- My First Home Scheme / Skim Rumah pertamaku (SRPor the Scheme) is a home ownership targeted at young urban adults to own a home.
[*]Meant for 1st time homebuyers earning less than RM5,000/month.
[*]The scheme allows homebuyers to obtain up to 100% financing fromthe Bank, i.e. without having the need to pay a 10% down payment Cagamas NewCo (CagaNewCo) will guarantee the 1st 10% on a first-lossbasis, and the guarantee fee borne by the Government of Malaysia (GOM).
- First time home buyer Malaysian citizen
- Young Adults (defined as up to 35 years old at point of date of financing application).
- Joint applicant with combined gross income of up to RM10,000, with single
- customer income not exceeding RM5,000/month.(Revised as at 1/1/2013)
- Total commitment amount =< 60% of net income
- Residential property valued between RM 100,000 and RM 400,000
- Property must be for residential purpose (*Owner-occupied) , located in Malaysia and in compliance with relevant regulations under the Malaysia laws.
- Leasehold property: Remaining leasehold tenure of at least 20 years.