In Landlord Tips, Real Estate Investment

Deposit, the first home-from-home fund, is for those RM3,000 to RM15,000 per month. If the initial purchase of a house is not exceeding RM500,000, under the MyDeposit plan of the government, Aid equal to 10% of the purchase price or up to RM30,000.

This also means that if you buy a home for a price between RM300,000 and RM500,000, the government will offer up to RM30,000 as a starting point for buying a home.

Before applying for MyDeposit, you have to look for the home you want to buy yourself and, at the time of application, you must enclose a copy of the Certificate of Recognition for Home Purchase provided by the developer or seller (Surat tawaran / Pengesahan drpd Pemaju / Penjual). If your MyDeposit is approved, you must sign a sale and purchase agreement with the government within 30 days before applying for a bank loan. If your bank loan is not approved, your MyDeposit will be canceled.

MyDeposit Application conditions:

  • Excludes purchase of a horse house plan
  • The purchase price of a house does not exceed RM500,000
  • First purchase family
  • Can apply for second-hand housing
  • No age limit and racial restrictions
  • Monthly income is between RM 3000 – RM15000

Since the government launched the MyDeposit purchase assistance program in April last year, up to 31 October this year, a total 6,298 applications were received. Only 1469 applications were finally approved, amounting to RM39,484.197. Some selected applications cannot be assisted either because they or their spouses own the property, cannot get a mortgage for 30 days, or cannot submit a sale or purchase agreement.

Therefore, if you want to buy a house shortly, you must try to apply for the plan. If the application is approved, you would be given an allowance of up to RM30,000

Application process:

  1. browse the official website of National Housing Bureau ( application link ) to apply
  2. the Council approved
  3. the council issued a notice (the applicant must sign the sale and purchase agreement within 30 days)
  4. the development Businessmen agree that homebuyers will pay 10% of their first-mover money through the “MyDeposit” plan.
  5. Homebuyers and developers/homeowners sign sales contracts.
  6. Homebuyers apply for home loans.
  7. Homebuyers sign mortgage agreements.
  8. Homebuyers subsidy to the government’s request
  9. the government pays a subsidy to the developer (New home) / responsible for building business law firm (second-hand house) of account
  10. homebuyers must continue to comply with the conditions (10 years may not be sold houses)

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