IMPOSSIBRU! Malaysia My First Home Scheme (MFH)

Been hearing this “My First Home Scheme” since last year, din’t bother much until i read this article: “Najib ill-advised on ‘ridiculous’ first home scheme, says house buyers’ group” (by Shannon Teoh) from sinleong’s property blog.

Here are first two paragraphs of the article,

KUALA LUMPUR, March 9 — A house buyers’ group has labelled the My First Home scheme an “ill-advised” policy after it was reported this week that not a single loan application has been approved under Putrajaya’s home ownership scheme for low-income earners.

The scheme, launched by Datuk Seri Najib Razak a year ago, has come to a grinding halt as banks are unwilling to hand out 100 per cent financing for property worth up to RM400,000 to applicants earning less than RM3,000 a month.

 Full article:

Some highlights of article:

i) Bank Negara’s guidelines, loan repayments can’t exceed 1/3 of income. Salary RM 3,000, loan should be around RM 150k – RM 180k. Use this to calculate: Home Mortgage Calculator

ii) Monthly repayment for RM400,000 loan at the industry standard 2% below base lending rate
  – 20-year: RM2,552 or 85% of RM3,000
  – 30-year: RM2,051 or 68% of RM3,000

Grass, Forever alone, Monk lifestyle

My First Home Scheme limit was previously priced at RM 220k on first half of 2011. Few graphs/tables based on “RM3k salary with 30-year loan” already produced since then:


As seen above, it was already ridiculous at RM 220k, there are many miss-out expenses in those list such as sports, entertainment, gadgets and gf fees. Might need to eat grass, live forever alone with like-a-monk lifestyle if loaned a RM 400k property.

Comic and Conclude

It happened that i took picture on recent comic comedy that printed on Oriental Daily newspaper while having breakfast with colleagues, from 06 March 2012 and 07 March 2012 as below:

06 March 2012

07 March 2012

IMO, this scheme built to sustain the current sky-rocketed property price and give an mislead impression to public that this country are in a positive economy growth. Or, they are just retarded with failed maths that unable to calculate these in proper. Fin.



  i) Malaysian Insider: Najib ill-advised on ‘ridiculous’ first home scheme, says house buyers’ group
  ii) Malaysia Kini: My First Home Scheme: Myth or reality?
  iii) NBC Blog: Tax Budget 2012: My First Home Scheme (MFH)
  iv) Star Property: Home ownership made easy

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