Get First Home Buyer Incentives with These Home Financing Schemes

Written by meridinOctober 6, 2022

Buying a house comes with a hefty price tag – the one that many save up for years to afford. Even if you could afford a housing loan, to purchase the house, you’ll also have to consider costs such as down payment, legal fees, and valuation fees (for sub-sale properties), among other additional costs. 

Luckily, the government and financial institutions have identified these pain points with a solution – home financing packages with some specific incentives for first-time home buyers. These are some home financing schemes to check out if you are looking to buy that dream home of yours. 

First-Time Home Buyer: My First Home Scheme by Maybank

Also known as Skim Rumah Pertamaku (SRP), this scheme specifically targets first-time home buyers. With this, first-time home buyers can get up to 110% financing for completed or under-construction properties. The breakdown is where the property value will be 100% financed, while up to 5% is financed for related expenses, namely Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT) premiums.

The best first-time home buyer incentive for this home financing scheme is that no down payment is required! On top of that, this caters to monthly income earners of RM10,000 or less, and you can buy both new or sub-sale residential property. The property must also be priced up to RM500,000, while residential properties must be owner-occupied. 

The home financing scheme also allows a financing tenure of up to 35 years or 70 years of age, and it is compulsory to get fire insurance or takaful. 

Applicant criteria:

  • Must be a Malaysian citizen and first-time home buyer.
  • Salaried or self-employed individuals are eligible. 
  • Single or joint applicants allowed.
  • Must have a gross monthly household income of up to RM10,000 for single or joint applicants. 
  • No record of impaired financing for the past 12 months. 

First Time Home Buyer: CIMB My First Home Scheme 

Similar to Maybank’s first-time home buyer incentives, CIMB also has their own home financing scheme as a part of SRP for first-time buyers where they take away the pain of forking out a down payment – yes, no down payment required for this home financing package too!

With the My First Home Scheme,  first-time home buyers can obtain a 100% loan, plus up to 10% for Group Mortgage Term Assurance (GMTA)  or Group Mortgage Term Takaful (GMTT), legal fees and valuation fees. Eligible properties must be priced up to RM500,000 and can be a new or sub-sale residential property. Additionally, financing tenure is up to 35 years or 70 years of age (whichever comes first). 

Applicant criteria:

  • Must be Malaysian and a first-time home buyer. 
  • Applicants must be between ages 18 and 35. 
  • For joint applicants, the combined gross income should be less than RM10,000, where the monthly income of each applicant is no more than RM5,000. 
  • The house must be owner-occupied. 

Home Financing Scheme: AFFIN Home Step Fast

A campaign that aims to reduce upfront payment, AFFIN’s home financing package aims to give homeowners greater cash flow. This home financing scheme is for all eligible home buyers, including first-time home buyers. The perks under this home financing scheme include no lock-in period, low monthly repayment and low interest.

Moreover, the eligible property value is at a low minimum of RM200,000, while the margin of finance is up to 95%. You also enjoy lower commitments for the first five years, where you make payment of interest only for the first five years from the date of full disbursement. You can also redraw any extra payments you make to your financing account. 

Applicant criteria:

  • Must be ages 18 and above.

Now You Can Buy! View These New Houses for Sale in Johor Bahru (JB): Meridin East

Now that buying your first home is on the table, it’s time to start the process of house hunting because you can probably afford it with a home financing scheme. With that, we would like to introduce you to Meridin East, a 1,313-acre gated lake garden community that is strategically located in the Eastern Gateway of Iskandar Malaysia. 

Meridin East mostly consists of double-storey houses for sale in Johor Bahru, while the area has great connectivity. It is connected to modern highways with easy access to Johor Bahru city. The direct-access road, which is set for completion in 2022, will give residents even better access to key areas. 

These are some Meridin East projects you can check out:

  • Meridin East: Collection of terrace house to stay with your family – 18’x65, 20’x65’, 22’x70’. New phase is open for registration!

Additionally, there are more double-storey houses for sale in Johor at Meridin East and you can check out all Meridin East projects and offers here!

Submit your interest today

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