Nearly half don't Qualify for My First Home Scheme

Nearly half of the applicants to the My First Home Scheme that enables young Malaysians to own a home didn't meet the eligibility criteria.

From a total of 1062 actual appications, 368 (36.6%) applications had been approved by banking institutions, while 505 (47.5%) appicants were not qualified.

To qualify, the applicants need to prove they are able to meet their debt obligations by showing evidence of a sustainable income and a good credit history.

The scheme, launched in March last year, is to allow young working adults obtain 100% financing from banking institutions to purchase their first home valued at a maximum of RM220,000 for single applicants or a maximum of RM400,000 for joint applicants of husband and wife with household income below RM6000 per month.