What Is Skim Rumah Pertamaku/My First Home Scheme?

PropertyGuru Editorial Team
What Is Skim Rumah Pertamaku/My First Home Scheme?
Skim Rumah Pertamaku, or My First Home Scheme, is an affordable home scheme launched in 2011, designed to support first-time buyers to secure appropriate financing for a home purchase.
The Scheme allows eligible applicants to obtain loan financing up to 110% of the price of a property, providing a path to homeownership without the need for a substantial down payment.
So are you a first-time buyer looking for that helping hand onto the housing ladder? Sit back and enjoy our simple guide to My First Home Scheme in Malaysia.
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Who Is Eligible For My First Home Scheme?

Below is the full list of criteria that applicants must meet to be eligible for the My First Home Scheme:



Eligible applicants
  • Must be a first-time buyer
  • Must be a Malaysian citizen
  • Available for salaried worker or self-employed individuals
  • Allows single or joint applicants
  • Joint applicants must be immediate family members
  • Gross monthly income:
    • Up to RM5,000 – Single/joint applicant(s)
    • More than RM5,000 and not more than RM10,000 – Joint applicants (subject to a maximum gross monthly income of RM5,000 per applicant)
  • No record of impaired financing (i.e. failure to repay loans) within the past 12 months
Eligible properties
  • Malaysian residential properties both new and subsale
  • Maximum value of the property cannot exceed RM500,000
  • Buyer must occupy the residence
Financing details
  • Financing period does not exceed 35 years, subject to age of applicant not exceeding 70 years at the end of the financing period
  • Moratorium period of 5 years
  • Instalments made via monthly salary deductions or standing orders
  • Fire insurance/takaful is mandatory
  • For the purchase of properties worth up to RM300,000 and for applicants with a monthly gross household income of not more than RM5,000, it is mandatory to complete the online financial education module provided by AKPK and can be accessed through the AKPK RumahKu portal at https://power.akpk.org.my

What Properties Does It Apply To?

As well as eligibility for individuals, there are certain criteria which a property must meet, to be eligible for financing under the My First Home Scheme:
  • Residential properties in the primary and secondary market in Malaysia
  • Maximum property value of RM500,000
  • Properties must be owner-occupied
The value of a property is subject to a participating bank’s underwriting policy. In normal circumstances, a bank will assess the purchase price or open market price, whichever is deemed to be lower.
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What Are The Financing Details Of My First Home Scheme/Skim Rumah Pertamaku?

My First Home Scheme sets out clear financial limits and conditions to all financing arrangements made within the scheme.
While individual loans offered by participating banks may differ, the financing terms for the scheme can be found below:
  • Maximum loan term of 35 years, subject to applicant’s age not exceeding 70 years at the end of the term.
  • Standard amortising loan with balance and interest paid over instalments.
  • No redrawable features, i.e. no flexibility to withdraw funds previously paid on the loan.
  • Compulsory insurance/Takaful cover for fire.
  • For buyers of property priced at RM300,000 and below, and with a monthly income of RM5,000 and below:
    • Mandatory completion of an online financial education module provided by AKPK.
    • Not permitted to resell the property within 5 years of purchase.

Which Banks Participate In The My First Home Scheme?

At the time of writing, there are 24 banks participating in the My First Home Scheme, offering both conventional and Islamic financing facilities. You can find a full list of banks on the SRP website.
Participating financial institutions will operate on individual underwriting and credit standards. The specific terms and conditions of each participating bank should be considered before applying for a loan.

How Do I Check My Eligibility For The My First Home Scheme?

Given all the criteria, you may still be confused as to whether or not you’re eligible.
Do I have to pay for the legal fees myself or are they included in the financing? Will it cover the costs incurred in the implementation of the transfer moratorium too?
The above is entirely up to the discretion of the respective bank, so at the end of the day, it’s best to visit your nearest participating bank’s outlet to find out more.

How Do I Apply For Financing Under This Scheme?

Fit the criteria? If you want to apply for financing under the My First Home Scheme, applications can be made at any branch of the 23 participating banks listed above.
Keep in mind that different banks may have varying terms, so you may choose to call ahead or pay your nearest branch a visit to find out more.

Home buying can be an exciting and confusing prospect when you’re taking your first step onto the property ladder. That’s why we’re committed to supporting informed customers to make informed property purchase decisions. Looking to find your first home? Explore the fantastic list of properties for sale on PropertyGuru today.

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