Lender joins mort­gage guar­an­tee, My First Home schemes

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: MBSB Bank Bhd and Caga­mas SRP Bhd have inked an agree­ment that al­lows MBSB ac­cess to a mort­gage guar­an­tee pro­gramme of­fered by Caga­mas SRP and be­come a val­ued part­ner in Skim Rumah Per­ta­maku, which has seen 22 fi­nan­cial in­sti­tu­tions fi­nance 7,920 loans with RM1.6 bil­lion to-date.

Skim Rumah Per­ta­maku helps young adults with a gross in­come not ex­ceed­ing RM5,000 per month and joint bor­row­ers with a gross in­di­vid­ual in­come not ex­ceed­ing RM10,000 per month, to ob­tain up to 100% fi­nanc­ing from par­tic­i­pat­ing banks to own their first home.

MBSB Bank pres­i­dent and CEO Datuk Seri Ah­mad Zaini said, “The guar­an­tee by Caga­mas SRP can also help to im­prove the bank’s cap­i­tal ad­e­quacy ra­tio, serves as an al­ter­na­tive venue to al­le­vi­ate the im­pact of MFRS 9 as well as free up more cap­i­tal for fi­nanc­ing. Un­der the Skim Rumah Per­ta­maku, MBSB Bank will be able to pro­vide up to 100% fi­nanc­ing to young adults be­low 40 years of age and ob­tain guar­an­tee from Caga­mas SRP for the first 10% of the fi­nanc­ing orig­i­nated.”

MBSB Bank is in­volved in nine projects un­der PR1MA with gross de­vel­op­ment value worth RM1.61 bil­lion, 15 projects un­der PPA1M worth RM7.5 bil­lion and six projects un­der RU­MAWIP worth RM600 mil­lion.

Caga­mas SRP was in­cor­po­rated in 2011 to un­der­take the guar­an­tee of res­i­den­tial mort­gages un­der the Skim Rumah Per­ta­maku – My First Home Scheme (SRP) an­nounced by the gov­ern­ment in Bud­get 2011; and the Skim Peruma­han Belia – Youth Hous­ing Scheme (SPB) an­nounced by the gov­ern­ment in 2015.

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