My 1st Home Scheme

Skim Rumah Pertamaku (SRP) /My First Home Scheme was announced in the 2011 Malaysia Budget by the Malaysian Government to assist young adults who have just joined the workforce, with a gross income not exceeding RM3,000 per month, to own their first home.

The Scheme allows young adults to obtain up to 100% financing from participating banks, enabling them to own their first home.

Key Feature and Benefits: First Home Purchase

  • Up to 100%  financing
  • Residential property only

Qualifying Criteria for Eligible Borrowers

  • Malaysian citizen
  • First time home-buyer
  • Individuals up to age 35 years
  • Single borrower gross income not exceeding RM3,000/month
  • Confirmed employee with minimum employment of 6 months with same employer
  • Generally, repayment amount must not be more than 1/3 of monthly income.  This may be increased to a maximum of 50% in the event of additional credit mitigating factors as permitted under the participating bank’s existing underwriting policy.

 

Read more about Skim Rumah PertamaKu / My 1st Home FAQ

 

Source: Official Website Skim Rumah Pertama