Titled “my first housing scheme (SRP)”, it enables individuals earning less than RM3,000 a month to obtain a 100 per cent loan from chosen financial institutions.
This will be used to purchase houses ranging from between RM100,000 to RM220,000 with a repayment period of 30 years.
It is understood that the government, through Cagamas Berhad will bear the costs of the initial 10 per cent deposit fees to purchase a house.
“This scheme is a government initiative, done together with Cagamas Berhas and financial institutions to lessen the burden of the young who are faced with high costs of living and rising property prices in some locations in Malaysia.
“This scheme will help the young citizens in Malaysia to purchase their first home quickly, and is part of the government’s objective in providing affordable housing to all Malaysians - rural or urban,” said Najib today who added that the plans for the scheme had already been outlined during his Budget 2011 speech last year.
To qualify for the scheme:
•You must not be above 35 years old
•Your personal gross monthly income must not exceed RM3,000
•You must be a confirmed employee with minimum 6 months employment with the same employer
•Your residential property must cost between RM100,000 to RM200,000
Some 26 banks are involved, which also includes AmBank Berhas, CIMB Bank Berhad, Hong Leong Bank and Maybank Berhad.
