By October 22, 2011 0 Comments

My First Home Scheme minimum income

We are supporting any decision to increase the maximum income requirement from RM3,000 per month to RM6,000 or RM7,000 per month for My First Home Scheme. This is inline with the government proposal during the 2012 Budget, to increase the maximum home loan under the scheme from RM300,000 to RM400,000.

Read the details from BERNAMA

The decision to raise the minimum wage requirement for loan under the My First Home Scheme will be known next week, said Deputy Finance Minister Datuk Donald Lim.

He said the government was holding discussions with relevant parties in the housing and banking sectors on the matter.

“We are planning to increase the maximum income requirement from RM3,000 per month to RM6,000 or RM7,000 per month.

“The decision might be announced during the winding up of the Supply Bill 2012 in Parliament next week,” he said when met at Parliament lobby today.

Under the 2012 Budget, the government has proposed to increase the maximum home loan under the scheme from RM300,000 to RM400,000.

Lim said the government was also studying whether the income eligibility under the scheme would include the combined income of husband and wife taking joint home loan.

“The matter will be discussed with the bank because from what I know loan repayments could not exceed one third of the income of loan takers.

“With the ceiling of housing loan increased to RM400,000, likewise the salary eligibility should also be increased,” he said.

Member of Parliament for Rembau Khairy Jamaluddin had proposed that the minimum salary requirement to be increased from RM3,000 per month to RM6,000 per month under the scheme as the financing would be increased to RM400,000.

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