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Minimum or Maximum Salary for Residensi Wilayah

The minimum net salary (after deducting EPF & SOCSO) for the applicant of Residensi Wilayah if the person is age 35 years old or below is roughly RM 2000 provided that the person does not have any borrowings under his or her name & the interest rates for the housing loan is 3.1% or below (this is including MRTA too). This is because most Residensi Wilayah applicants is taking up My First Home Scheme (110% home loan) which require the debt service ratio (DSR) to be within 60%; if the person goes for (90+10%) the requirement of DSR is generally 70%. For example, the average monthly payment for a Residensi Wilayah worth RM 300,000 inclusive of MRTA is RM 1,200 & you earn a net salary of RM 2000 ( 1200 / 2000 = 0.6 / 60%) DSR 60%. Please take note that each bank will look into this differently as some do not provide My First Home Scheme. Variable income such as commission’s is recognise at 50-80%, which means RM 100 commission earned is recognise at RM 50-80 depending on the individual bank. Commissioner earner without a basic salary and self employed is not entitle for My First Home Scheme.

The maximum salary of an individual who is eligible to buy Residensi Wilayah is gross income of RM 10,000 (before deducting EPF & SOCSO). As for married couple is gross income of RM 15,000. Please take in your year end bonus and divide it by 12 months to calculate your exact gross salary and never let an inexperience agent mess up your application. If you are new to this, click HERE for assistance on this.

My First Home Scheme Eligibility Criteria

  • Must be a Malaysian citizen
  • First time house buyer
  • Salaried worker ONLY “self-employed individuals / fully commission earner will be rejected”
  • Single or joint applicants
  • Residential and owner occupied property
  • Property value up to RM500,000
  • Gross monthly household income up to RM5,000 for single applicant/RM10,000 for joint applicants (does not apply to Bank Islam and MBSB)
  • Financing up to 110% *
  • No record of impaired financing for the past 12 months (some bank maybe more lenient)

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My First Home Scheme

Most Residensi Wilayah buyer are using My First Home Scheme to purchase their Residensi Wilayah (now known as Residensi Wilayah Keluarga Malaysia). My First Home Scheme is a housing loan loan up 110% (extra 10% reserve for MRTA/MLTA & legal fee if needed).

Eligible Applicants

  • Malaysian
  • First time buyer and without joint name with any existing housing loan
  • Salaried Worker (self employed/fully commission based income earner have little to zero chance of approval)
  • Gross Monthly Income of RM 5000 or below
  • Allow single or joint applicants (Both applicants must earn a net salary of RM 5000 or below) unless that specific Residensi Wilayah project brought in Bank Islam or MBSB which allows applicants to earn more than RM 5000 for My First Home Scheme “subject to approval” (Divorcee please read THIS)
  • Good CCRIS record (the banks view this differently)
  • Applied to property that is RM 500,000 and below
  • Max Tenure 35 years subject to the age of applicant not exceeding 70 years of age at the end of financing tenure.
  • Non Flexi Loan – zero flexibility to withdraw if additional funds is paid for the instalment
  • DSR requirement is at 60% & below (bank recognise variable income differently, for example Bank A may only recognise 50% of total amount of commission earn )

DSR (Debt Service Ratio) is total monthly loan payment divide by net income & DSR requirement for 90% housing loan is usually at 70% & below. Here is another article related to this topic.

Please subscribe to the telegram channel by clicking the button below to be updated with the latest Residensi Wilayah’s project & always deal with an experience agent from residensiwilayah.com.my in order to successfully secure your favourite Residensi Wilayah unit!

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Rebranding Residensi Wilayah to Residensi Wilayah Keluarga Malaysia

YB Dato 'Seri Dr. Shahidan bin Kassim, Minister of Federal Territories rebranded the Residensi Wilayah to Residensi Wilayah Keluarga Malaysia (RWKM) during the Royal Decree Debate session in the Dewan Negara on 11 October 2021. This decision is in line with the 'Keluarga Malaysia' concept which emphasizes the importance of the family as the smallest institution in building society. This branding illustrates the importance of owning a comfortable home in shaping the well being of a family.

Please subscribe to the telegram channel by clicking the button below to be updated with the latest Residensi Wilayah Keluarga Malaysia project & always deal with an experience agent from residensiwilayah.com.my in order to successfully secure your favourite Residensi Wilayah unit!
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