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Skim Rumah Pertamaku (SRP) - My First Home Scheme
Sean Wong • Oct 05, 2021
Skim Rumah Pertamaku (SRP) - My First Home Scheme is a home ownership initiative that was first announced in the 2011 Budget by the Government of Malaysia to assist first time house buyers earning a gross monthly household income of up to RM10,000 (subject to RM5,000 per applicant) to purchase their first home.
The Scheme allows first time house buyers to obtain up to 110% financing from the participating banks, enabling home ownership without having the need to pay a down payment. This is in line with the Government’s aspirations of increasing home ownership amongst the “rakyat”. Cagamas SRP Berhad (“CSRP”) will guarantee up to the first 20% on a ‘first-loss’ basis. This scheme is applicable for residential property for own occupation from the primary or secondary market with a maximum property value of RM500,000.
Key features and Benefits
First home purchase (Subject to affordability)
- Up to 110% financing
- Residential property for own occupation (either under construction or a completed unit) from the primary or secondary market
Qualifying Criteria
Eligible Applicant(s)
- Must be a Malaysian citizen
- First time house buyer
- Salaried worker or self-employed individuals
- Single or joint applicants
- Gross monthly household income:
- Up to RM5,000 – for single or joint applicant(s)
- More than RM5,000 and not more than RM10,000 – for joint applicants (subject to maximum gross monthly household income of RM5,000 per applicant)
- No record of impaired financing for the past 12 months
Eligible Properties
- Residential properties in primary and secondary market located in Malaysia
- Maximum property value of RM500,000
- Owner occupied (buyers are required to reside in the property)
Financing Requirements
- Financing tenure not exceeding 35 years, subject to applicant’s age not exceeding 70 years at the end of financing tenure
- Amortising facility only (no redrawable features)
- Instalments payable via monthly salary deduction or standing instruction
- Compulsory fire insurance/takaful
- For purchase of property priced up to RM300,000 and for applicants with gross monthly household income of not more than RM5,000:
- Mandatory to complete the online financial education module provided by AKPK which can be accessed from AKPK’s RumahKu portal at https://learn.akpk.org.my
- Moratorium period of 5 years
Participating Banks Conventional & Islamic banking
Application for financing under the Scheme can be made at the nearest branch of the participating banks as listed below:
- Affin Bank Berhad
- Affin Islamic Bank
- Maybank Berhad
- Maybank Islamic Berhad
- Alliance Bank Malaysia Berhad
- Alliance Islamic Bank Malaysia Berhad
- OCBC Bank Malaysia Berhad
- OCBC Al Amin Berhad
- AmBank Berhad
- AmIslamic Bank Berhad
- Public Bank Berhad
- Public Islamic Bank Berhad
- Bank Islam Malaysia Berhad
- RHB Bank Berhad
- RHB Islamic Bank Berhad
- Bank Muamalat Malaysia Berhad
- CIMB Bank Berhad
- CIMB Islamic Bank Berhad
- Standard Chartered Bank Malaysia Berhad
- Standard Chartered Saadiq Berhad
- Hong Leong Bank Berhad
- Hong Leong Islamic Bank Berhad
- United Overseas Bank Malaysia Berhad
- Bank of China
- MBSB Bank
Source:
Cagamas. (2020). Skim Rumah Pertamaku. SRP. https://www.srp.com.my/en/index.html
Property Hunter. (n.d.). Ultimate Guide to Homebuyers Incentives in Malaysia 2021. Retrieved September 30, 2021, from https://propertyhunter-my.shorthandstories.com/news/1970/01/7872/ultimate-guide-to-homebuyer-incentives-in-malaysia-2021/index.html
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