What is OCBC My First Home Scheme all about?
Due to rising property prices, especially in capital cities such as KL, many young adults find it difficult to own a house and still get by comfortably - this is why the Malaysian government has came up with the My First Home Scheme or Skim Rumah Pertamaku (SRP) in 2011.
With OCBC Skim Rumah Pertamaku, you can borrow up to 100% of your home's market price, with no need for downpayment or high income requirements. You can also apply for an Islamic SRP plan that is Syariah compliant.
Am I eligible to apply for the OCBC SRP?
You'll be eligible as long as you're a Malaysian aged 40 and below, a first-time home buyer, and earn no more than RM5,000 a month. If you want to own your home with your partner, the combined gross monthly income should not exceed RM6,000 with each person's income not exceeding RM3,000.
For you to be granted your housing loan, you must occupy and stay in the property - that means no renting out to other people for profit.
How much can I borrow from OCBC?
This loan is applicable for a residential property valued between RM100,000 and RM400,000, applicable for houses that are completed or still under construction. As a rule of thumb, your monthly instalments must not be more than 60% of your net monthly income or maximum borrowing limit, whichever is lower.
How long can I take to repay my OCBC loan?
Your loan period cannot be more 35 years, subject to you not exceeding 65 years of age at the end of financing tenure for the OCBC My First Home Scheme loan.