Buy A House Part 2

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Looking For Help To Buy Your First Home?

Saving up tens of thousands of dollars to buy a home is no small feat. Luckily, there are some schemes in Malaysia to help aspiring home owners:

1. My First Home Scheme / Skim Rumah Pertamaku

This scheme allows homebuyers to obtain 100% - 110% financing from financial institutions, enabling them to own a home without having to pay a 10% down payment.

Eligibility*: For properties between not more than RM 500,000; homebuyer with an income not exceeding RM5,000 a month. Terms and Conditions apply.

2. MyHome

Offers subsidies of up to RM30,000 per home.

Eligibility: For properties between RM80,000 and RM300,000; homebuyer must be a first-time buyer with a household income between RM3,000 and RM6,000.

3. Rumah Selangorku

Aims to provide affordable homes to middle-income earners in the state of Selangor.

Eligibility: For properties between RM42,000 and RM250,000; homebuyer does not already have a property in Selangor, and has a household income not exceeding RM10,000 a month.

5. Residensi Wilayah

Aims to provide affordable homes to middle-income earners who work and stay in Wilayah Persekutuan.

Eligibility: For properties between RM52,000 and RM300,000; homebuyer must be staying and working in Wilayah Persekutuan and have a monthly income below RM10,000

What if I don’t qualify for these housing schemes?

All hope is not lost. Here are a few other things that can help:

  1. Look for properties with free SPA and loan facility agreements to save thousands of Ringgit in legal fees. This should be relatively simple as most new property projects commonly absorb the costs of legal agreements.
  2. Shop around for properties with low initial down payments. Many developers now offer competitive early bird or “easy entry” sales packages which include rebates of between 2% to even 10% of the property price.

Start off by using Hong Leong Bank’s home loan calculator, you can easily calculate your loan eligibility and your monthly repayment!

If you are ready to start managing your credit facilities better, find out how to ace your next credit card application.

For more ways to DuitSmart and get in better financial shape, go to www.hlb.com.my/duitsmart

This article is brought to you by Hong Leong Bank in partnership with iMoney.my.

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