Bank, Loan & Property

Skim Rumah Pertamaku (SRP) – My First Home Scheme was first announced in the 2011 Budget by the Malaysian Government to assist young adults who have just joined the workforce, earning RM3,000 per month or less to own  their first home.

The Scheme allows young adults to obtain 100% financing from financial institutions, enabling them to own their 1^st home without the need to pay a 10% downpayment. This is in line with the Government’s aspirations of increasing home ownership amongst the “rakyat”.

Many may be asking – how does this work? Is there a special government agency set up for this scheme? Do I need to apply to any government agencies to qualify for this 100% housing financing? You may find the answer below.

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In Budget 2013, in order to encourage the students to early repay the PTPTN loan, Prime Minister announced a discount of 20% will be given to the outstanding amount of education loan borrowed from Perbadanan Tabung Pendidikan Tinggi Nasional loan, if the PTPTN loan is fully from 1 October 2012 until 30 September 2013.

Comment: The government has been very generous in allowing a period of 12 months for the borrowers to repay the PTPTN loan or give them more time to save money to repay the loan during the 12 months.

If someone has sufficient savings now to fully repay the loan, would you choose to pay now or by 30 September 2013 (nearly a year later)? Read more ›

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In Budget 2013, in order to encourage the students to repay the Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) education loans in accordance with their repayment schedules, it is proposed a 10% discount per annum on their repayment will be given effective from 1 Oct 2012.

For those PTPTN loan borrowers who may not have the financial ability to fully repay the education loans before 30 September 2013 in order to reap the 20% discount on the outstanding loan balance, they are still entitled to a 10% discount per annum on their repayment, with effect from 1 Oct 2012.

In relation to the above Budget 2013 proposal, PTPTN issued the following Frequent Asked Questions (FAQ) on their website:

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The limited supply of real property especially in urban areas has provided opportunities for speculative activities.

Therefore, the Government proposes the real property gains tax (RPGT) from the disposal of properties made within a period not exceeding 2 years from the date of purchase will be taxed at the rate of between 15% and 10% of disposal of property within a period of 2 to 5 years.

For property disposed after 5 years from the date of acquisition, RPGT is not applicable.

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Currently, Malaysia has a total number of 24 Commercial Banks, 17 Islamic Banks and 4 International Islamic Banks. The following lists of banks are extracted from the Bank Negara Website:  Read more ›

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1) Propsective loan borrower will be assessed based on net income basis (instead of gross income) after deducting statutory deductions for tax and EPF and all other debt obligations (eg. car loan, other housing loan, credit cards) – effective from 1 Jan 2012;

2) Maximum car loan period not exceeding 9 years – effective from 18 Nov 2011.  Read more ›

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Budget 2012 has proposed to increase the maximum price ceiling for houses under My First Home (MFH) scheme to increase from RM220,000 to RM400,000.

This improved scheme will be made available to house buyers through the joint loans of both husband and wife commencing from 1 January 2012. Read more ›

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Bank Negara Malaysia  announced that the Statutory Reserve Requirement (SRR) Ratio will be increased from 3.0% to 4.0%, effective from 16 July 2011. Read more ›

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Since the Bank Negara Malaysia imposes the ruling on the maximum loan-to-value (LTV) ratio of 70% cap with effect from 3 November 2010, it is expected there are many house purchasers affected by this ruling.

Some purchasers may persuade the sellers to agree to an inflated selling price in the sale and purchase agreement in order to secure higher loan amount from the banks. The set back to this could be higher stamp duty marginally. Read more ›

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On 5 May 2011, Bank Negara Malaysia in its Monetary Policy Committee (MPC) meeting decided to raise the Overnight Policy Rate (OPR) by 25 basis points to 3.00 percent.

Domestic headline inflation has continued to increase, rising to 3% in March to average 2.8% for the first quarter of 2011. The increase was mainly due to higher food and fuel prices. The assessment is that supply factors will continue to be a key determinant affecting consumer prices. Global commodity and energy prices are projected to remain elevated during the year, with inflation in major trading partners also expected to rise further. There are also some signs that domestic demand factors could exert upward pressure on prices in the second half of the year. Read more ›

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