Note: Please refer to latest updated on 2012 My First House Scheme-Skim Rumah Pertamaku

First-time house buyers who less than 35 years old with a family income of less than RM3,000 per month need not pay the 10% down payment under the My First House Scheme (Skim Rumah Pertamaku).

The 10% down payment will be guaranteed by Cagamas Bhd for residential property priced between RM100,000.00 and RM220,000. This will allow the first-time buyers to obtain 100% loan.

  • A stamp duty of 50% rebate on first memorandum of transfer on a house for not exceeding RM350,000. Please refer to Stamp Duty Rebate
  • A stamp duty exemption of 50% for loan agreement instruments to finance first-time purchasers.
  • There will also be a housing assistance programme with an allocation of RM300mil for the construction and repair of some 12,000 houses nationwide ? particularly in Sabah and Sarawak.
  • For estate workers, the Government will help them own houses under a RM50mil housing sponsorship scheme.
  • The scheme is open to all Malaysian estate workers to assist them in obtaining housing loans with a maximum of RM60,000 for the purchase of low-cost houses at 4% interest, and a repayment period of up to 40 years, which can be extended to the second generation.
  • For government servants, the goodies include an increase in the maximum loan eligibility from RM360,000 to RM450,000 effective Jan 1.

Terms and condition for Applicant as below:

  • Must be Malaysian Citizen.
  • First time home-buyer.
  • Individuals age below or at age 35 years old.
  • Single Borrower gross income not more than RM3,000.00 per month.
  • must be underemployed at same employer for 6 months.
  • Debts income ratio increase to 50% . (Your total commitment including the new home loan installment cannot access 50% of your income)
  • Financing tenure maximum 30 years.
  • No re-drawable features .
  • Installments payable via monthly salary deduction or standing instruction.
  • Savings record (3 months installment liquidity reserve).
  • Compulsory Fire insurance/takaful.

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