My First Home Scheme (MFHS), or Skim Rumah Pertamaku (SRP) in Malay, is open for application. The purpose of this scheme is to allow home buyers to apply for a 110% home loan from the bank without having to pay 10% down payment upfront.
Usually when we buy a house, we need to prepare 10% of the mortgage. If you want to buy a RM300,000 house, 10% down payment on your mortgage is RM30,000. Under my First Home Plan, the buyer does not have to pay this RM30,000. The buyer can apply for a 110% home loan from the bank, which is RM330,000.
However, you still need to pay your own stamp duty, lawyer’s fee, etc. when you buy the house.
My First Home Scheme (MFS)
Applicant requirements.
1. Malaysian citizen.
2. First time home buyer. 3.
3. Employed or self-employed. 4.
4. Individual or joint applicants. 5.
5. Household income not exceeding RM10,000. 6.
6. No default in loan payment in the past 12 months.
7. Can borrow up to 110%*.
*Only for applicants whose household income is less than RM5,000 and the property purchased cannot exceed RM300,000.
Property Conditions.
1. Applicable to new or second-hand properties in Malaysia.
2. The price of the property must not exceed RM500,000. 3.
3. Must be self-occupied house.
Loan conditions.
1. Loan term not exceeding 35 years or the applicant is 70 years old or older, whichever comes first.
2. Fire insurance must be purchased. 3.
3. Applicants whose household income does not exceed RM5,000 can only purchase properties up to RM300,000.
How to apply.
1. Find the property you wish to purchase and prepare the relevant documents such as the sale and purchase agreement or deposit receipt.
2. Check if you are eligible to apply for the “My First Home” program.
3. Prepare supporting documents such as pay slips, income slips, bank statements, CPF statements, etc.
4. Submit the required documents to the bank and inform the bank that you want to apply for the My First Home program.
For more information, please visit https://www.srp.com.my/
