My First Home Scheme
Do you know what the My First Home Scheme program is in Malaysia? Well one reason for this is because you might not recognize it by this name. It goes by another name (Skim Rumah Pertamaku). If you’re not making enough monthly income (about RM5,000 or a little lower) then you might be interested to know what this program is all about.
The My First Home Scheme was put out in 2011 by the Malaysian Government. The purpose of this program is to help young people who don’t make enough each month to get complete financing (meaning 100%) from lending institutions in order to get into their first home.
You don’t have to be really young in order to qualify for this scheme. If you’re a Malaysian citizen and 35 years old or less, then you meet the first requirement. If you’re total monthly income is not more than what was previously stated you meet the second criteria. However, this applies if you’re a single borrower. If you plan on applying with a joint applicant, then the amount is less RM10,000 per month income.
What if you’re someone who qualifies as being self-employed, then will you be able to qualify for this program?
Unfortunately people who are self-employed aren’t able to take part in the My First Home Scheme. It’s reserved for people who have employment in the private sectors. Other areas of employment might apply, but you’ll have to look into this in order to make sure.
What if you and your spouse meet different requirements, meaning one spouse is self-employed and the other does have a job in the private sector?
If two people plan on trying to apply for this program jointly and one is self-employed while the other is employed in the private sector, then only the private sector applicant would be eligible. On top of this they would have to make sure they met the other requirements for the program.
What if you decided that you wanted to apply for this program with someone who is a friend where jointly you meet the income requirement? Can this be done?
In order to qualify for the program jointly, then the applicants must be family in some form. This means they either have to be husband and wife or related in some other way. Non-family members who wish to apply because they meet the income requirement couldn’t do so.
If you qualify for this program, then can you use it to purchase properties that are under construction or just those that are already ready to move in?
If you wish to get into a property that’s still under development, then you can do so. The program covers properties that are completed as well as those still under construction.
What if you want to apply for Islamic funding due to its more favorable terms, under the My First Home Scheme program could you do this?
The good thing about this program is that it can be used in order to get an Islamic home loan or a conventional one. You would still want to make sure you took the time to determine which loan option was best for you.
As you can see the My First Home Scheme is a pretty powerful loan program for those who want the chance to prove they deserve to be home owners. People who qualify would have to make sure they were serious though as well as take measures to know what it takes to properly maintain a home. Proper preparation will serve first time home buyers well short term and long term.