Homebuyer Incentives Malaysia
2022
The government has continued to offer incentives in the budget 2022, which was announced in December. The incentives are intended to encourage homeownership in Malaysia. Budget 2022 initiatives are intended to help potential homebuyers in overcoming obstacles and encouraging them to own their desired home.
Government incentives
Pemilikan Rumah Kediaman
The government has allocated RM1.5 billion to continue low-cost housing developments, with an extra RM2 billion available under the Housing Credit Guarantee Scheme of the Pemilikan Rumah Kediaman initiative.
This initiative will help low-income people and others who do not have a steady income to be able to invest in property.
Proposed Waiver Of Real Property Gains Tax (RPGT) For Property Owners
As part of the Budget 2022, a proposed waiver of Real Property Gains Tax (RPGT) for property owners. This proposed waiver applies to homeowners who sell their properties after the sixth year, which is definitely good news for homeowners.
While the Home Ownership Campaign (HOC) had ended in December 2021, there has still been no indication whether the government plans to extend it although many parties had urged the government to extend its period.
Housing Credit Guarantee Scheme (SJKP)
Prime Minister Datuk Seri Ismail Sabri Yaakob announced in March that those without payslip can now apply for the Perbadanan Pr1ma Malaysia Berhad (PR1MA) housing loan.
Those who are self-employed can apply for the loan under the Housing Credit Guarantee Scheme (SJKP).
Other incentives
My First Home Scheme
My First Home Scheme (Skim Rumah Pertamaku) is a homeownership scheme for first-time homeowners by Maybank.
These programmes allow qualifying candidates to get up to 110 percent financing for completed or properties under construction from partnering banks, promoting homeownership.
The benefits of joining this programme are it offers affordable financing for monthly income earners of RM10,000 or below, no down payment is required and joint applications are allowed with immediate family members.
BSN MyHome(Program Perumahan Rakyat)
BSN MyHome (Program Perumahan Rakyat) aims to help the self-employed or those who do not have a fixed income to own a home.
The programmes enable homebuyers to get financing up to RM300,000 and up to 35 years. The scheme is also beneficial to homebuyers as they can receive a financing margin of up to 100% (including MRTA / MRTT & LTHOT).
HouzKEY Homeownership Plan
HouzKEY is a new innovative financing solution by Maybank that offers home buyers greater flexibility and cash flow efficiency.
It comes with 100% financing at the lowest monthly payments for the first 5 years with only a 3-month refundable deposit instalment payment instead of a hefty down payment.
Homeowners can enjoy zero payment during the project’s construction period and simply sit back and wait for their homes to be completed without worrying about making monthly payments on their loans.
With these incentives, homebuyers can now ease their worries from the constraints of affordability, difficulty to acquire financing, job security, and overall economic stability.
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