure.
* In general, the Bank will purchase fire insurance/takaful on behalf of customers. Alternatively, homebuyers could purchase their own individual fire insurance from independent insurance company which the bank should be nominated as the loss payee. They need to submit the fire insurance report yearly to the Bank, to reassure the Bank that they have a valid fire insurance/takaful policy.