100 percent loan for first-time house buyers those earning less than RM3000

Property Guide

100 percent loan for first-time house buyers those earning less than RM3000

1. FIRST-TIME house buyers with a family income of less than RM3,000 per month need not pay the 10% down payment under the My First House Scheme (Skim Rumah Pertamaku).

2. The 10% down payment will be guaranteed by Cagamas Bhd for houses priced below RM220,000.

3. This will allow the first-time buyers to obtain 100% loan.

4. They will also be given stamp duty exemption of 50% on instruments of transfer on a house not exceeding RM350,000.

5. The Government also proposed a stamp duty exemption of 50% for loan agreement instruments to finance first-time purchasers.

6. There will also be a housing assistance programme with an allocation of RM300mil for the construction and repair of some 12,000 houses nationwide – particularly in Sabah and Sarawak.

7. For estate workers, the Government will help them own houses under a RM50mil housing sponsorship scheme.

8. The scheme is open to all Malaysian estate workers to assist them in obtaining housing loans with a maximum of RM60,000 for the purchase of low-cost houses at 4% interest, and a repayment period of up to 40 years, which can be extended to the second generation.

9. For government servants, the goodies include an increase in the maximum loan eligibility from RM360,000 to RM450,000 effective Jan 1.

Budget 2011 surely boost up property market and benefit for those searching for a first