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My First Home Scheme

Skim Rumah Pertamaku (My First Home Scheme) is aimed at first-time homebuyers who are planning to own a property!

What is Skim Rumah Pertamaku (My First Home Scheme)?

Skim Rumah Pertamaku (SRP), or My First Home Scheme, is a home ownership initiative for first-time buyers that was first announced in the 2011 Budget by the Government of Malaysia. In 2019, another financing scheme for first-time homebuyers was similarly introduced by the Government, called the Bank Negara Malaysia (BNM) First Home Scheme. Both these schemes allow eligible applicants to obtain up to 110% financing from participating banks such as Maybank, providing an easier path to home ownership.

Benefits

  • Up to 110% financing for completed or under-construction properties
  • No down payment required
  • Joint applications allowed with immediate family members
  • Affordable financing for monthly income earner of RM10,000 or below

Eligibility

My First Home Scheme

Applicant Criteria

Property Criteria

Financing Criteria
  • Must be a Malaysian citizen.
  • First time house buyer
  • Salaried or self-employed individuals across public or private sectors.
  • Single or joint applicants.
  • Gross monthly household income of up to RM10,000 for single & joint applicants.
  • No record of impaired financing for the past 12 months.
  • Residential properties in primary and secondary markets (new or sub-sale properties)
  • Residential properties must be owner-occupied
  • For purchase of property priced up to RM500,000.
  • Financing tenure of up to 35 years (applicant age not exceeding 70 years at the end of the financing tenure)
  • Financing up to 105% (i.e. 100% of the property value and up to 5% for capitalization of related expenses namely MRTA/MRTT premium).
  • Amortising loan facility only (no redrawable features or refinancing of properties).
  • Compulsory Fire Insurance/Takaful

 

BNM First Home Scheme

Applicant Criteria

Property Criteria

Financing Criteria
  • Must be a Malaysian citizen.
  • First time house buyer
  • Salaried or self-employed individuals across public or private sectors.
  • Single or joint applicants.
  • Gross monthly household income of up to RM5,000 for single & joint applicants.
  • No record of impaired financing for the past 12 months.
  • Residential properties in primary and secondary markets (new or sub-sale properties)
  • Residential properties must be owner-occupied
  • For purchase of property priced up to RM300,000.
  • Financing tenure of up to 35 years (applicant age not exceeding 70 years at the end of the financing tenure)
  
  • Financing up to 110% (i.e. 100% of the property value and up to 10% for capitalization of related expenses namely MRTA/MRTT premium).
  • Amortising loan facility only (no redrawable features or refinancing of properties).
  • Compulsory Fire Insurance/Takaful
  • Moratorium period of 5 years.
  • Mandatory completion of online financial education module by Agensi Kaunseling & Pengurusan Kredit (AKPK) through AKPK’s Rumahku portal here.

How To Apply?

  1. Make a branch appointment here
  2. Bring along the following when you visit our branch:

     a) Completed Property Financing Application Form

     b) Identity Documents:

i. NRIC/Identity Card

ii. Business Registration Form 24 & 49 (if applicable)

     c) Property Documents:

i. Copy of Sales & Purchase Agreement, Booking Fee Receipt and Letter of Offer from Developer

ii. Property Valuation Report is required for completed property with Certificate of Completion and Compliance (CCC) (contact branch personnel on how to obtain).

     d) Proof of income:

Gainfully employed individuals (salary earners)

Mandatory Document

Validating Document
  • Latest 1 month pay-slip (1 month gap allowed e.g., application in August'21, latest acceptable pay-slip is July'21)
  • Latest EPF statement or 3 months bank statement where salary is credited.

 

Self employed individuals

Mandatory Document

Validating Document
  • Latest 2 years Form B/Form BE form or e-filling

AND

  • Latest 6 consecutive months of firm/ company’s current account statements

OR

  • 6 months Commission Statement (for commission earner)

 

Any one (1) of the following:

  • EPF Statement
  • Latest financial accounts.

 

For commission earner,

Any one (1) of the following:

  • EPF Statement
  • Latest financial accounts
  • Bank Statements

More info

Click here to download the Property Financing Application form

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Campaign period: 1 February 2024 - 31 July 2024


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Campaign Period: 1 May 2024 - 31 August 2024

 

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