Skim Rumah Pertamaku aka My First Home Scheme applicants can get a special "discount" on the housing interest rates. The discount is BLR - 1.8% which I think is NOT a preferential rate. The market currently is trying to woo customers with at least BLR-2% some even go up till BLR-2.2%!! Even though a difference of 0.4% can be small, nevertheless a penny saved is a penny earned.
KUALA LUMPUR: Young Malaysians eligible for housing loans under the My First Home Scheme will be charged an interest rate or profit rate of base lending rate (BLR) minus 1.8% for the duration of their loan.
A person has to be no more than 35 years of age when applying for the loan and their individual monthly income must not be more than RM3,000 a month.The maximum duration of a loan under the My First Home Scheme is 30 years or up to the age of 65 years, whichever comes first.Malayan Banking Bhd (Maybank) deputy president, head of community financial services Lim Hong Tat said the maximum loan amount under the new scheme would be 105%, with a loan covering the entire value of the house and an additional 5% for mortgage reducing term assurance (MRTA).Home buyers would need to also take fire insurance for their new homes and have the option of taking either a conventional or Islamic loan when buying their house.The loan will exclude refinancing, re-mortgage and a redraw facility.Lim said the scheme was open to salaried and fixed-income earners and those applying need to be confirmed employees who have been working for a minimum of six months with the same employer.Businessmen, the self-employed and non-fixed income earners are not eligible for a loan under the scheme.“The repayment amount is 1/3 of the monthly income or up to a maximum of 50% margin of repayment on a case-by-case basis,” said Lim in an e-mail response.The Government on Tuesday launched the My First Home Scheme for young Malaysians to buy their first house.
See link here.100% Housing Loan
The website for the scheme is www.srp.com.my
This is good news for those who successfully apply for My First Home Scheme.
Good new for youngster to buy a house..But need to ensure, if all youngster below 35year can by house..will increase black list nanti..hehehe
Hanif,
Welcome to my blog. :P
So far, belum dengar lagi statistik applicant yang berjaya dapat loan. According to my friend, it is not so easy to get it. He tried it, need to wait for a long time, so he gave up.
Waiting to hear "SUCCESS" story from bloggers out there that take up this loan.
The banks itself knows that these group of people has certain risk to default as the repayment already like 40-50% of their repayment if salary only RM2000.