Imagine this scenario: You’re a working adult now and you wish to get a house, be it pressure from society or wanting to build a family. The thing is, you don’t have a clue on where to start, and are seeking for financial support. Here’s a guide for first-time property buyer in Malaysia. There are actually multiple schemes available help you realize your dream nest.
5 Schemes to Help First-Time Home Buyer in Malaysia:
1. My First Home Scheme (SRP)
My First Home Scheme is designed to support first-time buyers secure appropriate financing for a property purchase. Depending on the bank, those who are eligible can obtain loan financing up to 110% of the price of a property, without a down payment. So who is eligible? First off, you must be a Malaysian citizen and a first-time buyer. Applicants can be single or married, with a gross monthly income of not more than RM5, 000 (single) or RM10,000 (married). Plus, the maximum value of the property cannot exceed RM500,000.
For details & how to apply: http://www.srp.com.my/en/about.html
2. BSN MyHome (Youth Housing Scheme)
Administered by Bank Simpanan Nasional (BSN), this scheme is a social housing support to buy your first home. Be it single or married, you could be financed up to 100% of the purchase price for a maximum tenure of 35 years. This scheme covers properties from RM100,000 up to RM500,000, for eligible applicants aged 21-45. Besides that, the government will give you RM200 per month for a period of 2 years from the date of first disbursement, and duty stamp is also waived. So what are some of the requirements? Apart from being a Malaysian and first-time buyer, your household income musn’t exceed RM10,000 per month.
3. Rumah Selangorku
Rumah Selangorku is yet another government initiative to support first-time buyers with affordable homes. Properties listed under this scheme are strategically located in the city of Selangor. Applicants will have to be 18 and above, with minimum monthly income of RM3,001, and not more than RM10,000 per month. Besides that, the applicant (husband/wife) must not have any kind of residential property in Selangor.
For more information: https://www.simedarbyproperty.com/rumah-selangorku
4. Skim Perumahan Mampu Milik Swasta (MyHome)
MyHome was introduced by government back in 2014, offering low-cost housing to first-time buyers so that more people could afford a property. It is also an initiative to promote affordable housing built by private developers. To be eligible, applicant must be a Malaysian aged 18 and above, with a household income of RM3,000-RM6,000. Depending on your salary, you’ll get to apply for different types of houses. Those with approved application are exempted from the usual 10% deposit payment.
More Information: https://ehome.kpkt.gov.my/index.php/pages/view/410
5. PRIMA 1 Malaysia Scheme
PRIMA is a well-known affordable housing project established under the PR1MA Act 2012. This program offers a variety of unit types and sizes and are located in strategic locations, mostly in major cities across Malaysia. PRIMA Malaysia homes are typically priced between RM100,000 and RM400,000. So who is eligible? Malaysian citizen aged 21 and above, with an individual or combined household income of RM2,500 – RM15,000. Best part is, this scheme is applicable for both first-time buyers and those with maximum one property.
More Information: https://www.pr1ma.my/
We hope you guys find this article helpful, especially to those who are planning to get their first house in Malaysia. There’s actually a lot of programs and schemes out there to help first-time buyers, so do some research, and let us know your thoughts in the comments. That’s all, buh bye!