Q: Who is eligible for this Scheme?
A: This scheme is open to all Malaysian citizens aged 35 years old or less (age next birthday is 36 years old or less) with monthly income of not more than RM3,000 per applicant.
Q: I am self-employed and my average monthly income is RM2,000. Am I eligible for the Scheme?
A: No, the scheme is limited to employees in the private sectors only. Applicants must be confirmed employees with minimum employment period of 6 months with the same employer.
Q: I am self-employed and my spouse works in a trading company earning RM2,000 per month. Are we eligible as joint applicants under the Scheme?
A: No, all applicants (including joint applicants) must meet the citizenship, first home, employment, age and income criteria.
Q: My spouse and I each earn RM1,500 per month and we wish to obtain 100% financing purchase our first home of RM220,000. Would we qualify under the Scheme?
A: Under the Scheme, the monthly repayment/instalment amount must not be more than 1/3 of borrower's/customer's monthly combined gross income; in this case, RM 1,000 per month as the financing is subject to affordability.
Example of calculation:
- Gross combined income : RM 1, 500+ RM 1,500 = RM 3,000
- 1/3 of RM 3,000 = RM 1,000
Based on current interest/profit rates and permitted maximum financing tenure of 30 years, your maximum eligible financing amount is approximately RM200,000. To obtain RM220,000 financing, your combined monthly income would need to be approximately RM3,300.
Q: My friend and I meet all the criteria. Can we jointly apply for financing under the Scheme?
A: No, joint applicants must be family members, i.e. husband and wife or siblings only, and they must all meet the criteria set.