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).
- 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.
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