First time home buyers looking to buy low cost and affordable homes in Johor will be able to own their first home with just RM1 deposit.
Eligible home buyers can pay just RM1 during registration as Bank Rakyat will be offering a full home loan to them.
About RM500 million in financing facilities to these eligible buyers has been allocated, said Datuk Mustafha Abd Razak, managing director and president of Bank Rakyat.
Bank Rakyat, in partnership with the Sultan Ibrahim Foundation, aims to enable the house buyers to purchase a low cost or affordable home in the state below the price of RM100,000.
“This is the first such housing loan scheme introduced by us in the country and we are planning to extend it to other states,” he said during a press conference.
“Under the scheme, buyers only have to pay RM1 as deposit during the registration for the low cost and affordable houses,” he added.
On top of the 100% property financing, Mustafha also said that the rates offered for the scheme will be competitive and attractive. The scheme is estimated to benefit about 6,000 eligible buyers of low cost and affordable homes.
Bank Rakyat has been involved in the development of the 6,000 units of low cost and affordable houses, which were undertaken by private developers or state-linked companies.
To be qualified for the scheme, eligible buyers must register with the housing unit of the State Secretary office, and not with the bank to screen their eligibility.