My First Home Scheme (Skim Rumah Pertamaku)

This is going to be interesting. Recently launch My First Home Scheme has been the hot topic for young adults to obtain a 100% home loan. and Cagamas by will be providing a guarantee on the 10% down-payment for house priced below RM220k. On top of that, First-time house buyers will also be given stamp duty exemption of 50% on instruments of transfer on a house priced at not more than RM350,000. The Government has also proposed stamp duty exemption of 50% be given on loan agreement instruments to finance such first-time purchase of houses. Still not enough, hear this, “there is an allowance of additional 5% to finance the purchase of your mortgage insurance + BLR – 1.8% for the duration of their loan” . source: “BLR discount for young house buyer under scheme”

This sounds too good. to get more info on criteria and eligibility, please read the following link:

1. Criteria: http://www.srp.com.my/docs/html/fea_n_cri.html
2. FAQ: http://www.srp.com.my/docs/html/faq.html
3. Bank Involving: http://www.srp.com.my/docs/html/banks.html

However, some may complain that property prices are in sky rockets such as klang-valley areas and the availability of such properties are so limited comparing with the amount of urban poor. Don’t worry, our brilliant government has also launch “Affordable Quality Housing” Programme by providing lands to developers at no cost to ensure properties built are fall within the range of RM220k.  7 locations in Klang Valley has been named to build under the “My First Home Scheme” last week,

• Putrajaya
• Cyberjaya
• Rawang
• Damansara
• Shah Alam
• Kelang
• Puchong

Sounds too sweet? A few gave their comments and warn to be aware of your financial capability before venturing into the scheme.

1. http://www.malaysiakini.com/news/159088
2. http://www.kampunginvestor.com/my-first-home-scheme-the-drawback/

Personal Doubts:

1. Does this really to help the young groups to break free from middle-income group or creating more house slave?
2. 100% home loan means higher monthly instalment, means tighter cash flow and greater burdens.
3. Does the rental price of the 7 New locations for First Home Scheme properties capable to fetch up above the monthly repayment amount to the banks?

Other Sources:

1. http://www.themalaysianinsider.com/malaysia/article/mca-says-my-first-home-scheme-should-not-be-rushed/
2. http://biz.thestar.com.my/services/printerfriendly.asp?file=/2010/10/16/business/7240045.asp&sec=business
3. http://freemalaysiakini.com/modules.php?name=News&file=article&sid=11798
4. http://www.bernama.com.my/bernama/v5/newsbusiness.php?id=586777
5. http://imdavidlee.com/budget-2011-100-housing-loan-for-first-home-buyers/
6. http://thestar.com.my/news/story.asp?file=/2011/3/13/nation/8257040&sec=nation

Posted: May 22nd, 2011 | Author: propertynoob | Filed under: For The Noob, News, Scheme | Tags: Scheme | No Comments »

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