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Thursday, July 12, 2012


Skim Rumah Pertamaku allows young adults to obtain up to 100% financing , enabling them to own their 1st home. This is in line with the Governments aspirations of increasing home ownership amongst the "rakyat".

Eligible Borrowers:
  • Malaysian citizen only
  • First time homebuyer
  • Individuals up to age 35 years
  • Single borrower gross income not exceeding RM 3,000 per month
  • Confirmed employee with minimum employment of 6 months with same employer
  • All outstanding debt repayment obligations from banks and non-banks (including those not covered by CCRIS) must not be more than 60% of monthly income after statutory deductions (ie. Tax, EPF, SOCSO) or maximum limit of the lending bank, whichever is lower.
Acceptable Income Document
  • Individual Applicant
Acceptable Income Documents
  • Latest 3 months salary slips
  • Latest Borang BE (supported by tax payment receipt)
  • Latest EPF statement
  • Latest 3 months bank statement / saving passbook
  • Letter of employment
Eligible Properties:
  • Property value of minimum RM 100,000 and maximum RM 400,000
  • Residential properties only
  • For lease hold, remaining lease ≥ 60 years
  • Owner occupied
Financing Requirements:
  • Maximum financing tenure of 30 years
  • No redrawable features
  • Savings record (3 months instalment liquidity reserve)
  • Instalment payable via monthly salary deduction or standing instruction
  • Compulsory Fire insurance / takaful


A. Skim Rumah Pertamaku
  1. 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 RM3,000 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.
  2. 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.
  3. 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.
B. Financing
  1. 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 monthly income of not more than RM3,000 per applicant.
  2. 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. Applicants must be confirmed employees with minimum employment period of 6 months with the same employer.
  3. I am self-employed and my spouse works in a trading company earning RM2,000 per month. Are we eligible as joint applicants under the Scheme?
    No, all applicants (including joint applicants) must meet the citizenship, first home, employment, age and income criteria.
  4. 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 RM200,000. To obtain RM220,000 financing, your combined monthly income would need to be approximately RM3,300.
  5. My friend and I meet all the criteria. Can we jointly apply for financing under the Scheme?
    No, joint applicants must be family members, i.e. husband and wife or siblings only, and they must all meet the criteria set.
C. Property
  1. 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.
  2. My spouse and I bought a property at RM220,000. Will we be entitled to RM220,000 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, which ever is lower.
  3. 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.
  4. 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.
D. Other Questions
  1. How do I apply for financing under the Scheme?
    Application can be made at any branch of the participating banks.
  2. Can I apply for Islamic financing under the Scheme?

    Yes, the Scheme covers both conventional and Islamic financing.
  3. What is the maximum financing tenure?
    The maximum financing tenure is 30 years, subject to participating banks' respective underwriting policies.
  4. 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.
  5. 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.