Mar 16, 2011

Skim Rumah Pertamaku (SRP)~~

Nothing to blog but this. I've been looking forward to the launching of the new home ownership scheme discussed in Bajet 2011, "Skim Rumah Pertamaku (SRP)" announced on March 9th which enables you, me and other young adults to enjoy a 100% home loan plus the additional 5% to finance the purchase of the mortgage insurance. So, it sums up to 105% loan!! ;P

Eligibility criteria:
  1. You are a Malaysian.
  2. You are young. (age 36 or less by next birthday)
  3. You are buying your FIRST house.
  4. You earn less than RM3,000 per month. (GROSS salary)
  5. You are a confirmed employee who have worked for at least 6 months.
  6. You are NOT self employed (young entrepreneurs, too bad).
All the criteria above checked?

Good, next;

If you are planning to have a joint applicant:
  1. Make sure he/she meets all the criteria above.
  2. Boyfriend / Girlfriend? Cannot. Go get your ROM done first.
  3. Spouse / siblings only. Uncle's wife's cousin's sister-in-law is not a sibling.
  4. His/her income cannot be more than RM3,000 per month also.
Still eligible?

Good. Now, you can start looking for a property.

Property criteria:
  1. Priced from RM100,000 to RM220,000
  2. Residential property only
What about repayment criteria?
  1. You must have savings equivalent to 3 TIMES the amount of installment in your bank.
  2. The combined income must be 3 times your monthly commitments.
  3. OR, combined income is 2 times your monthly commitments.
  • Price of property: RM200,000.00
  • Monthly installment: RM950.00
Other existing loans held by applicant:
Car loan: RM500 per month
Personal loan: RM150 per month

Total monthly commitments = RM950 + RM500 + RM150 = RM1,600.

1) You must have at least RM950 x 3 = RM2,850 in your bank savings.

2) Your combined salary must be also be at least RM1,600 x 3 = RM4,800.

3) IF your combined salary is only RM1,600 x 2 = RM3,200 , you can still apply for the loan but you will have to obtain Cagamas SRP's approval prior to the submission of the loan.

Still eligible for the loan? Congratulations!

Here are the features of the loan:
  1. Installments are deducted directly from your pay or standing instruction.
  2. Non-redrawable facility only. Not eligible for flexi-loan plans.
  3. Loan tenure to be 30 years or less.
  4. Legal fees / stamp duty / valuation fees to be paid by cash.
  5. 5% additional loan to finance mortgage insurance (MRTA).
  6. Property must be owner occupied. So please do not stamp any tenancy agreement!
Want to apply right away?

Just go to the following participating banks:
  1. Affin Bank Bhd / Affin Islamic Bank Bhd
  2. Alliance Bank Malaysia Bhd / Alliance Islamic Bank Malaysia Bhd
  3. AmBank Bhd / AmIslamic Bank Bhd
  4. Bank Islam Malaysia Bhd
  5. Bank Muamalat Malaysia Bhd
  6. CIMB Bank Bhd / CIMB Islamic Bank Bhd
  7. EON Bank Bhd / EONCAP Islamic Bank Bhd
  8. Hong Leong Bank Bhd / Hong Leong Islamic Bank Bhd
  9. Maybank Bhd / Maybank Islamic Bank Bhd
  10. OCBC Bank Malaysia Bhd / OCBC Al Amin Bhd
  11. Public Bank Bhd / Public Islamic Bank Bhd
  12. RHB Bank Bhd / RHB Islamic Bank Bhd
  13. United Overseas Bank Malaysia Bhd
  14. Standard Chartered Bank Malaysia Bhd / Standard Chartered Saadiq
  15. Cagamas Bhd
copied from source: blog wanster

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