My first home RM5,000 for increased income eligibility limits

This should be great news for middle-income earners. RM5,000 to RM3,000 is not ideal but it definitely make more sense.

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Kuala Lumpur: My First Home Scheme (SRP) for the individual borrower's income range from RM3,000 to RM5,000 per month effective January 2013 will be increased.

The increase from last year's budget of 2013 expected to improve under SRP was one of the eligibility criteria, Cagamas SRP Bhd said yesterday.

For joint debt, the income limit individual borrower's income subject to not more than RM5,000 per month, had been increased to RM10,000 per month.

"In addition, the three-month and six-month installment savings be worth a minimum requirement for employment will be terminated," Cagamas SRP said.

The scheme without the need to pay 10% downpayment for a home owner to activate, homebuyers from participating banks allowed to get 100% financing said.

"Cagamas SRP scheme will guarantee 10% of the initial loan," he added.