I heard on Buletin Utama just now, about the new housing scheme introduced by Najib called My First House Scheme, and he urged the financial institutions involved to make procedures as simple as possible for buyers. The scheme is said not that profitable for the government but very meaningful for buyers especially young generations to have their own first house.
To qualify for the scheme,
- You must not be above 35 years old
- Your personal gross monthly income must not exceed RM3 000
- You must be a confirmed employee with minimum 6 months employment with the same employer
- Your residential property must cost between RM100 000 to RM200 000.
The banks involved in financing the “My First Home Scheme” are Affin Bank Bhd, Affin Islamic Bank Bhd, Alliance Bank Malaysia Bhd, Alliance Islamic Bank Malaysia Bhd, AmBank Bhd, AmIslamic Bank Bhd, Bank Islam Malaysia Bhd, Bank Muamalat Malaysia Bhd, CIMB Bank Bhd, CIMB Islamic Bank Bhd, EON Bank Bhd, EONCAP Islamic Bank Bhd, Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd.
Others include Maybank Bhd, Maybank Islamic Bank Bhd, OCBC Bank Malaysia Bhd, OCBC Al Amin Bhd, Public Bank Bhd, Public Islamic Bank Bhd, RHB Bank Bhd, RHB Islamic Bank Bhd, United Overseas Bank Malaysia Bhd, Standard Chartered Bank Malaysia Bhd, Standard Chartered Saadiq Bhd and Cagamas Bhd.
For more info, you can visit www.srp.com.my (but the website is not available at this moment, or I am wrong? Hehe)
Update: The website is now available.
PS: USA had a housing bubble because of similar policy.