Skim Rumah Pertamaku (SRP): What Happened to It, and the Scheme That Replaced It

Last reviewed June 2026

If someone has told you to apply for Skim Rumah Pertamaku (SRP) — the “My First Home Scheme” — for your first house, here's something most articles haven't caught up on: SRP was discontinued on 1 April 2023. No new SRP loans have been issued since. The scheme that does the same job today is the First Home Mortgage Guarantee Programme (First Home MGP), launched in 2024 by the same body — Cagamas. Same idea, new name.

This guide explains what it actually does, who it's for, and the catch that trips up the most people: getting the scheme doesn't get you the loan. It's one of several Malaysian first-home schemes — see the full overview →

What it does: up to 110% financing, no down payment

Normally, a bank lends you up to 90% of a property's price — you have to find the other 10% as a cash deposit. On a RM400,000 home, that's RM40,000 you need saved up, which is the wall most first-timers hit.

First Home MGP (like SRP before it) removes that wall. Cagamas gives the bank a mortgage guarantee on the risky part of the loan above 90%, so the bank can safely lend you up to 100% of the price (zero deposit) — and up to about 110% in total, with the extra ~10% covering costs like stamp duty, legal fees and MRTA insurance. You apply through a participating bank, not a government portal; there's a conventional version and an Islamic one (First Home MGP-i).

SRP vs First Home MGP — what changed

The mechanism is the same; the name and some of the fine print changed when it switched over:

SRP (2011–2023): had firm income caps (around RM5,000 single / RM10,000 joint) and was for salaried employees; self-employed were sent to other schemes.
First Home MGP (2024–now): same administrator and the same up-to-110% guarantee. It's described as targeting B40 and M40 buyers, and the explicit ringgit income cap appears to have been changed or removed — but the exact current criteria are best confirmed directly with a participating bank or Cagamas.

Because so many sites still call the current scheme “SRP,” double-check any eligibility figure you read against an official or bank source before you rely on it.

Who it's for

First-home buyers — Malaysian citizens buying their first residential property.
Property up to around RM500,000 (confirm the current ceiling, as it can be revised).
A clean recent credit record — typically no impaired or defaulted financing in the last 12 months.
Income segment B40 / M40 — confirm the current income criteria (and whether self-employed are accepted) with a participating bank, as these have changed from the old SRP rules.

The catch: the scheme doesn't get you the loan — your DSR does

Here's the part the headline number hides. The guarantee protects the bank, not you. The bank still runs its full credit check, and your DSR (Debt Service Ratio) — your monthly commitments against your net income — still has to pass. There's no single published cutoff (lenders differ), so a buyer with existing debts can still be turned down.

And there's a twist that catches people off guard: because you're financing up to 110% instead of 90%, your loan is bigger and your monthly repayment is higher — so the scheme actually puts your DSR under more pressure, not less. On a RM400,000 home, a 90% loan is about RM1,800/month; a 100% loan is closer to RM1,960 — roughly 9% more, every month, for the same house. That difference is enough to tip a borderline application into a rejection.

So before you count on it, it's worth knowing where your DSR stands — and, if it's tight, how to lower it before you apply →

Thinking of a zero-deposit first home? The scheme opens the door — your DSR decides if you walk through it. Check your estimated DSR and affordability across banks in about 30 seconds — free, no sign-up.

Check your DSR (free) →

FAQ

Is Skim Rumah Pertamaku (SRP) still available in 2026?

No. SRP was discontinued on 1 April 2023 — no new SRP loans have been issued since then. The scheme that does the same job today is the First Home Mortgage Guarantee Programme (First Home MGP), launched in June 2024 by the same body, Cagamas. Many websites still call the current scheme "SRP", but if you are applying now, you are applying for First Home MGP.

What replaced Skim Rumah Pertamaku?

The First Home Mortgage Guarantee Programme (First Home MGP), and its Islamic version First Home MGP-i. It works the same way SRP did: Cagamas guarantees the high-margin part of the loan so a participating bank can finance up to 110% of the property price (no down payment, plus costs). You still apply through a bank, not a government portal.

Do I still need a down payment?

Potentially not. Normally a bank lends up to 90% of the price, so you fund the 10% deposit yourself. Under First Home MGP, the guarantee lets the bank lend up to 100% of the price — and up to about 110% in total to cover costs like stamp duty, legal fees and MRTA. So you may need little or nothing upfront. But this only works if the bank approves your loan in the first place.

What is the income limit for First Home MGP?

The old SRP had firm caps (around RM5,000 for a single applicant and RM10,000 for joint applicants). First Home MGP is described as targeting the B40 and M40 income segments, and the explicit ringgit cap appears to have been changed or removed — but this is not something we can confirm definitively. Check the current limit directly with a participating bank or Cagamas before relying on it.

If I qualify for the scheme, am I guaranteed the loan?

No — and this is the part most people miss. The guarantee protects the bank, not you. The bank still runs its full credit assessment, and your DSR (Debt Service Ratio) still has to pass. In fact, because you are financing up to 110% instead of 90%, your loan is larger and your monthly repayment is higher — so the scheme can put your DSR under more pressure, not less. Check your DSR before you apply.

A note on accuracy

This is general educational information, not financial advice. Skim Rumah Pertamaku (SRP) was discontinued in April 2023 and replaced by the First Home Mortgage Guarantee Programme (First Home MGP); details of the current scheme — income criteria, property ceiling and participating banks — continue to evolve and some are not published in full, so confirm the latest terms with a participating bank or Cagamas (csrp.cagamas.com.my) before applying. Figures here are current as of June 2026. Loan approval is decided by your bank, not by us.

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