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Newly employed to gain under 'My First Home' plan
BETTER PROSPECTS: Requirement to work for at least six months abolished
FROM Jan 1, Malaysians, especially young adults, can now buy a house as soon as they get jobs.
Under the tweaked My First Home Scheme rules, they can immediately apply for loans to buy their first home
Earlier, they had to work for a minimum of six months before they qualified for loans.
Cagamas SRP Bhd (Skim Rumah Pertamaku) said it had abolished the minimum employment period.
It also cancelled the stipulation that workers needed a minimum savings record of three months in banks.
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The original intention of Cagamas maybe noble, helping Malaysians to own their first home.
However, like many of the good institutions in Malaysia, for example, the judiciary, the Employee Provident Fund, Petronas, Bank Negara Malaysia, Felda etc, once under Barisan Nasional management, dubious and worrying development would occure.
