【Advice】My First Home Scheme: What is it & How to Apply For it?



Input your search keywords and press Enter.

× Computer


My First Home Scheme: What is it & How to Apply For it?

MJC97   |   Oct 11, 2021, 13:48   |   83

The Malaysia government while complicated, never fails to provide assistance to the people. In 2011, as an initiative to help young adults earning RM5,000 per month or less to get a full loan from banks to purchase their first home, the government introduced the My First Home Scheme. 


With this scheme, eligible young adults are able to get up to up to 110% financing from the participating banks. The extra 10% means that you won’t have to worry about saving up for a down payment. 

Am I eligible? 

Here are all the criteria you need to fulfil in order to apply for financing under this scheme:

+ Citizenship: Malaysian Citizen 

+ Age: 35 years old and below

+ Gross Income: Not more than RM 5000 per borrower, for both single and joint borrower

Meaning: RM 5000 max for singles and RM 10 000 man for joint borrowers. For joint borrowers, both borrowers have to be nearest family, meaning boyfriends, girlfriends, besties are not eligible. Only family members, like husbands, sisters, brothers, mothers or father. 


+ Employment Status: Confirmed employee 

+ Other Requirements: It has to be your first property and you will have to stay at the property, meaning you can’t rent it out to other people. 

What type of property can this skim be used for?

Here are the requirements for the property you are intending on buying:

+ Property type: Residential properties in Malaysia only


+ Status of completion: Under construction or completed

+ Minimum value: RM 100 000

+ Maximum value: RM500 000

+ Financing tenure: Not exceeding 35 years, subject to applicant’s age not exceeding 70 years at the end of financing tenure

+ Type of facility: Amortising facility

An amortising loan is a form of financing that is paid off over a set period of time. You will have to make the same payment throughout the loan period, with he first portion covering the interest and the remaining amount paid against the outstanding loan principal


+ Instalment payment method: monthly salary deduction or standing instruction

+ Compulsory fire insurance/takaful

+ Moratorium period: 5 years

+ For purchase of property priced up to RM300,000 and for applicants with gross monthly household income of not more than RM5,000: Mandatory to complete the online financial education module provided by AKPK which can be accessed from AKPK’s RumahKu portal

How to apply? 

To apply, you will have to go to any of the participating banks (you can refer to this list) and inform the bank officer that you want to apply for a loan under Skim Rumah Pertamaku. The bank will then provide you with the forms needed and inform you abut the next steps. 

Please not that not all applicants are successful in their application. Due to the strict filtering assessment by individual banks, only 1 out of every 10 people applying for this scheme are successful.

For more information, you can visit the official website by clicking on this link. 


My First Home Scheme Skim Rumah Pertamaku house loans bank loans

Report mind


Just another human, trying to survive.