Hi. I am currently looking at the market and interested to get a subsale property under 500k as my first property purchase.

I found that there's a few scheme for first home buyer that subsale property is eligible on the past few years. But I couldn't find if those scheme are ongoing anymore.

Eg. My first home scheme
My deposit scheme

Hopefully some sifu with experience and knowledge here can advice if there's any scheme that will benefit first time property buyer. And any experience getting them.

Thanks in advance. 🙏🙏

Based on my first home buying experience recently, only MBB,RHB and CIMB have first home scheme. Not sure about others. I got RHB and still awaiting RHB and MBB for the offers.

Hi bro. You took my first home scheme for property value up to 500k and up to 105%?

Do you mind sharing what's the interest rate like and how much percent you applied and approved? Does it take long for rhb to offer you?

I am still researching and MOT is still exempted is that right?

Thanks for sharing. 😁🙏

This post has been edited by lukejey: Jun 5 2022, 10:51 PM

Yep, i'm currently applying for My First Home Scheme however i only took 100%. The interest rate RHB offered to me is 3.2 for a 450k sub-sale property. It took me around 4 days (Including weekends) for RHB to offer me.

For MOT, yep it's exempted for first time buyers of property below 500k

That's pretty quick! Hopefully it's the same here in Ipoh when I apply. Cause when I was crawling some of the older topic here on this topic, I remember reading some said it will take forever because bank see 100% loan as high risk and very reluctant to do it.

What about booking fees tho? Did you approach the bank before confirming with the owner for the purchase? Or did you paid the booking fees first? Or the owner is actually willing to do it without booking fees and wait for the full loan approved?

Well, still the classic approach where you pay 3% for the booking fees and another 7% after signing the SNP agreement. If you are taking 100% loan, you will get back your 10% from the Vendor's lawyer when the bank releases the fund to the vendor.