3

What is Skim Rumah Pertamaku (SRP) / My First Home Scheme?
The scheme is one of the measures announced by the Government in the 2011 Budget aimed at assisting young adults to own a home. The scheme allows homebuyers to obtain 100% financing from financial institutions, enabling them to own a home without having the need to pay a 10% down payment.

Cagamas SRP Berhad will guarantee the banks on financing above the 90% level i.e. if a borrower obtains 100% financing, Cagamas SRP will guarantee 10% (from 90% to 100%) of the financing. 

 

Who is eligible for this Scheme?

This scheme is open to all Malaysian citizens aged 35 years old or less (age next birthday is 36 years old or less) with gross income of not more than RM5,000 per month for single borrower and gross income of not more than RM10,000 per month for joint borrowers (based on gross maximum income of RM5,000 per month per borrower).

​

I am self-employed and my average monthly income is RM2,000.  Am I eligible for the Scheme?

No, the scheme is limited to employees in the private sectors only.

​

I am self-employed while my spouse is an employee in a trading company earning RM2,000 per month.   Are we eligible as joint borrowers under the Scheme?

No. Only your spouse is eligible to apply because she is an employee in a private sector. In addition, she has to meet all other criteria under the scheme.

​

My spouse and I each earn RM2,000 and RM3,000 per month respectively and we wish to obtain 100% financing to purchase our first home of RM300,000.  Would we qualify under the Scheme?

Yes. Under the Scheme, total financing obligations for single or joint borrowers must not be more than 60% of their combined net monthly income. Assuming existing present total financing obligations (car instalment + personal loan) is RM1,200. In this case, maximum monthly repayment for the mortgage loan under SRP should not exceed RM1,410 per month as shown below.

Example of calculation: 

• Gross combined income :  RM2,000 + RM3,000 = RM5,000  

• Net combined income : RM4,350 (income after statutory deductions i.e. tax, EPF & SOCSO)  

• 60% of RM4,350 = RM2,610 (total financing obligations)

• Mortgage loan repayment should not exceed: RM2,610 – RM1,200= RM1,410     

Based on current interest rates and permitted maximum financing tenor of 35 years (subject to borrowers’ age not exceeding 65 years at the end of financing tenure), your maximum eligible financing amount is about RM294,000.

 

How can I qualify for a 100% financing to purchase a property worth RM400,000?

You may apply for 100% financing through joint borrowers with a combined gross income not exceeding RM10,000 per month (based on gross maximum income of  RM5,000 per month per borrower). Assuming both borrowers have zero financing obligations at the point of application, loan tenure is 35 years (provided both borrowers age do not exceed 65 years at the end of financing tenure) and meet all credit requirements of the bank, the monthly instalment of the loan should not exceed 60% of the combined monthly net income of the borrowers. 

 

My friend and I meet all the criteria.  Can we jointly apply for financing under the Scheme?

No, joint borrowers must be family members, i.e. husband and wife or siblings only, and they must all meet the criteria set.