Approval rates are easily above 70 percent thus far, for all states. Hard to believe? Take a look for yourself or read here. In fact, only for the first 9 months of 2017, a total of RM57 billion were approved by banking institutions to 142,558 first-time homebuyers. Here’s that article in theedgemarkets. According to Deputy Finance Minister Datuk Lee Chee Leong said since 2010, the government and Bank Negara Malaysia (BNM) had introduced a number schemes and programmes to facilitate home ownership for eligible borrowers, especially for the purchase of first homes. “Among them are step-up financing schemes PR1MA, MyHome, Rumawip, Selangorku Homes, 1Malaysia Civil Servant Housing (PPA1M) and 1Malaysia People’s Friendly Homes and reducing the cost of buying houses through the MyDeposit Scheme by providing 100 per cent stamp duty exemption on the instrument of transfer letter and housing loan for purchase of houses worth RM300,000 and below. Here’s the full article again. As for all other available financial solutions which are government assisted? Do refer below. Information from housingwatch.my
Financial solutions to facilitate homeownership
To facilitate homeownership in Malaysia, various Government-assisted schemes are introduced to enable first-time house buyers and youths to purchase a home. Financial institutions in Malaysia also offer competitive products to eligible borrowers to purchase or construct a home.
Government Assisted Financial Schemes
Special Financing Scheme
Hope you have found at least one which meets your expectation. By the way, as long as you qualify, there is nothing wrong to apply for these. I would recommend first-timers to also consider government housing programmes too, regardless of whether they are under federal or state government. Once we have gotten a home, naturally we will be forced to be more prudent in our spendings. Remember, many people are without homes which meant that it’s even more important to be within the category of those with a home. Look at the more advanced countries to know that our home prices will become ‘severely unaffordable’ to many of their people, even if these are professionals such as managers. Well, unless Malaysian property market is something out of the ordinary, then perhaps our prices will remain stagnant until everyone could buy a unit. Then again, if prices stay stagnant, then it may be better not to buy and invest into something else instead. We need our money to grow and assets to increase in value. Imagine buying a home for RM500,000 which stays RM500,000 until the day we retire, would you want to buy? Happy thinking and applying.
written on 8 Dec 2017
Next suggested article: Buy, rent out and keep 10-15 years. Why not?