3 Reasons Why First-Time Home Buyers Can Consider This Home Financing Solution
Ringgit Plus, 15 August 2023
Among the many important milestones in a person’s life is finding a home to live and belong in. Thus, it’s no surprise that owning a home is the top priority of many Malaysians. However, taking the step from renter to homeowner can be an intimidating process for many first-time buyers, especially when attempting to procure financing.
One of the challenges first-time home buyers face while trying to procure home financing is to find out whether they will qualify for financing. In the age of the gig economy, many Malaysians have picked up alternative sources of income, in lieu of traditional full-time jobs. These include self-employed individuals such as gig workers like Grab drivers, Youtubers and even commission-based jobs such as real estate and insurance/Takaful agents.
Syarikat Jaminan Kredit Perumahan Berhad (SKJP) was set up as a wholly-owned company of the Ministry of Finance on 6 December 2007, to provide a solution for Malaysians without fixed income to obtain home financing to purchase their dream home. Through Belanjawan 2023, the Government of Malaysia announced that they will be guaranteeing RM5 billion in Housing Credit Guarantee Scheme, with a higher financing limit of up to RM500,000 to further assist potential first-time house buyers through RHB and other participating financial institutions.
If you’re ready to embrace owning your first home, here are three reasons why you can consider applying for RHB’s Commodity Murabahah SJKP Home Financing-i:
1. High Margin Of Financing
You may apply for 100% financing up to RM500,000 to purchase your first home, with no location cap. This means you can choose to purchase your dream home in any Malaysian state and you’ll still be covered under the scheme.
2. Flexible Financing Tenure
When it comes to buying and owning property, affordability is a main consideration that is at the forefront of most people’s minds. Hence, it’s important to consider buying a property with a price tag based on your current salary and not a forecasted salary, so you can comfortably afford your monthly mortgage payments. However, you can rest assured knowing that RHB’s Commodity Murabahah SJKP Home Financing-i has a financing tenure period that lasts up to 35 years or when you turn 70 years old – whichever comes first.
This makes it suitable for those who are intending to purchase it to start a family, so you can grow old and watch your family grow while having financial flexibility.
3. Accessibility to All Types Of Income Earners
Not only would you be able to qualify for affordable home financing on a non-fixed income with a minimum of RM1,500 per month, it is also eligible for those who earn up to RM11,000 on a monthly basis.
RHB Commodity Murabahah SJKP Home Financing-i is available to all types of income earners, including non-fixed income earners such as self-employed individuals (for example gig workers, farmers, and fishermen) and commission-based workers such as real estate and insurance/Takaful agents. All types of fixed-income earners are also eligible for financing including those who are fully employed either on a permanent or contract basis or even employers from SME and micro business sectors such as mechanics, technicians, salesmen and factory workers.
If you’re intending to buy a house with your spouse or family members, a joint application with immediate family members is allowed provided all members have not owned any property before.
Homeownership will not be out of grasp for Malaysians who aspire to own their first home with RHB’s Commodity Murabahah SJKP Home Financing-i, thanks to its comfortable financing tenure and its accessibility to all types of income earners. This is further strengthened by its Shariah-compliant status.
With approximately 202 RHB banking branches in Malaysia, applying for RHB’s Commodity Murabahah SJKP Home Financing-i is a relatively straightforward process. All you will need to do is bring your required documents as stipulated on the website to the nearest RHB branch and you’ll be on your way to owning your dream home.
Learn more about RHB Commodity Murabahah SJKP Home Financing-i here.
The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.