Ultimate Guide to Homebuyer Incentives in Malaysia 2022
Are you looking to buy a home in Malaysia? Here is a complete guide to all the incentives that you might benefit from as a homebuyer!
The government has continued to offer incentives in Budget 2022, which was announced in December 2021.
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.
Other Government and Private Incentives
These schemes have been implemented to assist homebuyers, (especially first-time homebuyers and government servants).
1. Housing Credit Guarantee Scheme (SJKP)
Prime Minister Datuk Seri Ismail Sabri Yaakob announced in March 2022 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).
2. Keluarga Malaysia Home Ownership Initiative (i-MILIKI)
100% stamp duty exemption for first-time homeowners of properties priced RM500,000 and below through the Keluarga Malaysia Home Ownership Initiative (i-MILIKI) initiative from June 1, 2022 till December 2023.
Meanwhile, a stamp duty exemption incentive of 50% will be given for homes priced above RM500,000 to RM1 million.
3. My First Home Scheme By Maybank
My First Home Scheme (Skim Rumah Pertamaku) is intended for first-time homeowners. My First Home Scheme is a government initiative for first time homebuyers that was first introduced in the 2011 Budget. 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.
4. 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).
5. 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.
6. Affin Home Step Fast/i
Affin Home Step Fast/i is a new mortgage product by Affin Bank which offers financing solutions to residential properties valued at RM200,000 and above with the special payment feature of 'Step-Up'.
The 'Step-Up' payment feature allows payment of only interest portion amount for the first 5 years from the date of full disbursement, thereafter full monthly instalment based on the outstanding and the remaining tenure of the loan.
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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