Middle-income First-Time Home Buyers Can Buy Through MyDeposit Scheme Now

home buyer

The MyDeposit scheme was launched by Prime Minister Datuk Seri Najib Razak last week. It aims to assist the middle-income group in purchasing their first homes, and it also provides incentives for developers of affordable homes.

Discounts of up to RM30,000 would also be allocated by the government for these house buyers under the MyDeposit, also known as the First Home Deposit Scheme.

“This is to assist the M40 group, or those with household income of between RM3,000 and RM9,000,” said Datuk Seri Najib in his announcement in Parliament last week.

Interested and eligible home buyers can apply for the scheme online at the National Housing Department website, starting from April 7, 2016.

The RM300,000-properties for first-time home buyers announced in the recalibrated Budget 2016 earlier this year would also take effect this month.

As an incentive to encourage developers to build more affordable houses priced at the RM300,000 range, the Prime Minister said the deposit rate would be fixed at RM200,000 for these units, instead of 3% of the gross development cost.

“As for mixed development, the deposit will be based on the remaining development (progress) of houses priced above RM300,000.”

The Affordable Homes Carnival will be scheduled to kick-off in Serdang in July this year, added Datuk Seri Najib, where home buyers can expect more than 50,000 new units would be on sale.


Image from The Sydney Morning Herald

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