With the launch of its new Digital Skim Rumah Pertamaku (Digital SRP), Cagamas SRP Bhd believes its cumulative My First Home Scheme (SRP) loans will increase by more than 50% to RM12.6 billion next year.
A subsidiary of Cagamas Holdings Bhd and Cagamas Bhd’s (National Mortgage Corp) sister company, Cagamas SRP has partnered technology property portals MHub and Didian for the online financing scheme, along with 25 participating banks, reported The Malaysian Reserve.
“With these partnerships, Cagamas SRP expects to see a cumulative increase of approved SRP loans by 14,400 this year from a base of 26,213 in 2019, with total financing of RM9 billion,” said Cagamas SRP Chairman Datuk Bakarudin Ishak as quoted by The Malaysian Reserve.
First unveiled in Budget 2011, the SRP helps young adults who have just entered the workforce own their first house by allowing them to secure 100% financing from financial institutions. This enabled them to get up the property ladder without forking out a 10% down payment.
In fact, the scheme has helped almost 33,000 Malaysians own their first house with a total financing amount of RM6.8 billion from 2011 to June 2020. Of these, 90% came from the bottom 40% (B40) income group.
With the average loan size at RM206,450, around 71% of the approved loan applications were from Kuala Lumpur, Johor, Selangor, Melaka and Perak.
Meanwhile, 16% or 5,400 of the applications were conventional loans and 84% or 27,600 were Islamic financings.
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