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
A: The Government in the 2011 Budget aimed to assist young adults earning RM5,000 per month or less to own a home. The scheme allows homebuyers to obtain up to 100% financing from financial institutions, enabling them to own a home.
Cagamas SRP Berhad will guarantee the banks on financing above 90% i.e. if a borrower obtains 100% financing, Cagamas SRP will guarantee 10% (from 90% to 100%) of the financing.
A: No, the borrowers/customers are liable to the bank for the full financing amount (up to 100%). The guarantee only indemnifies the bank for any loss incurred as a result of financing above 90% level.
A: This scheme is open to all Malaysian citizens aged 40 years old or less with monthly income of not more than RM5,000 per applicant, with minimum employment period of 6 months with the same employer.
A: No, all applicants (including joint applicants) must meet the citizenship, first home, employment, age and income criteria.
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.
A:No, joint applicants must be family members, i.e. husband and wife or siblings only, and they must all meet the criteria set.
A: Yes, the Scheme covers both completed properties and those under development. The guarantee is effective upon full disbursement of the financing.
A: 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.
A: No, the Scheme does not cover refinancing of an existing financing.
A: The type of residential properties and locations are subject to participating banks' underwriting policies.
A: Application can be made at any branch of the participating banks.
A: Yes, the Scheme covers both conventional and Islamic financing.
A: The maximum financing tenure is 35 years, subject to participating banks' respective underwriting policies.
A: The borrower/customer will have to purchase fire insurance/takaful. However, MRTA / MRTT requirements will depend on the requirements of the participating banks.
A: 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.
- 每月总收入不超过 RM 5,000 的人借贷者