Have you heard of Skim Rumah Pertamaku (or My First Home Scheme)?

For those of you who still haven’t own a home, this is an opportunity to take advantage of government incentives in which applicants can get a 100 percent loan without having to deposit capital equal to 10% of the property price!

Let us share more details on SRP and who knows you might own your very first home!

What is SRP/My First Home Scheme?

Skim Rumah Pertamaku, or My First Home Scheme, is a low-cost housing scheme created in 2011 to assist first-time purchasers in obtaining acceptable financing for a home purchase.

This scheme is designed to assist first time home purchasers with a gross monthly household income of up to RM10,000 (subject to an RM5,000 per application) in purchasing their first property.

The scheme also allows first-time home purchasers to obtain financing of up to 110 percent from the participating banks, allowing them to own a property without having to pay a down payment.

This is consistent with the government’s goal of increasing home ownership among Malaysians. On a ‘first loss’ basis, Cagamas SRP Berhad (“CSRP”) will guarantee up to the first 20%.

In shorts, what you will need to know is:

• • Own a home without the need to pay a down payment
  • Get financing up to 110% of the banks involved
  • Loan is all guaranteed by Cagamas SRP Berhad

Who Is Eligible for My First Home Scheme/SRP?

According to the official website of SRP, the criteria/eligibility is as follows:

What Are Some of the Financing Requirements?

The individual loans offered by participating banks may vary, but the program’s funding requirements are as follows:

1. 1. Financing term of no more than 35 years, subject to the applicant’s age of no more than 70 years at the end of financing tenure.
   2. Only for recovery opportunities (no redrawable features).
   3. Compulsory fire insurance/takaful.
   4. Compulsory to complete the online financial education module provided by AKPK which can be accessed from AKPK’s Rumahku portal at https://power.akpk.org.my
   5. Moratorium period of 5 years.

Which Banks Participate in the My First Home Scheme?

For the time being, there are total of 24 banks participating in the My First Home Scheme, offering both traditional and Islamic funding options. A complete list of banks with phone number can be found on the SRP website.

Fitting the criteria above? If you are applying for a loan under the My First Home Scheme, you can apply at one of the above 23 participating banks, or:

1. 1. Look for the house you desired and get relevant documents such as a draft of the purchase agreement and a receipt for your booking fee.
   2. Check your eligibility for house financing under SRP.
   3. Get ready all your supporting income documents:
      • Salary Slip
      • Bank Statement
      • EPF Statement, etc..
      • Income Statement
   4. Submit your application for SRP housing loan at the branch office of the participating financial institution.

Conditions may vary from bank to bank, so please call in advance or visit your nearest branch to find out more.

Buying a home is exciting but buying the first home is especially exciting. For many first-time buyers, buying a home is a dream come true. But that dream cannot be achieved without driving a road full of potential potholes that may be difficult for beginners to find. Thinking of your new home?

Employing our agents from Express Property Management & Services will save your time and money, and will help minimize the risks inherent in the buying and selling process.