MyHome subsidy scheme

Under a new programme called MyHome, a total of RM300 million would help the middle-class public to purchase low cost homes with reduced price. This scheme is eligible to those who are earning less tan Rm3,000 household income per month. Up to 10,000 units may be eligible for the subsidy this year. Example of how it works is as follows:
If the price of low-cost home is fixed at RM40,000 a unit while developers have to sell them at Rm70,000, the qualified applicants are able to buy it at RM40,000 because the remaining RM30,000 will be bourne by the government under the scheme. This scheme will be carried out by the developers and all interested developers has to apply to Local Government Ministry to take part in such an initiative. Once approved, the developers may then advertise the availability of such units.
It may not be easy to carry this out successfully when the market is hot but I think with the current slowdown, perhaps some of the smaller developers may be willing to build this for some stable income before building back their staple. I just hope this information is disseminated as widely as possible because for some segments of the market, it is not just not being able to afford but also being unable to know about it. I guess if you care, you should let those people who needs it know about it. As at now, I could not find any website to download the forms etc. Perhaps it may be announced in the near future.
written on 24 Feb 2014
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