When purchasing your first home, most first-time buyers are not aware of the schemes our Government have in place to make home ownership more affordable. Here are some listed schemes that first-time buyers can consider when purchasing their first home:
MyDeposit Scheme is the latest initiative by the Malaysian government, where first time home buyers are offered a 10% incentive from the sale price or a maximum of RM30,000, whichever is lower; as down payment. This scheme is only applicable for properties priced at RM500k and below.
- Stamp Duty Discount
Apart from the above schemes, first-time home buyers are also entitled to get 50% exemption on stamp duty on the instrument of transfer and loan agreements fees for residential property costing RM 500k and below.
- Skim Rumah Pertamaku
In the event that you couldn’t provide the 10% deposit for your first home, don’t worry. Skim Rumah Pertamaku would provide you 100% margin of financing for residential properties below RM500K. All you need to do is inform the bank’s officer of your intention to apply for the scheme.
Do note that not all the banks in Malaysia participates in this scheme, please visit http://www.srp.com.my to get the full list of participating banks.
- Youth Housing Scheme by BSN (YHS)
Youth Housing Scheme is a first-time home ownership scheme for married youth aged between 25 to 40 years with household income not exceeding RM 10,000 per month. Through this scheme, BSN will provide financing/loan up to RM500,000 with a financing tenure up to 35 years or at the age of 65. This scheme is limited to 20,000 buyers only on the ‘first come first served’ basis. BSN will also provide financing/loan amount of 100% of the purchase price and an additional 5% of purchase price to finance takaful/insurance (MRTT / MRTA). The cost of financing documents/loans including legal costs is borne by the buyer.