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| My First Home Scheme by Malaysia |
Let me share with you this if you have not heard about this. The My First Home Scheme was announced in 2011 during Malaysia budget in order to assist young adults to own their first home with up to 100% financing from Financial Institutions.
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| My First Home Scheme by Malaysia |
Who is entitled for this scheme?
- Malaysian citizen
- First time home-buyer
- Individuals up to age 35 years
- Single borrowers with gross income less than RM 3000 per month
- Confirmed employee with minimum employment of 6 months with same employer
- Repayment of total commitment amount must not be more than 55% of the gross monthly income
- Residential properties located in Malaysia only
- Property value between RM100k to RM400k
- For the purpose of owner occupation only (buyers are required to reside in the property)
How to apply?
- Eligible buyer will need to apply directly with participating banks
What are the financing requirements?
- Financing tenure not exceeding 40 years, subject to borrower’s age not exceeding 65 years at the end of financing tenure
- Amortizing facilities only (no redrawable features)
- Installments payable via monthly salary deductions or standing instruction
- Savings record ( 3months installment liquidity reserve)
- Compulsory fire insurance / Takaful
Which are the participating banks / financial institution?
- Affin
- Alliance
- Ambank
- Bank Islam
- Bank Muamalat
- CIMB
- Hong Leong
- Maybank
- OCBC
- Public
- RHB
- Standard Chartered
- UOB
