Minimum Employment Tenure
Most bank requires applicant for My First Home Scheme (100% Financing) to be employed in the same company for at least one year. If applicant is not, chances for approval is lower and even if the loan approval for the specific RUMAWIP is obtained; the interest rate will be substantially higher compare to the usual interest rates.
RUMAWIP buyer must have a CCRIS record. If one do not have a record, some bank may require additional supporting documents such as degree certificate, savings account record or etc. We always advise client to apply for a credit card in order to score better in the bank scorecard for loan approval (every bank have a different scoring mechanism on client)
Minimum Debt to None
DSR (Debt Service Ratio) is set to a maximum of 60%. It is always better to keep debt low to nil in order to secure the mortgage with the lowest interest rates! Zero debt is encourage but please keep a record such as a credit card to prevent record showing clean CCRIS which is detrimental to your loan application.
Perfect Payment Record
Bank love good paymaster, reward good paymaster & dislike new to bank client in the areas of lending. So if you have a borrowing with the bank, just by paying on time may get you the best offer in the housing loan.
Industry Standard Salary Slip
Payment voucher or record from e-hailing / delivery rider income are not accepted by the bank and have no chance in in any RUMAWIP project loan approval. Salary slip with EPF contribution is required when applying for a housing loan. Side income without EPF contribution will not be recognise by the bank.