RHB MyFirst HomeLoan
Product Description This home ownership scheme is meant for first time homebuyers with income not exceeding RM3,000 per month per individual or not exceeding RM6,000 per month for joint applications (subject to each applicant’s income not exceeding RM3,000 per individual) and are allowed to obtain 100% financing from banks.
Eligible Borrowers
Malaysian Citizen.
First time homebuyer.
Individuals up to age 65 years
Single borrower income not exceeding RM3,000 per month.
Employees in the private sectors. Self-employed & Full Commission Earner (ie: Real Estate Agent/ Insurance Agent) is not allowed
Confirmed employee with minimum employment of 6 months with same employer.
Repayment amount must not be more than 1/3 of monthly income
Eligibile Properties
Completed/Under Construction Residential Properties located in Malaysia
Minimum property value of RM100,000, Maximum property value of RM220,000
Owner occupied (buyers are required to live in the property)
If the property is located on a leasehold land, the property should have a remaining leasehold t=nure of at least 60 years at the point of application.
Financing Requirement / Terms
Financing tenure not exceeding 30 years or up to age of 65 yes old whichever is earlier.
Term Loan only.
Not applicable for refinancing of an existing loan.
No redraw features.
Installments payable: monthly salary deduction or standing instruction.
Savings record (3 months installment liquidity reserve). The borrower(s) must show saving habit with average balance equivalent to ≥ 3 installments in the last 3 months. Example: If installment of RM1,000 per month, average savings balance is ≥ RM3,000 in the past 3 months. Saving may include ASB, fixed deposit, savings account and current account.
Compulsory Fire insurance/Takaful.
Compulsory 100% MRTA coverage by cash. (Full sum assured and Full term coverage).
Interest Rate at BLR = 0%.
Income Proof Requirement
Latest 3 months salary slip with the employer’s name
Latest saving (ASB, FD) to proof average month end balance ≥ 3 instalment
Latest personal bank statement showing at least 3 consecutive months income credit to account
Frequently Asked Questions (FAQ)
1. Who is eligible for this Scheme?
This scheme is open to all Malaysian citizens aged 35 years old or less (age next birthday is 36 years old or less) with monthly income not more than RM3,000 per applicant.
2. I am self-employed and my average monthly income is RM2, 000. Am I eligible for the Scheme?
No, The Scheme is limited to employees in the private sectors only. Applicants must be confirmed employees with minimum employment period of 6 months with the same employer
3. I am self-employed and my spouse works in a trading company earning RM2,000 per month. Are we eligible as joint applicants under the Scheme?
No. All applicants (including joint applicants) must be employees in the private sector and meet all other qualifying criteria.
4. My spouse and I each earn RM1, 500 per month and we wish to obtain 100% financing to purchase our first home of RM220, 000. Could we qualify?
Yes. You may obtain 100% financing under the Scheme, provided the monthly financing repayment amount must not be more than 1/3 of borrower’s monthly combined gross income; in this case, RM 1,000 per month as the financing is subject to affordability.
Example of calculation:
Gross combined income: RM 1,500 + RM 1,500 = RM 3,000
1/3 of RM 3,000 = RM 1,000
5. My friend and I meet all the criteria. Can we jointly apply for financing under this scheme?
No. Joint applicants must be immediate family members, i.e. husband and wife or siblings only, and they all must meet the criteria set.
6. Does the Scheme cover completed properties and those under development?
Yes & for properties under development is subject to end financing approval.
7. My spouse and I bought a property for RM220,000. Will we be entitled to RM220, 000 financing if we meet the income criteria?
For completed properties, financing is base on Purchase Price or Open Market Value (OMV) whichever is lower.
8. My existing HL financing was taken up for the purchase of my first home. Am I eligible to refinance the loan under the Scheme?
No. The Scheme does not cover refinancing of an existing loan
10. What is the maximum financing tenure?
30 years or up to age of 65 years old whichever is earlier
11. Do I need to purchase fire insurance and MRTA?
Yes, both insurance is compulsory. MRTA must be paid in cash.
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