Malaysia 100% Home Loan for first time house buyers guideline

Malaysia 100% Home Loan for first time house buyers guideline

Those with income below RM3000 need not make down payment on house. First time house buyers with a family income less than RM3000 per month need not pay the 10% down payment under the "My First House Scheme" (SKIM Rumah Pertamaku) home loan.The 10% down payment will be guaranteed by Cagamas Bhd for houses priced below RM220,000, this will allow the first time buyers to obtain 100% home loan.

They will also be given stamp duty exemption of 50% on instruments of transfer on a house not exceeding RM350,000. The government also proposed a stamp duty exemption of 50% for loan agreement instruments to finance first-time purchasers.

There will also be a housing assistance programme with an allocation of RM300mil for the construction and repair of some 12,000 houses nationwide particularly in Sabah and Sarawak For estate workers, the government will help them own houses under a RM50mil housing sponsorship scheme.

The scheme is open to all Malaysian estate workers to assist them in obtaining home loan with a maximum of RM60,000 for the purchase of low-cost house at 4% interest, and repayment period of home loan up to 40 years, which can be extended to the second generation home loan.

For government servants, the goodies include an increase in the maximum loan eligibility from RM360,000 to RM450,000 effective 1 Jan 2011.

Current BLR is 6.30% for majority bank in Malaysia