My First Home Scheme, is a home ownership plan for initially-time purchasers first introduced by the Malaysian government in the 2011 Budget allowing qualified candidates to acquire up to 110% financing from cooperating banks such as RHB, Maybank, Ambank & CIMB, making house ownership more accessible.
- Financing of up to 110% is available for completed or under-construction properties. (RUMAWIP is one that entitle for this)
- There is no deposit necessary. (Maybe some legal fee involve)
- Joint applications with direct family members are permitted. (Joint applicant not allow to have existing housing loan)
Criteria for Applicants
- Must be a Malaysian national.
- First-time home purchaser
- Individuals working in the public or private sectors.
- Applicants may be single or joint.
- Single and combined applicants must have a gross monthly family income of up to RM10,000 or below.
- There has been no evidence of impaired funding in the last 12 months. (may appeal but interest rate maybe higher)
Criteria for Property
- Primary and secondary market residential properties (new or sub-sale properties)
- Residential properties must be occupied by the owner.
- For the acquisition of a property worth up to RM500,000 max
Criteria for Financing
- Financing for up to 35 years (applicant age not exceeding 70 years at the end of the financing tenure)
- Financing up to 105% (that is, 100% of the property value plus 5% for capitalization of relevant expenditures such as MRTA/MRTT premium).
- Non Flexi Loan (no redrawable features or refinancing of properties).