Updated: 100% Housing Loan By Malaysian Government (Skim Rumah Pertamaku)

Posted by Kris | Friday, February 25, 2011 | | 0 comments »

Those that are looking for the My First House Scheme (Skim Rumah Pertamaku), where the 10% down payment will be guaranteed by Cagamas Bhd for houses purchased below RM220,000 will be solely disappointed. Below is the announcement from Cagamas's website. I guess interested buyers must wait until the process get firmed up by the government. Not sure how long will it take though even though the scheme was announced in the budget 2011. And there is condition on your monthly salary, if i am not mistaken it must be below RM3,000 per month.

Implementation , Implementation!!!

Cagamas Berhad, the National Mortgage Corporation and leading securitisation house, welcomes the announcement of the proposed My First Home Scheme (“Skim Rumah Pertamaku”) by the Prime Minister as part of the National Budget 2011. Cagamas is currently in the process of working out the details of the implementation of the scheme and will make the necessary announcements in due course.

Update: Najib just announce that the scheme will be in effect soon now. According to my friends in the banking line, they did know that the scheme will take on place on 8 March but yet to received any circular from the government. With the PM announcement, those interested please go to the nearest bank to inquire.  I suspect there must be a term and condition that prevents the buyer to dispose the property within a certain time frame to prevent yet another property speculation vehicle.