My 1st Home Scheme

I received a call from my friend this morning asking about applying a home loan with the Skim Rumah Pertamaku (My 1st Home Scheme). Immediately it triggers my curiosity to find out more, so I googled and found out what it was.

Thanks Am for asking me this and I will surely share to all ๐Ÿ™‚

It was announced in 2011 Malaysia Budget by the government to assist young adults who have just started working, with a gross income not exceeding RM3,000 per month, to own their first home.

The scheme allows young adults to obtain up to 100% financing from participating banks, enabling them to own their first home. Sounds cool? Well sort of. Here’s why?

The scheme only covers property with a maximum value of MYR 220,000. Means, either you find a decent apartment outside of KL for sure, or a single/double story houses far beyond KL reaching to Nilai or Sungai Buloh area. But hey, at least you bought yourselves a home right?

Anyway, for those who’re interested, you can get the full details at their website @ www.srp.com.my

To entitle the 100%, you can get it only from participated banks. Unfortunately, Al Rajhi is not one of them ๐Ÿ™