My 1st Home Scheme......

The programme is an initiative launched by the government with the collaboration of national mortgage company, Cagamas Bhd, and financial institutions to reduce the burden of the younger generation who are faced with a high cost of living and exorbitant real estate prices.

The government’s My First Home Scheme (Skim Rumah Pertamaku – SRP)launched this week will enable young adults aged up to 35 and earning less than RM3,000 to get 100 per cent financing to buy houses worth between RM100,000 and RM220,000 with a repayment period of up to 30 years.

The government, through Cagamas Berhad will bear the initial 10 per cent deposit fees to purchase a house.

Government employees will also be able to borrow up to RM450,000 for housing, up from RM360,000 previously.

Where to Apply ?

For those interested, Cagamas has appointed many banks to offer this product to their customers. The banks involved in financing the “My First Home Scheme” are Affin Bank Bhd, Affin Islamic Bank Bhd, Alliance Bank Malaysia Bhd, Alliance Islamic Bank Malaysia Bhd, AmBank Bhd, AmIslamic Bank Bhd, Bank Islam Malaysia Bhd, Bank Muamalat Malaysia Bhd, CIMB Bank Bhd, CIMB Islamic Bank Bhd, EON Bank Bhd, EONCAP Islamic Bank Bhd, Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd.

Others include Maybank Bhd, Maybank Islamic Bank Bhd, OCBC Bank Malaysia Bhd, OCBC Al Amin Bhd, Public Bank Bhd, Public Islamic Bank Bhd, RHB Bank Bhd, RHB Islamic Bank Bhd, United Overseas Bank Malaysia Bhd, Standard Chartered Bank Malaysia Bhd, Standard Chartered Saadiq Bhd and Cagamas Bhd.