Malaysia is going to celebrate its 66th anniversary of independence this year! To help you get in the patriotic mode, we have listed a few financial privileges only Malaysians get to enjoy in this article.
for all income groups in Malaysia
First announced in Budget 2020, Rent-To-Own (RTO) is one of the government initiatives to help out Malaysians that couldn’t afford to own a house. It's a scheme that allows you to lease a selected property for up to 5 years before purchasing it. You can then purchase the property at a price stated in the rental agreement when the lease was first signed!
Read more on RTO, here.
Previously known as RUMAWIP, Residensi Wilayah is an affordable housing program for those who were born, working, or living in any Federal Territories to own their first property. All Residensi Wilayah units are below the market price. Here are details on the types of properties you can purchase under the program:
Low-priced house
Built-up: 700 sq ft
Price: RM63,000 (KL and Putrajaya), RM52,000 (Labuan)
Medium low-priced house
Built-up: 800 sq ft
Price: RM63,001 – RM150,000
Medium-priced house
Built-up: 650 sq ft
Price: RM150,001-RM300,000
BSN MyHome is a housing loan offered to freelancers and people with irregular incomes to buy their first home by Bank Simpanan Nasional (BSN). The minimum income required to apply for the BSN MyHome initiative is only RM1,000! With the loan amount capped at RM300,000, you are entitled to 100% financing.
mySalam is a government initiative to provide eligible Malaysians with free takaful protection. Recipients of mySalam are entitled to a one-time RM8,000 cash payout upon diagnosis of one of the 45 Critical Illnesses and RM50 daily hospitalization income replacement up to RM700 per annum at any government, military, or university hospital.
Peka B40 or Skim Peduli Kesihatan for the B40 income group aims to provide healthcare needs by focusing on non-communicable diseases (NCDs). This scheme is eligible for those aged 40 and above and recipients of Bantuan Prihatin Rakyat and their registered spouses. Among the benefits you get to enjoy with this scheme are:
All Malaysian children are entitled to free and compulsory primary education. This means that they can attend government primary schools without having to pay any tuition fees.
The PTPTN is a government-backed loan scheme that provides loans to Malaysian students to finance their higher education. The PTPTN loan has a low-interest rate of 1% per annum and can be repaid over a period of up to 30 years.
Launched by Employees Provident Fund (EPF), members can purchase protection products such as insurance/takaful products from Insurance & Takaful Operators (ITOs) via i-Lindung. Currently, FWD, eTiQa, and Prudential offer 10 different insurance products through this initiative. Of these 10 products, some offer protection benefits for death, total permanent disability (TPD), and critical-illness policies.
Do you know that the Malaysian passport is ranked the 11th most powerful passport in the world according to the Passport Index?
Yes! We are free to travel to 181 countries without a visa! Tourist visa requirements can be expensive and complicated. Let us look at an example: If you're planning to travel to Italy, you are required to pay around RM428.00 (USD96) for a tourist visa however, if you hold a Malaysian passport, you get to enter the land of pasta, pizza, and gelato for FREE!
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To help fellow Malaysians with rising living costs, the government has provided various consumption subsidies including:
Finally, we must know what privileges we are entitled to as Malaysians. You may not need it but would be helpful to pass the information to those in need. If you’re eligible for any of the listed schemes and privileges, make sure to utilize them.