First Home Cheers
PM launches financing scheme for younger generation
KUALA LUMPUR: The government and 20 financial institutions have teamed up to make it easier for the younger generation to own their first house.
The “Skim Rumah Pertamaku” financing scheme launched by Prime Minister Datuk Seri Najib Razak here yesterday was to ease the burden of the younger Malaysians, given the high price of residential homes in certain parts of the country.
The scheme was formulated with national mortgage company, Cagamas Bhd.
“It will also help young Malaysians to own their first house faster,” Najib said at the launch of the scheme.
Individuals, especially the younger generation with a monthly income of below RM3,000, can now borrow for the entire cost of houses of between RM100,000 and RM220,000 with a mortgage period of up to 30 years.
The government, through Cagamas, would guarantee the 10 per cent deposit for the houses, Najib said.
Najib also hopes the scheme will encourage real estate developers to build more affordable houses for Malaysians.
Those participating in the 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, Hong Leong Islamic Bank Bhd, 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 (CSC Department).
Yesterday’s initiative was a follow-up to Budget 2011 tabled in Parliament last year where Najib announced several measures to improve the people’s quality of living.
Najib also called on all the financial institutions involved to make it easier for the younger generation to apply for the mortgage scheme. “Perhaps this scheme will not generate a lot of profit for the institutions, but it is a very meaningful one for Malaysians,” Najib said.
He said the government had always strived for inclusive development where the wealth of the nation would be enjoyed by all, in line with the principles of social justice.
Najib also said that providing an improved quality of living for all Malaysians, such as allowing them to own houses, was one of the prerequisites to increase their productivity and creativity and hence help achieve Malaysia’s ambition of becoming a high-income nation by 2020.
KUALA LUMPUR: The government and 20 financial institutions have teamed up to make it easier for the younger generation to own their first house.
The “Skim Rumah Pertamaku” financing scheme launched by Prime Minister Datuk Seri Najib Razak here yesterday was to ease the burden of the younger Malaysians, given the high price of residential homes in certain parts of the country.
The scheme was formulated with national mortgage company, Cagamas Bhd.
“It will also help young Malaysians to own their first house faster,” Najib said at the launch of the scheme.
Individuals, especially the younger generation with a monthly income of below RM3,000, can now borrow for the entire cost of houses of between RM100,000 and RM220,000 with a mortgage period of up to 30 years.
The government, through Cagamas, would guarantee the 10 per cent deposit for the houses, Najib said.
Najib also hopes the scheme will encourage real estate developers to build more affordable houses for Malaysians.
Those participating in the 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, Hong Leong Islamic Bank Bhd, 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 (CSC Department).
Yesterday’s initiative was a follow-up to Budget 2011 tabled in Parliament last year where Najib announced several measures to improve the people’s quality of living.
Najib also called on all the financial institutions involved to make it easier for the younger generation to apply for the mortgage scheme. “Perhaps this scheme will not generate a lot of profit for the institutions, but it is a very meaningful one for Malaysians,” Najib said.
He said the government had always strived for inclusive development where the wealth of the nation would be enjoyed by all, in line with the principles of social justice.
Najib also said that providing an improved quality of living for all Malaysians, such as allowing them to own houses, was one of the prerequisites to increase their productivity and creativity and hence help achieve Malaysia’s ambition of becoming a high-income nation by 2020.
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