A Guide To Skim Rumah Pertamaku

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Assalamualaikum Hi.


Buying your first home can be really exciting journey and milestone in your life. Not forgetting, costly too. There is the mortgage calculator Malaysia that you could use before deciding if you can afford buying a house. Most working adults are interested in owning a house, however, without assistance, owning a home could be a far fetched dream, especially when property prices can be unaffordable and expensive. Many first time home buyers forget to check out the available schemes out there in Malaysia to support the journey to home ownership, such as Skim Rumah Pertamaku, PR1MA and so on. Fret not, this article will guide you through what you need to know about the Skim Rumah Pertamaku.
First of all, the Skim Rumah Pertamaku is first launched in 2011 by the Government of Malaysia, aimed to assist first time home buyer to own a house. Successful applicants will get up to 110% financing, subject to affordability from the participating banks in Malaysia. The Skim Rumah Pertamaku enables home ownership, giving youngsters the chance to gain home ownership, without worrying about down payment. The Skim Rumah Pertamku is inline with the government's aspiration of gaining and increasing home ownership among the "rakyat", also known as the nation. In addition, Cagamas SRP Berhad, CSRP, will guarantee up to the first 20% on the first loss basis

Before you start applying on the Skim Rumah Petamaku, it is essential for you to know the qualifying criteria that you will need to meet:
There are a certain criteria that the property will need to meet, to be eligible for the Skim Rumah Pertamaku
👉 Eligible Properties
       🅐 Residential properties in the primary and secondary market located in Malaysia
       🅑 A maximum property value of RM500,000
       🅒 Must be owner occupied, where buyers are required to reside in the property

Interested applicant(s) will need to meet the criteria below, in order to be able to be qualified for the Skim Rumah Pertamaku.
👉  Eligible Applicant(s)
        🅐 Must be a Malaysian citizen
        🅑 Must be a first time home buyer
        🅒 Available for self employed individuals or salaried worker working in the public and private sectors
        🅓 Available for single or joint applicants
        🅔 No record of impaired financing for the last 12 months
        🅕 Gross monthly household income;
            1) For property priced up to RM500,000, not more than RM5,000 for single applicant and not more than RM10,000 for joint applicants (subject to maximum gross monthly household income of RM5,000 per applicant)
            2) For property priced up to RM300,000, not more than RM5,000 for single or joint applicants

The Skim Rumah Pertamaku has also set out clear requirements that need to be met.
👉 Financing Requirements
       🅐 Financing tenure not exceeding 35 years, subject to the applicant's age, not exceeding 70 years at the end of financing tenure
       🅑 Amortizing facility only (no redrawable features), e.g. no flexibility of withdrawing funds that have been paid for the loan
       🅒 Installments payable through monthly salary deduction or standing instruction
       🅓 Compulsory fire insurance or Takaful
       🅔 For purchase of property priced up to RM300,000 and for applicants with gross monthly household income of not more than RM5,000
       🅕 Mandatory completion of the online financial education module provided by AKPK, which can be assessed from AKPK's Rumahku porttal, at https://learn.akpk.org.my 
       🅖 Moratorium period of 5 years, where owners are not allowed to resell the property within 5 years of purchase

Interested applicants can check out the participating banks for the Skim Rumah Pertamaku. Participating banks include Affin Bank, Alliance Bank, Aliiance Islamic Bank, AmBank, AmBank Islamic, Bank Islam, Bank Muamalat, CIMB Bank, CIMB Islamic, Hong Leong Bank, Hong Leong Islamic Bank, Maybank, Maybank Islamic, MBSM Bank, OCBC Al-Amin, Public Bank, Public Islamic Bank, RHB, tandard Chartered, Standard Chartered Saadiq and UOB. DO bear in mind that joint applicants must be related, or family members, e.g. husband and wife, parents, children or siblings that will be living together in the new house. In addition, they must meet all of the requirements in order to be eligible. Do bear in mind that only residential property from the primary or secondary market for own occupation is eligible for the Skim Rumah Pertamaku. All commercial properties are not eligible for the Skim Rumh Pertamaku. Should you have any enquiries, you can also check out the FAQ page. 
In concluion, with the assistance of the Skim Rumah Pertamaku available in Malaysia, buying a house is no longer far fetched dream for young working adults

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