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.
Example:
  • 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.

6 comments:

  1. Ooh, the new cracker sounds delicious! Can't wait for it... Yum!

    ReplyDelete
  2. Under the Scheme, the financing repayment amount per month can’t be more than one third of borrower’s monthly combined earning; in this case, RM1,000 per month as the financing is taking affordability under consideration.

    How it calculates:

    Gross combined earning : RM1,500 + RM1,500= RM3,000
    1/3 of RM3,000 = RM1,000

    ReplyDelete
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