Blog

Intro

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.

Benefits

• 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).