Skim Rumah Pertamaku / My First Home Scheme

An affordable home scheme designed to support first-time buyers secure appropriate financing for a home purchase, this guide covers important questions such as who is eligible, what properties does it apply to, what are the financing details as well as which are the participating banks.

Skim Rumah Pertamaku, or My First Home Scheme, is an affordable home scheme launched in 2011, designed to support first-time buyers to secure appropriate financing for a home purchase.

The SRP Malaysia scheme allows eligible applicants to access loan financing up to 110% the price of a property, providing a path to home ownership without the need for a substantial down payment.

So are you a first-time buyer looking for that helping hand onto the housing ladder? Sit back and enjoy our simple guide to My First Home Scheme in Malaysia.

Who Is Eligible For My First Home Scheme?

There are several criteria that applicants must meet to be eligible for the benefits of Skim Rumah Pertamaku.

Must be a first-time buyer Must be a Malaysian citizen Only available to salaried or self-employed workers Allows single or joint applicants Joint applicants must be family members Combined gross monthly income of applicants no more than RM10,000 Combined gross monthly income no more than RM5,000 for properties valued below RM300,000 No record of impaired financing (i.e. failure to repay loans) within the past 12 months.

What Properties Does It Apply To?

As well as eligibility for individuals, there are certain criteria which a property must meet to be eligible for financing under the My First Home Scheme.

Newly built and secondary market properties within Malaysia Maximum property value of RM500,000 Properties must be owner-occupied

The value of a property is subject to a participating bank’s underwriting policy. In normal circumstances a bank will assess the purchase price or open market price, whichever is deemed to be lower.

What Are The Financing Details Of My First Home Scheme/ Skim Rumah Pertamaku?

My First Home Scheme sets out clear financial limits and conditions to all financing arrangements made within the scheme.

While individual loans offered by participating banks may differ, the mandatory limits for the scheme can be found below.

Maximum loan term of 35 years, subject to applicant’s age not exceeding 70 years at the end of term Standard amortising loan with balance and interest paid over instalments No redrawable features, i.e. no flexibility to withdraw funds previously paid on the loanInstalments payable through direct monthly salary deduction or standing instruction Compulsory insurance/Takaful cover for fire Mandatory completion of financial education module provided by AKPK for buyers of property priced at RM300,000 and below Not permitted to resell within 5 years of purchase for buyers of property priced at RM300,000 and below.

Which Banks Participate In The My First Home Scheme?

At the time of writing, there are 22 banks participating in the My First Home Scheme,offering both conventional and Islamic financing opportunities. You can find a full list of banks on the SRP website.

Participating financial institutions will operate on individual underwriting and credit standards. The specific terms and conditions of each participating bank should be considered before applying for a loan.

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