My First Home Scheme
My First Home Scheme was first announced in the 2011 Budget by the Malaysian Government to assist young adults who have just joined the workforce, earning RM3,000 per month or less to own their first home.
The Scheme allows young adults to obtain 100% financing from financial institutions, enabling them to own their 1st home without the need to pay a 10% downpayment. This is in line with the Government’s aspirations of increasing home ownership amongst the “rakyat”.
In the 2012 Budget, it was announced that the maximum property value be increased from RM220,000 to RM400,000, effective from 1 January 2012.
[stextbox id="custom"]Do you want to apply for a loan under the My First Home Scheme? Click here for the list of contact details of participating banks for enquiries regarding My First Home Scheme, or refer to the FAQ. [/stextbox]