What About That Exception You Mentioned?

Oh yeah. That’s referring to the My First Home Scheme or Skim Rumah Pertamaku set up by the government back in 2011. Aimed at assisting young adults to own a home, it allows homebuyers to obtain 100% financing from financial institutions so they can own a home without needing to have the 10%-20% down payment on hand.

There are specific conditions you have to meet to fit into this category of course. Also, if you’re borrowing under this scheme and not paying any down payment, it means you have to pay back 100% of the market price for the property you’re buying. This means a longer loan term, naturally.