Young working adults in Malaysia can now buy themselves a new home without having to pay anything in down payment.Those earning less than 3,000 ringgit (US$985) a month can obtain up to 100% financing to buy their first home under a new scheme launched by the government.
The My First Home Scheme, launched by Prime Minister Datuk Seri Najib Tun Razak, will enable them to buy houses costing between 100,000 ringgit and 220,000 ringgit with a repayment period of up to 30 years.
The scheme sees the participation of 25 conventional and Islamic financial institutions including major banks like AmBank, CIMB, Hong Leong, Maybank, Public Bank, RHB and Standard Chartered.
To qualify for the scheme, which is for both houses under construction and completed properties, house buyers must be those working in the private sector and are confirmed employees with a minimum of six months in the job.
The self-employed do not qualify for the scheme while joint applications are allowed, provided that both are in the private sector and are family members, such as siblings or spouses.The monthly financing repayment sum must also be not more than one-third of the applicants' monthly gross income.However, this sum can go up to 50% of their income if additional credit is permitted under the banks' underwriting policy.
The Government through Cagamas Berhad -- a national mortgage corporation -- will bear the costs of the initial 10% deposit for the house while normal interest or profit rates for Islamic banks apply under the scheme.
The scheme does not cover refinancing of a home.
Source-(The Star/ANN)
Pssstt......nowadays house price going up like crazy..lets tell our sister,brother and friends abt this sheme..
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