Skim Rumah Pertamaku (SRP) or My First Home Scheme was announced in 2011 Malaysia Budget by the Government to assist young adults who have just joined the workforce, with a gross income not exceeding RM 3,000 per month, to own their first home. The scheme allows young adults to obtain up to 100% financing from financial institutions, enabling them to own their first house.
First Home Purchase (Subject to affordability)
- Up to 100% financing
- Residential property only
1) Eligible Borrowers
- Malaysian citizen
- First time home-buyer
- Individuals up to age 35 years
- Single borrower gross income not exceeding RM3,000 per 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.
2) Eligible Properties
- Residential properties located in Malaysia
- Minimum property value of RM 100,000
- Maximum property value of RM 220,000
3) Financing Requirements
- Financing tenure not exceeding 30 years
- Amortizing facilities only (no redrawable features)
- Installments payable via monthly salary deductions or standing instruction
- Savings record (3 months installment liquidity reserve)
- Compulsory Fire insurance/takaful
Eligible how buyer will need to apply directly with participating banks for a housing loan/financing under the Scheme.
1) Affin Bank Berhad
2) Affin Islamic Bank Berhad
3) Alliance Bank Malaysia Berhad
4) Alliance Islamic Bank Malaysia Berhad
5) Ambank Berhad
6) AmIslamic Bank Berhad
7) Bank Islam Malaysia Berhad
8) Bank Muamalat Malaysia Berhad
9) CIMB Bank Berhad
10) EON Bank Berhad
11) EONCAP Islamic Bank Berhad
12) Hong Leong Bank Berhad
13) Hong Leong Islamic Bank Berhad
14) Maybank Berhad
15) Maybank Islamic Bank Berhad
16) OCBC Bank Malaysia Berhad
17) OCBC Al-Amin Berhad
18) Public Bank Berhad
19) Public Islamic Bank Berhad
20) RHB Bank Berhad
21) RHB Islamic Bank Berhad
22) United Overseas Bank Malaysia Berhad
23) Standard Chartered Bank Malaysia Berhad
24) Standard Chartered Saadiq Berhad
FREQUENT ASKED QUESTIONS
A. Skim Rumah Pertamaku
1) What is the Skim Pertamaku (the scheme)?
The scheme is one of the measures recently announced by the government in the 2011 Budget aimed at assisting young adults earning RM3,000 per month or less to own a home.
2) With Cagamas SRP Berhad’s guarantee, does it mean borrowers under the scheme are only liable to the bank for 90% financing only?
No. the borrowers are liable to the participating bank for the full financing amount (up to 100%). The guarantee only indemnifies the participating bank for any loss incurred as a result of financing above 90% level.
3) Do I have to pay a higher interest/ profit rate or any fee to enjoy up to 100% financing under the Scheme?
No. The normal interest/ profit rates of the respective participating banks shall apply and borrowers do not have to pay for the Cagamas SRP Berhad’s guarantee.
1) Who is eligible for this Scheme?
This Scheme is open to all Malaysian citizens aged 35 years old or less with monthly income of not more than RM 3,000 per applicant.
2) I am self-employed and my average monthly income is RM 2,000. Am I eligible for the Scheme?
No. The scheme is limited to employees in the private sector only. Applicants must be confirmed employees with a minimum employment period of 6 months with the same employer.
3) I am self-employed and my spouse works in a trading company earning RM 2,000 per month. Are we eligible as joint applicants under the Scheme?
No. All applicants (including joint applicants) must be employees in the private sector only and must also meet all other eligibility criteria.
4) My spouse and I each earn RM 1,500 per month and we wish to obtain 100% financing to purchase our first home of RM220,000. Do we qualify under the Scheme?
Yes. You may obtain 100% financing under the Scheme, provided that the monthly financing repayment amount must not be more than 1/3 of the borrower’s monthly combined gross income, in the case RM1,000 per month, as the financing is subject to affordability.
5) My friend and I meet all the criteria. Can we jointly apply for financing under the Scheme?
No. Joint applicants must be family members. i.e. husband and wife or siblings only, and they must all meet the criteria set.
1) Does the Scheme cover completed properties as well as those under development?
Yes, the scheme covers both completed properties and those under development. The guarantee is effective upon full disbursement of the financing.
2) My spouse and I would like to buy a property which costs RM 220,000. Will we be entitled to RM 220,000 financing if we meet the income criteria?
Generally, participating banks will provide financing based on the purchase price or valuation (open market value) from their valuer whichever is lower. Valuation of the property is subject to the participating bank’s underwriting policy.
3) My existing financing was taken up for the purchase of my first home. Am I eligible to refinance the loan under the Scheme?
No. The Scheme does not cover the refinancing of an existing financing.
4) Are they any limitations on the type of residential properties or locations under the Scheme?
The type of residential properties and locations are subject to participating banks’ underwriting policies.
If you are interested in the scheme, please visit http://www.srp.com.my/
Fine tuning necessary for housing scheme
Many not buying into My First Home Scheme
Affordable quality housing programme now for whole country
Housing for average income earner
Yes to RM21.3 mil in loans for first-time home owners
No takers for 4,516 houses under 'My First Home' Scheme
RM21.3 worth of loan approved for My First Home Scheme