My First Home Scheme 100% Financing!!

[hongleongpl]

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.

KEY FEATURES
First Home Purchase (Subject to affordability)
Up to 100% financing
Residential property only
QUALIFYING CRITERIA
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 400,000
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

Launched by the Malaysian government in March 2011, My First Home Scheme (MFHS) is aimed at assisting young adults who earn a monthly income of below RM3,000 to purchase their first home with financing of up to 100% from participating banks.

You are entitled to apply for MFHS if you are:
- A Malaysian citizen
- Not older than 35 years
- A first time home-buyer
- Looking to buy residential property in Malaysia valued in the range of RM100,000 to RM400,000
- Earning a gross monthly income of not more than RM3,000
- A confirmed employee with at least six (6) months with the same employee
- Able to repay a maximum of one third (1/3) of your monthly income*

*The participating bank's existing underwriting policy may allow your repayment amount may be raised to half of your monthly income in the event of additional credit mitigating factors.

To apply for MFHS, you need:
- To use an amortising facility only
- A financing tenure of 30 years maximum
- Payment via monthly salary deduction or standing instruction
- A savings record of three (3) months instalment liquidity reserve
- Compulsory fire insurance and takaful


Call to Ask More.
Hp+60168658268 James Wong