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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 2500 provided that the person does not have any borrowings under his or her name & the interest rates for the housing loan is 4.2% 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 1,400 & you earn a net salary of RM 2500 ( 1400 / 2500 = 0.54/54%) DSR 54%. Please take note that each bank will look into this differently as some do not provide My First Home Scheme which is the primary choice of financing for most Residensi Wilayah buyer. 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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