Your dream of owning your own home starts here.

Eligibility Criteria

Owning a house is no longer beyond your reach. With Standard Chartered Skim Rumah Pertamaku (SRP), a government initiative to assist young adults to own their first home, obtain up to 100% financing and take the first steps into home ownership today!

Am I eligible?
To qualify for Skim Rumah Pertamaku, you must meet the following eligibility criteria:

  • Malaysian Citizens only
  • First time homebuyer within the age of 23-35
  • Maximum age at loan completion is 65 years
  • Single applicant gross income not exceeding RM 5,000/month and joint applicants gross income not exceeding RM 10,000/month ( based on gross maximum income of RM 5,000/month per applicant)
  • Joint applicant must be an immediate family member of applicant
  • Confirmed employee with minimum employment of 6 months with same employer (current employment)
  • Minimum work experience of 2 years
  • Only for salaried individuals from private sector

What type of property can I buy through the scheme?

  • Minimum property value of RM 100,000 to a maximum of RM 400,000
  • For properties under construction, the minimum property value is RM 125,000 and the maximum is RM 400,000
  • Residential properties only
  • Owner occupied
  • For leasehold properties, properties must have remaining leasehold of ≥ 60 years at time of application.

How do I apply?
Drop by at any Standard Chartered branch today to apply for the Skim Rumah Pertamaku. Remember to bring along the following:

Income Documentation

  • Bank book / statements showing salary incomes for the last 6 months AND
  • Latest income tax return


Plus

  • A recent salary payroll slip (not greater than 2 months old) with employer’s name and evidence of credit of salary into a bank account; OR
  • An employer’s letter (on letterhead or bearing company chop) confirming job title, duration of service and income details
  • Income calculation will be based on “base/basic salary” only.


Other Financing Requirements

  • Maximum loan tenure of 30 years (completed properties) and 20 years (properties under construction)
  • Compulsory fire insurance / Takaful
  • Instalment payable via monthly salary deduction or standing instruction
  • All outstanding debt repayment obligations (CCRIS and declaration) must not be more than 40% of customer’s base/ basic salary (completed properties). For properties under construction loans, it should not exceed 35%.

FAQ

What is Skim Rumah Pertamaku (SRP) / My First Home Scheme?

The scheme is one of the measures recently announced by the Government in the 2011 Budget aimed at assisting young adults earning RM 3,000 per month or less to own a home. The scheme allows homebuyers to obtain up to 100% financing from financial institutions, enabling them to own a home.

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

With Cagamas SRP Berhad's guarantee, does it mean borrowers/customers under the Scheme are only liable to the bank for 90% financing only?

No, the borrowers/customers are liable to the bank for the full financing amount (up to 100%). The guarantee only indemnifies the bank for any loss incurred as a result of financing above 90% level.

Do I have to pay a higher interest/profit rate or any fee to enjoy up to 100% financing under the Scheme?

No, the normal interest/profit rates of the respective banks shall apply and borrowers/customers do not have to pay for the Cagamas SRP Berhad's guarantee.

FAQ

Financing

My spouse and I each earn RM1,500 per month and we wish to obtain 100% financing purchase our first home of RM220,000. Would we qualify under the Scheme?

Under the Scheme, the monthly repayment/instalment amount must not be more than 1/3 of borrower's/customer's monthly combined gross income; in this case, RM 1,000 per month as the financing is subject to affordability.

Example of calculation: Gross combined income :
RM 1, 500+ RM 1,500 = RM 3,000
1/3 of RM 3,000 = RM 1,000

Based on current interest/profit rates and permitted maximum financing tenure of 30 years, your maximum eligible financing amount is approximately RM 200,000. To obtain RM 220,000 financing, your combined monthly income would need to be approximately RM 3,300.

Financing

Property

Does the Scheme cover completed properties as well as those under development?

Yes, the Scheme covers both completed properties and those under development. The guarantee is effective upon full disbursement of the financing.

My spouse and I bought a property at RM 220,000. Will we be entitled to RM 220,000 financing if we meet the income criteria?

Valuation of the property is subject to the bank's underwriting policy. Generally, banks will finance based on purchase price or valuation (open market value) from their panel valuer, whichever is lower.

My existing financing was taken up for the purchase of my first home. Am I eligible to refinance the loan under the Scheme?

No, the Scheme does not cover refinancing of an existing financing.

Are there any limitations on the type of residential properties or locations under the Scheme?

The type of residential properties and locations are subject to participating banks' underwriting policies.

Property

    • Are there any limitations on the type of residential properties or locations under the Scheme?

      The type of residential properties and locations are subject to participating banks' underwriting policies.

Other Questions

How do I apply for financing under the Scheme?

Application can be made at any branch of the participating banks.

Can I apply for Islamic financing under the Scheme?

Yes, the Scheme covers both conventional and Islamic financing.

What is the maximum financing tenure?

The maximum financing tenure is 30 years, subject to participating banks' respective underwriting policies.

Do I need to purchase fire insurance/takaful and Mortgage Reducing Term Assurance (MRTA) / Mortgage Reducing Term Takaful (MRTT)?

The borrower/customer will have to purchase fire insurance/takaful. However, MRTA / MRTT requirements will depend on the requirements of the participating banks.

With up to 100% financing under the Scheme, does that mean I do not have to come up with any down payment?

The homebuyer would be required to pay a booking fee and/or deposit to the seller under the terms of the Sale and Purchase Agreement pending disbursement of the home financing by the bank. When financing documentation is completed, the homebuyer would be reimbursed from the disbursement of the financing by the bank. The homebuyer may try to make an arrangement with the seller for deferment of deposit payment pending disbursement by the bank. Such request is dependent on the seller's willingness to accommodate.

Other Questions

    • Do I need to purchase fire insurance/takaful and Mortgage Reducing Term Assurance (MRTA) / Mortgage Reducing Term Takaful (MRTT)?

      The borrower/customer will have to purchase fire insurance/takaful. However, MRTA / MRTT requirements will depend on the requirements of the participating banks.

    • With up to 100% financing under the Scheme, does that mean I do not have to come up with any down payment?

      The homebuyer would be required to pay a booking fee and/or deposit to the seller under the terms of the Sale and Purchase Agreement pending disbursement of the home financing by the bank. When financing documentation is completed, the homebuyer would be reimbursed from the disbursement of the financing by the bank. The homebuyer may try to make an arrangement with the seller for deferment of deposit payment pending disbursement by the bank. Such request is dependent on the seller's willingness to accommodate.

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