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