MyHome Scheme Malaysia: RM30k Aid for House Buyers

myhome-scheme-malaysia

The Malaysia’s Government has set RM30,000 as the maximum financial assistance for the public to purchase low-cost houses under the MyHome Scheme Malaysia.

The financial assistance was for houses that were being constructed and new projects.

Application for MyHome Scheme will be opened starting April 1 2014.

It is for those with a monthly household income of RM3,000 and buying their first house.

Under the programme, qualified applicants could purchase the units at the price defined as low-cost by the respective state government while the balance would be borne by the government.

For instance, if the price of low-cost houses is fixed at RM40,000 a unit by a state government while the developers have to sell them at RM70,000 each, qualified applicants will be able to buy it at RM40,000 while the balance of RM30,000 will be paid by the government.

Developers could apply for the programme to a special committee under the Housing and Local Government Ministry. Once approved, they can advertise the units eligible for the subsidy that will be paid directly to them by the government. This will enable prospective buyers to benefit from this scheme, and make it easier for them to get a bank loan as they are already eligible for consideration.

 

RM300mil had been allocated for the scheme.

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