SKIM RUMAH PERTAMAKU (SRP)

By IMGlobalMasterArticle & Event

My First Home Scheme was first announced in the 2011 Budget by the Malaysian Government to assist young adults who have just joined the workforce and earning not more than RM5,000 per month to own their first home.

The Scheme allows young adults to obtain 100% financing from financial institutions, enabling them to own their 1st home without the need to pay a 10% downpayment. This is in line with the Government’s aspirations of increasing home ownership amongst the “rakyat”.

KEY FEATURES AND BENEFITS

First Home purchase (Subject to affordability)
  • Up to 100% financing
  • Residential property only
  • Available in both conventional and Islamic

QUALIFYING CRITERIA

Eligible Applicant(s)

  • Must be a Malaysia citizen
  • First time home-buyer
  • Individuals up to age 40 years
  • Employees in private sectors, including statutory bodies that do not offer government staff housing loan/financing facility
  • Single applicant gross income not exceeding RM 5,000/month and join applicants gross income not exceeding RM 10,000/month (based on gross maximum income to RM 5,000/month per applicant)
  • Repayment of total financing obligation must not be more than 60% of the net monthly income or maximum financing limit of the participating bank, whichever is lower

Eligible Properties

  • Residential properties located in malaysia
  • Minimum property value of RM 100,000
  • Maximum property value of RM 500,000
  • Owner occupied (buyer are required to reside in the property)

Financing Requirements

  • Financing tenure not exceeding 35 years, subject to applicant’s age not exceeding 65 years at the end of financing tenure. Revised maximum tenure is in line with BNM’s ruling anounced on 5 July 2013.
  • Amortising facility only (no redrawable features)
  • Instalments payable via monthly salary deduction or standing instruction
  • Compulsory Fire insurance/takaful

HOW DO I APPLY FOR FINANCING UNDER THE SCHEME?

Application can be made at any branch of the participating banks.

PARTICIPATING BANKS

Source: http://www.srp.com.my/en/index.html

Housing finance, building savings and realty financing (investments) concept.
Housing finance, building savings and realty financing (investments) concept.