Tuesday – 1st April 2014 – MyHome Scheme opens

This is a scheme whereby the government would provide a RM30,000 incentive for each affordable house. The developers may build the units and every unit would receive a subsidy of RM30,000. The government has set aside RM300 million for this scheme which will enable the allocation for 10,000 units of affordable homes nationwide. What’s in it for the developers? Well, under the scheme, qualified private sector developers will receive an up front incentive of RM30,000 per affordable home sold.
What’s the catch? I think it is ok. A 10-year moratorium would apply. This prohibits a buyer from re-selling or transferring ownership of the home. However, ownership transfer to immediate family members are allowed. Interested buyers must be Malaysians aged 18 years old and above. They should also be buying a property for the first time. Sounds reasonable. All qualified buyers will be reviewed by the ministry and a selection will be done through a balloting process. I think this is based on availability and the number of applicants for the same unit.
myhomeWho will benefit? There are two categories. MyHome1 is open for households with an income of between RM3,000 and RM4,000 while MyHome2 would be for those with a household income of between RM4,001 and RM6,000.
Types of homes? Houses under the MyHome1 would cover a minimum of 800 square feet of space with a market price of between RM80,000 and RM120,000 in the peninsula and between RM90,000 and RM120,000 in Sabah and Sarawak. MyHome2 prices would range between RM120,001 and RM200,000 in the peninsula and between RM120,001 and RM250,000 in Sabah and Sarawak for homes measuring a minimum of 850 square feet.
If you have interest and is qualified, do submit your applications online here: http://ehome.kpkt.gov.my.
written on 29 March 2014
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