Friday, March 11, 2011

Skim Rumah Pertamaku (SRP) - My First Home Scheme

105% loan.
Do I have your attention now?

So, the brilliant government of Malaysia had launched a new home ownership scheme which will enable young adults to enjoy a 100% home loan. And if you are not satisfied with just 100%, there is an allowance of additional 5% to finance the purchase of your mortgage insurance.

You know who to vote for now yeah?

How does that sound, buying a house without the need to fork in ANY $$ at all? Young Malaysians can now play Monopoly with real money - that's what it sounds like to me.

My opinions and comments aside, here are the complete details of the SRP:

Eligibility criteria:
  1. You are a Malaysian.
  2. You are young. (age 36 or less by next birthday)
  3. You are buying your FIRST house.
  4. You earn less than RM3,000 per month. (GROSS salary)
  5. You are a confirmed employee who have worked for at least 6 months.
  6. You are NOT self employed (young entrepreneurs, too bad).
All the criteria above checked?

Good, next;

If you are planning to have a joint applicant:
  1. Make sure he/she meets all the criteria above.
  2. Boyfriend / Girlfriend? Cannot. Go get your ROM done first.
  3. Spouse / siblings only. Uncle's wife's cousin's sister-in-law is not a sibling.
  4. His/her income cannot be more than RM3,000 per month also.
Still eligible?

Good. Now, you can start looking for a property.

Property criteria:
  1. Priced from RM100,000 to RM220,000
  2. Residential property only
What about repayment criteria?
  1. You must have savings equivalent to 3 TIMES the amount of installment in your bank.
  2. The combined income must be 3 times your monthly commitments.
  3. OR, combined income is 2 times your monthly commitments.
  • Price of property: RM200,000.00
  • Monthly installment: RM950.00
Other existing loans held by applicant:
Car loan: RM500 per month
Personal loan: RM150 per month

Total monthly commitments = RM950 + RM500 + RM150 = RM1,600.

1) You must have at least RM950 x 3 = RM2,850 in your bank savings.

2) Your combined salary must be also be at least RM1,600 x 3 = RM4,800.

3) IF your combined salary is only RM1,600 x 2 = RM3,200 , you can still apply for the loan but you will have to obtain Cagamas SRP's approval prior to the submission of the loan.

Still eligible for the loan? Congratulations!

Here are the features of the loan:
  1. Installments are deducted directly from your pay or standing instruction.
  2. Non-redrawable facility only. Not eligible for flexi-loan plans.
  3. Loan tenure to be 30 years or less.
  4. Legal fees / stamp duty / valuation fees to be paid by cash.
  5. 5% additional loan to finance mortgage insurance (MRTA).
  6. Property must be owner occupied. So please do not stamp any tenancy agreement!
Want to apply right away?

Just go to the following participating banks:
  1. Affin Bank Bhd / Affin Islamic Bank Bhd
  2. Alliance Bank Malaysia Bhd / Alliance Islamic Bank Malaysia Bhd
  3. AmBank Bhd / AmIslamic Bank Bhd
  4. Bank Islam Malaysia Bhd
  5. Bank Muamalat Malaysia Bhd
  6. CIMB Bank Bhd / CIMB Islamic Bank Bhd
  7. EON Bank Bhd / EONCAP Islamic Bank Bhd
  8. Hong Leong Bank Bhd / Hong Leong Islamic Bank Bhd
  9. Maybank Bhd / Maybank Islamic Bank Bhd
  10. OCBC Bank Malaysia Bhd / OCBC Al Amin Bhd
  11. Public Bank Bhd / Public Islamic Bank Bhd
  12. RHB Bank Bhd / RHB Islamic Bank Bhd
  13. United Overseas Bank Malaysia Bhd
  14. Standard Chartered Bank Malaysia Bhd / Standard Chartered Saadiq
  15. Cagamas Bhd

P/S: have you heard of the new cream cracker brand that is launched on the same day of this announcement? It is expected to be a hit here among the Malaysians, it is called the Credit Crunch.

Sunday, March 6, 2011


How many Kennys do you know?

These are the few Kennys in my life right now.

1. The one with the biggest butt:
Kenny Ng. Lawak bodoh partner-in-crime.

2. The one who dies and will rise again on the next episode:
Kenny from South Park. Never failed to entertain.

3. The Irishman that I love:
Kilkenny. I love the taste of his cream. Kinky shit.

4. The one who stole Yu Jian:
Uncle Kenny from GTA: Chinatown Wars. I know he's up to no good from the start of the game.

5. The one I trust and the only Kenny I'll ever kiss:
Kenny Dalglish. The King.

Turning 60 just last Friday, King Kenny has continued his rally of success at Liverpool FC albeit many pessimistic critics who disregarded him as nothing more than "just a temporal hype".

With just a couple of games to go before the end of the season, and regardless whether King Kenny will win any silverware for the club, he will always be hailed as THE Legend.

No ordinary Legend, but THE Legend. Not only has he played great football during his heydays, but he has also played a great role in rebuilding the club in the midst of a downward spiral and ownership turmoil.

Kenny Dalglish is not just a football history icon but is very relevant even to the present day for his abilities to hold the club together, inspire confidence and in uniting the fans together to support their beloved club in the toughest of times.

That, is definitely legendary.

And fingers crossed, let's pray that the King will do major damage to the Devils in tonight's game!

Or even the better

You'll Never Walk Alone. C'mon you Reds!

Thursday, March 3, 2011



I have used up all of my capital letters' quota for this entire week.

The blogger has fled the country in the wake of the the recent tyranny and is currently a refugee in Niger.

Not to worry, he said to be healthy and progressing well after suffering multiple gunfire shots and catching a grenade (yeah, yeah, yeah) in order to save an innocent civilian house cat.

The old blog was burnt down in flames but WiwiLeaks has purportedly salvaged the work and has archived the whole collection.

"One of the literary masterpieces of our generation was under threat of being forever lost in history due to the wars of the modern world. Thankfully, we have managed to salvage the entire blog and it is now available for the future generation of mankind," quoted a member of the Piss team.

"We are forever grateful for the creation of THE Blog. The world is forever grateful for how it has shaped our lives and inspired trash-writing that has clogged the cyberspace with digital junk."

The blogger is reportedly safe and is now working as a bank officer in an undisclosed location, working like a dog and living like a G6.

The link to THE Blog can be found at the bottom of the page.