MyHome Scheme

MyHome scheme is a new initiative by the federal government to subsidize low cost houses to a maximum of RM 30000 for those first home owners earning RM 3000 and below. The government has allocated RM 300 million for the program and it will take off on 1st April 2014.

Under the scheme, the subsidy will be provided to applicants on a descending scale based on the cost of the house. For example, RM 30000 subsidy will be applicable for house that costs RM 70000, so the applicant just needs to pay RM 40000. Lower subsidies will be provided for houses that cost lower than RM 70000.

A moratorium of ten years will be applied to houses purchased under MyHome scheme. Under the program, qualified applicants could purchase the units at the price defined as low-cost by the respective state government while the balance would be borne by the government. This will help eligible buyers to get bank loans easily as they are already backed-up financially.

Besides, the government is looking to introduce MyHome Exchange, a comprehensive database on the housing sector in the next four months. The database is said to be a one-stop centre for home buyers to get accurate and latest information on ongoing housing projects, demand and supply of housing units, upcoming projects, including information on both private and government housing initiatives such as PR1MA, SPNB, 1MDB and the National Housing Department.