| MY FIRST HOME SCHEME 2012 |
|
| CAGAMAS SRP BHD | Joint Venture between Ministry of Finance/Government of Malaysia and the Cagamas Group |
| GUARANTEE COVER | Cagamas SRP Bhd will only guarantee 10% on a “first loss” basis |
| LOAN(LTV)/FINANCING AMOUNT | *Upon qualification of the scheme, Banks will provide 100% (of SPA/OMV whichever is lower) financing to purchase the property. |
| *As per existing banks’ policies, participating banks can still finance an additional 5% for Insurance/MRTT, Legal and Valuation Fees, but this will not be covered by Cagamas SRP Bhd and Subject To Bank’s Discretions. |
| PROPERTY TYPE | *Completed Residential Properties |
| *Under Construction residential properties. |
| For property under construction, the Guarantee Protection/Cover will only commence upon full disbursement/Property fully completed. As such only empaneled EF project will be considered under this scheme. Any exception will be considered on a case to case basis. |
| PURPOSE OF LOAN/FINANCING | *To finance purchase of a house. |
| *Not applicable for refinancing. |
| LOAN/FINANCING FACILITY/PRODUCT | Subject to bank’s package. |
| LOAN/FINANCING TENURE | Max 30 years, subject to not exceeding borrower’s age of 65 (based on younger borrower’s age, for joint application) at loan maturity-(Subject To Bank’s Discretions). |
| LTV/FINANCING AMOUNT | LTV/Financing amount should not be more than 100% of SPA/OMV whichever is lower. |
| INTEREST RATES | Subjected to bank’s package. |
| BORROWER /CUSTOMER | *Malaysian Citizenship only. |
| *Young Adults not exceeding 35 years of age. |
| *First Time Home buyers only (defined through CCRIS checks) and declaration in Application form and letter of offer. |
| *Joint Borrowers/Customers, if any, must be related as immediate family members ( Spouse, children and sibling) |
| EMPLOYMENT | *Confirmed employee with minimum 6 months employment with same employer. |
| *Not for self employed and government staff. |
| INCOME /LIQUIDITY RESERVE | *Max salary of up to RM3,000 per month per individual borrower/customer. |
| *Joint application with combined gross income of up to RM 6,000 with single borrower’s gross income not exceeding RM3,000/month( Bonus to be excluded from calculations. Treatment of commission as per participating bank’s existing policies) |
| DOCUMENT REQUIRED | 1. NRIC copy |
| 2. Property Booking Receipt |
| 3. Vendor Sales and Purchase Agreement / Title copy / New Sales and Purchase Agreement |
| 4. Latest 3 months pay slips |
| 5. Latest 3 months personal bank statement (To show salary credited as per pay slip) |
| 6. Employment Letter ( on letter head or bearing company chop) confirming job title and income details. |
| 7. Latest From B/BE with payment receipt acknowledgement |
| 8. Latest KWSP statement/Latest EA form |
| 9. Deposit Statement e.g. Fixed Deposit, ASB or Bonds . |
| *Borrower/Customer must show saving habit with average balance equivalent to 3 times instalments in the past 3 months. Example, instalment of RM1000 per month, average saving balance is RM3000 in the past 3 months. |
| CREDIT CRITERIA | *No adverse credit checking |
| *All other underwriting standards as per participating Bank’s policies. |
| PROPERTY TYPE | *Residential Properties only ( Landed and non Landed) |
| *OMV/SPA ( whichever is lower) to be from RM100,000 to RM400,000 |
| *Minimum 60 years to expiry leasehold period. Any exception will require prior approval of Cagamas SRP Bhd before consideration. |
| *Location across all Malaysia*Copy of Master /Individual title is compulsory. |
| *Compliance with relevant regulations under the Malaysian Laws. |
| OWNER OCCUPANCY | *At least one of the income-generating borrower/Customer, in case of joint borrower/customer, must physically live in the property and use the property as his/her first and primary residence; and |
| *The income of the occupying borrower/customer who must be immediate family member of the joint borrowers/customers, must not be less than the sum of monthly asset installment payment and his/her other monthly debt or financing obligations. |
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