What are the government Assistance for first time property buyers
In Malaysia, the price of properties has been increasing where some are even claiming that it has become uncontrollable. If you are staying in Kuala Lumpur and the satellite cities, you will probably not able to find a reasonable place below RM400,000.
So before you apply for a home loan, take some time to learn about the schemes that the government has put in place to help first time property buyers. There are in general 2 schemes available. The first one is known as the My First Home Scheme. This was announced in 2011 which was launched to help those who are coming out from graduation and looking to start a life with their newfound income and career. You would have to first decide whether to buy a landed property before proceeding with the respective schemes.
Known as the SRP or Skim Rumah Pertamaku, this scheme makes it possible for the young adult to apply for housing loan of up to 100% in certain places. This means that if you are eligible, you do not need to pay the 10% downpayment which is applicable only for residential properties. The age cap here is 35 years old and you should not have a gross income of more than RM5,000 per month. You can apply for the SRP with a partner provided that you both do not exceed RM10,000 in your monthly gross income. The property that you can buy should be between RM100,000 to RM400,000 where you must stay in the property.
The other major scheme is known as PR1MA which involves property projects undertaken by the government to offer middle-income households the chance to own properties in key urban regions. To qualify for this scheme, you need to apply and will go through an open balloting system. You must stay in the property after purchase and cannot be sold or transferred in 10 years. The average monthly household income is between RM2,500 and RM7,500 in order to qualify for this scheme and should not own more than 1 property at the time of application.
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