Find out how the MyDeposit scheme can help you own your first home. Learn what the scheme involves along with all the requirements needed to qualify for it.<\/p>\n
Ease Deposit Burden\u00a0 <\/u><\/strong> It\u2019s Flexible <\/u><\/strong> It\u2019s a Win-Win situation <\/u><\/strong> This initiative was announced under Budget 2016 and the scheme will be placed under the Urban Wellbeing, Housing and Local Government ministry. RM200 million has been allocated by the government for the MyDeposit scheme to provide aid for the middle income group (M40) in making their first home purchase. This scheme is for individuals or households with an income of RM10,000 or below and are planning to buy their first home.<\/p>\n The scheme kicked off on April 6 2016, and it was reported that over 6,000 applications were received in the first week<\/a><\/strong> of the launch. The closing date for applications is on 30 June 2016.<\/p>\n Malaysia is targeting one million affordable homes by 2018 and there are 10,000 units of properties priced below RM500,000 nationwide<\/a><\/strong>\u00a0 so far, and the government says there are plans to add more housing units within that price range.<\/p>\n MyDeposit Home Scheme requirements<\/u> <\/u><\/strong><\/p>\n
\nRaising the necessary funds for the 10% down payment on your first home can be difficult. So if you are planning to purchase your first home and are eligible for this scheme, the MyDeposit Home Scheme provides you with viable financial aid to make purchasing your first home a reality. You will receive a 10% contribution from the price of the property or a maximum of RM30,000 (whichever is lower) as a first time home buyer under the MyDeposit Home Scheme. But the home must be priced at RM500,000 or less in order to be eligible for this scheme.<\/p>\n
\nSeveral banks have limitations when it comes to home financing, such as stipulations that their home loan is only for new properties. However, this scheme provides flexibility as it is open for both types of property such as those under construction as well as sub-sale properties. This provides flexibility as well as more options for first time home buyers.<\/p>\n
\nThis scheme can incentivize home developers to start building more affordable properties because it can help to improve sales for such properties. When property developers see sales booming for mid-range priced properties, it will motivate them to provide more of such properties. As a result, this will then provide first time home buyers and those looking for mid-range properties to have more options. So this scheme is a win \u2013win situation for both prospective home buyers and developers.<\/p>\nWhat is MyDeposit Scheme? <\/strong><\/h2>\n
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