A Government Initiative Aimed At Assisting First Time House Buyers To Own A Home
Skim Rumah Pertamaku (SRP) is a Government initiative aimed at assisting first time house buyers to own a home. Loan/financing application will be processed and approved by the participating banks based on the Scheme’s criteria and respective bank’s credit underwriting standards.
- Must be a Malaysian citizen
- First time house buyer
- Salaried worker or self-employed individuals
- Single or joint applicants
- Residential and owner occupied property
- Property value up to RM500,000
- Gross monthly household income up to RM5,000 for single applicant/RM10,000 for joint applicants
- Financing up to 110% *
- No record of impaired financing for the past 12 months
* Financing >100% to 110% is only for applicants with household income ≤RM5,000 + purchase property ≤RM300,000
Frequently Asked Questions
Do I have to pay a higher interest/profit rate or any fee to enjoy up to 110% financing under the Scheme?
No, the normal interest/profit rates of the respective banks shall apply and applicants do not have to pay for the CSRP’s guarantee.
With CSRP’s guarantee, does it mean applicants under the Scheme are only liable to the bank for 90% financing only?
No, the applicants are liable to the bank for the full financing amount (up to 110%). The guarantee only indemnifies the bank for any loss incurred as a result of financing above the 90% level.
Who qualifies as joint applicants?
The joint applicants could be the spouse, parents, children or siblings (living together in the new house), provided that the person meets the other criteria.
Who is eligible for this Scheme?
This Scheme is open to all Malaysian citizens with gross monthly household income of not more than RM5,000. Applicants with gross monthly household income of up to RM10,000 are eligible if it is under joint applications (subject to maximum gross monthly household income of RM5,000 per applicant). Nevertheless, the applicants’ age limit is subject to the financing tenure.