Being able to afford your very own home is undoubtedly a milestone worth celebrating. For many, this officially marks the start of adulthood, and along with it comes financial independence. Having said that, it is quintessential to study and understand every nook and cranny regarding homebuying, especially if you’re a first-time homebuyer in Malaysia.
Housing schemes are programs aimed at helping homeowners secure a place to call home. In Malaysia, there are a handful of housing schemes and they each have different sets of criteria and requirements. In Malaysia, homebuyers are typically required to make a 10% down payment for the home they wish to finance. However, a first-time homebuyer can reach out to government schemes that are readily available, to suppress the financial burdens of homeownership.
If you’re already well-versed on this subject matter, hats off to you – but fret not if you’re absolutely clueless in this aspect, because today’s read will guide you through the different schemes available that can help you secure your first dream home!
Credit: Malaysia Housing Loan
The My First Home Scheme (Skim Rumah Pertamaku) is designed specifically with first-time homebuyers in mind, as its name suggests.
As of 2021, for first-time homebuyers who are Malaysian citizens aged 35 and below with a maximum monthly income of RM5,000, this scheme provides up to 110% of financing on any property that’s valued at RM500,000 and below.
The BSN Youth Housing Scheme is catered to first-time homebuyers who are married Malaysian citizens aged between 25 to 40 years old, with a household income of RM10,000 and below.
As of 2021, this scheme provides up to 100% of financing, 50% stamp duty exemption and financial assistance of RM200 per month for 24 months. This scheme is valid for any property that is valued at RM100,000 to RM500,000.
Credit: Ringgit Plus
The MyHome Scheme is designed to assist first-time homebuyers in purchasing affordable housing in Malaysia.
Participants are required to be Malaysian citizens above the age of 18, with a household income of RM3,000 to RM6,000. Additionally, to be eligible for this scheme, participants must be a first-time homebuyer in Malaysia.