BM / CNSpending long periods of time confined in a house is making many people dream of bigger homes or for the younger generation finding a place to call their own. Since the MCO started, we’ve seen an increased interest from younger adults aged 23-34 who are taking control of their finances and prioritising buying their first home. If you’re a first time homebuyer there’s plenty to rejoice about, here’s why. Skim ‘Rumah Pertamaku’ or the ‘My First Home Scheme’ is a government initiative designed to help first time homebuyers onto the housing ladder. This initiative allows homebuyers to obtain up to 110% financing, meaning you won’t even have to pay a down payment for your home. To apply for this initiative there are a number of qualifying criteria you need to meet: 1. Who is eligible for the initiative? • Must be a Malaysian citizen • First time home buyer • Salaried worker or self-employed individuals • Single or joint applicants • Gross monthly household income: – Up to RM5,000 – for single or joint applicant(s) – More than RM5,000 and not more than RM10,000 – for joint applicants (subject to maximum gross monthly household income of RM5,000 per applicant) • No record of impaired financing for the past 12 months 2. What properties does it apply to? • Residential properties in primary and secondary market located in Malaysia • A property with a maximum value of RM500,000 • Owner occupied (buyers are required to reside in the property) Double storey link home, Oak2 In Bandar Baru Sri Klebang, there are a number of homes that would qualify as eligible property for you to apply under this initiative such as double storey link home, Oak2 priced from RM384,800 and Sunflower priced from RM298,800. Double storey link home, Sunflower My First Home Scheme covers both completed properties in the primary and secondary market and those under construction 3. What are the financing terms? • Maximum loan tenure of 35 years, subject to applicant’s age not exceeding 70 years at the end of the tenure. • Instalments payable via monthly salary deduction or standing instruction • No redrawable features, i.e. no flexibility to withdraw funds previously paid on the loan • Compulsory fire insurance/takaful • For purchase of property priced up to RM300,000 and for applicants with gross monthly household income of not more than RM5,000: i. Mandatory to complete the online financial education module provided by AKPK. Click here to access the module. ii. Not permitted to resell the property within 5 years of purchase 4. Which are the participating banks under the My First Home Scheme? There are 24 banks listed under the initiative to help first time homebuyers own their first home, offering both conventional and Islamic financing facilities. Click here for the full list of participating banks. With financing up to 110%, stamp duty exemptions and interest rates of banks being at their lowest point, there couldn’t be a better time to own a new home especially for first time home buyers. If you’re looking to buy a home with Kinta Properties, you’ll benefit even more with our unrivalled care programme, K4U which offers a top to toe home buying solution from financing to moving into your dream home. Owning a new home doesn’t have to be scary, with the right financial support your dream home can be yours. Learn more about; How to apply for a home loan Stamp Duty Exemptions for first time home buyers K4U If you have any questions on how you can apply for the My First Home Scheme or questions on home loans, have a chat with our friendly sales advisors by calling or send a WhatsApp to 012 – 500 8018, we’re always here for you and are more than happy to help you get into your dream home.