Bank Rakyat Home Financing-i My 1st Home Scheme

For the first time home buyer, get the home you want up to RM2 million with MRTT insured home financing. Take the time to find a place that suits you!

Bank Rakyat Home Financing-i My 1st Home Scheme
Up to 35 years
Profit Rate
from 4.78% p.a.
Financing type
Term islamic financing
Profit Type
Floating profit rate
Margin of finance
up to 110%

Profit Rate

The interest paid based on the home loan amount borrowed

You borrowEstimated Profit Rate
RM100,000 - RM2,000,0004.78% p.a.
*Effective profit rate will be determined by Bank Rakyat upon approval.


Minimum Annual Income
Minimum Age
  • 18 to 35 years old
Who can apply
  • Malaysians
  • First time home buyers

Fees & Charges

Late Penalty Fee
1% p.a. p.a. of the outstanding amount
Processing Fee
Early Settlement Fee
Redemption Letter Fee
RM50 per request
Letter for EPF Withdrawal Fee
RM15 per request
Insurance Types
  • House Owner Takaful
  • Fire Takaful
  • MRTT

More Information

Explain to me what the My 1st Home Financing Scheme is all about?

This is a home financing plan that is meant for first time home owners to help make sure they get the property they want down to the very last detail. It is a fixed installment plan and comes with MRTT coverage.

You can apply for the My 1st Home Scheme both for new properties under construction, completed projects or even homes out on auction. That’s a lot of options, but rest assured you have a high margin of financing of up to 110% on whichever property you choose.

The borrowing amount for this first home loan scheme is up to RM2,000,000. Depending on your lending profiles and the bank's underwriting requirements, the total financing can cost between BR + 1.18% to BR + 1.48%.

How does the installment plan work?

Easily enough. It really depends on how much financing you take out and the loan tenure you choose. The longer the loan tenure the smaller the installments, that is essentially the what happens.

You have a few options on how you want to make your installment payments, the first is via Savings Account-i Deduction, or Salary Deduction, where you can set up a scheme where your employer will automatically send funds to the bank at the same time as your salary.

Of course, there is also the option of standing instruction or cash. It’s entirely up to you. For government employees looking to take up this plan, you have the option of using the Biro Perkhidmatan Angkasa if it is available to you.

Am I eligible for this scheme?

Pretty sure you are. If you’re Malaysian, over 18 years old and have an annual income of RM24,000 then you’re already half way there.

For this programme specifically there is a maximum age limit imposed of 35 years old. Joint applications are possible but under the condition that the applicants are married. Lastly, the My 1st Home Scheme is for first time home buyers only.

What documents do I need for the application?

Government/ Private Sector applicant:

  • Copy of MyKad
  • Latest 3 months payslips
  • Account / Bank statements of the latest 3 months (salary credited)
  • Latest EA Form / EPF statement
  • Confirmed Letter of Employment


  • Copy of MyKad
  • Account / Bank statements of the latest 3 months
  • Form B submitted to the LHDN / payment receipt

Property Documents

  • Sale & Purchase Agreement
  • Copy of Title
  • Offer to Purchase from Developer
  • Booking Receipt
  • Memorandum of Sale: Auction
  • Valuation Report: Completed / Auction / Subsale / Refinancing / Constuction of House
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