We have been receiving enquiries about the condition of having to pay 10 % down payment for the house which is below RM220,000.00. What happens to the My First Home Scheme ( Skim Rumah Pertamaku ) launched by the PM where one doesn't have to pay the 10% down payment?
The 10% down payment exemption is not without conditions. Even if your salary / income qualify you to fulfill the monthly house installment based on 100% loan, you still have to pass the TEST of the bank.
1. How is your credit card payment record?
2. How is your car installment record?
3. How about other hire purchase repayment records?
4. Do you have any bounced cheque history?
5. Does your monthly repayment exceed 40% of your disposable income?
Simply put, anyone who buy house and apply loan from the bank will be tested on repayment capacity and repayment track record / history. And as far as the repayment track record is concerned, the bank takes into consideration your ONE YEAR REPAYMENT RECORD!
