MyDeposit scheme to help first home buyer

mydeposit-announcementPrime Minister Datuk Seri Najib Razak Thursday announced the implementation of the First Home Financing Scheme (MyDeposit) as tabled in the 2016 Budget.

He said the scheme was implemented to help the middle 40 per cent income bracket (M40) with household incomes of between RM3,000 and RM10,000.

“(This scheme involves) a contribution of 10 per cent of the sales price or a maximum of RM30,000, whichever is lower, to first-time house buyers to help them buy a house costing less than RM500,000,” he said after the National Housing Council’s (NHC) meeting here, Wednesday.

The prime minister said the applicants could make their applications to the scheme online from Thursday through the website of the National Housing Department, Ministry of Urban Wellbeing, Housing and Local Government.

Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan said MyDeposit was open to all types of houses from all registered developers except Perbadanan PR1MA Malaysia.

The scheme, he said was not limited to new house purchases but also secondary house purchases.

At the same event, Najib also announced the implementation of the sale of houses costing up to RM300,000 to first-time house buyers, as announced in the 2016 Budget Recalibration, this month.

In order to encourage private developers to build houses costing below RM300,000, Najib said the ministry offered several incentives to developers, including the retention of deposit of RM200,000 from three per cent of the estimated cost at present.

For mixed development, the prime minister said the deposit was based on the remaining construction of houses priced more than RM300,000.

On the implementation of one million affordable houses by 2018, Najib said until Dec 31, 2015, a total of 183,755 units were completed, 214,011 units were under construction and 309,571 units at various stages of planning.

He also announced the construction of over 50,000 affordable houses through integrated efforts according to zones, starting with the central zone at the Malaysia Agro Exposition Park, Serdang in July 2016.

* Click here to find out more about MyDeposit Scheme *

Source: Astro Awani
  1. Macha
    April 7th, 2016 at 14:59 | #1

    This is bad news for properties whose current market price is just slightly above 500k. Think about it, if I’m initially planning to buy a property whose market price is around 500-550k, I would seriously reconsider my option now to look for property slightly below 500k instead, just so I can take advantage of the 30k subsidy

  2. sally
    April 7th, 2016 at 16:17 | #2

    How to apply and where to apply??

  3. soon
    April 7th, 2016 at 16:50 | #3

    i am about to buy a property below 500k, should i wait for this??

  4. Macha
    April 7th, 2016 at 17:48 | #4

    You definitely should, if you meet the criteria for being first time home buyer with total household income between 3k – 10k.

  5. Ivan555
    April 7th, 2016 at 22:42 | #5

    do note…. budget is only 200 million. So if everybody claim 30k, there will only be 6666 recipients……… of which how many follows quota system i don’t know.

  6. penang_lang
    April 8th, 2016 at 23:46 | #6

    your estimation is wrong. u expect everyone to buy 500k house ?
    some will use the amount for 200k , 300k , 400 k house etc
    so , the number of recipients will be much much more

  7. Ryu
    April 9th, 2016 at 01:35 | #7

    For 300k,400k and 500k, it will capped at rm30k (10% of 300k or maximum 30k) in view of this,
    People with more cash will opt for 300k+ plus to hit the 30k

    Affordable also 400k, nothing cheap

  8. ILovePM
    April 9th, 2016 at 12:39 | #8

    Please be reminded if they just allocate RM200Million/30k-20k then the estimation of ppl can get the scheme MyDeposit will be only around 6,666 – 10,000 people.
    After the goverment servant sapu 50% of the quota then left 50 around 3,333- 5,000 people only can get.

    Sounds very good of goverment but actually not so good at all.

  9. Kabian
    April 9th, 2016 at 19:28 | #9

    Hi, I may have a question here as I myself fit all the category to apply for MyDeposit but I’ve just recently purchased my house which was under Penang affordable house and S&P signed + loan granted by the bank. Does that make me eligible to try and apply for this? Hoping for response to better equip myself and other of my friends too. Thanks!

  10. penang_lang
    April 9th, 2016 at 22:41 | #10

    Based on T&C in the Kementrian website , you need to get the offer letter before signing S&P

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