MyDeposit 2018 – A government sponsored down payment? Yes, you read that right. The Malaysian Government has introduced a new scheme where they will pay for your first property purchase’s down payment. Considering all the things you’ll need to think about when buying a new property, some much needed help from the government, looks almost too good to be true.
The First House Deposit Financing Scheme or My Deposit 2018 has already been active since December 2017 and will only be open till 15 February 2018. The scheme is a continuation of MyDeposit 2017 which commenced on April 7 2016 and closed on 1 October 2017.
Our beloved Housing and Local Government Deputy Minister Datuk Halimah Mohamed Sadique told the Straits Times that for My Deposit 2016, there were 6298 applicants that had registered under the scheme with 1469 application approved with a payout totaling more than 39 million RM. The money made available by the scheme has also been increased by a budget of an extra RM5 million compared to the previous year.
The scheme basically offers new home owners to get a one-off government sponsored down payment contribution of 10% on the sale price or a maximum of RM30,000 (Whichever is lower). There’s also several criteria that needs to be met, you should:
1. Be a Malaysian, aged 21 and above
3. Be a first-time property buyer
4. Be able to secure financing for from financial institutions
5. Have a gross monthly household income between RM3,000 and RM15,000
6. Ensure that the property must be priced below RM500,000
7. Ensure that the property must be from licensed new housing projects from a licensed developer
8. Ensure that the project is not a housing project by the federal and state government such as PPA1M, PR1MA, RUMAWIP, PPR, and MyHome
The property may also not be sold for 10 years from the point of purchase.
Interested parties should run along and register here. It’s not every day you get a government sponsored down payment on your first property. You only have till 15 February of this year!
The application process will be completed within two months after the closing date. For more information on the MyDeposit scheme, visit The Ministry of Urban Wellbeing, Housing and Local Government website.