The new rent-to-own housing scheme will be launched this September, said Housing and Local Government minister Zuraida Kamaruddin.
She added the ministry and several banks are now in the final process of introducing the scheme to Malaysians, especially to those earning below RM3,000.
“The buyers don’t have to pay a deposit, but can rent a unit first and after five years, we will review their financial status on whether they are eligible to buy the house.
“The scheme is especially for young people who earn below RM3,000 and the house is priced at RM300,000,” she told reporters after handing over Sale and Purchase agreements to 16 house owners of the ‘Harmony’ project in Semenyih under the “FundMyHome+Depositku’ scheme here today.
Zuraida said the culture of encouraging young people to own property should start now for the long-term benefits.
In view of this, she said flexibility will be given to individuals blacklisted in the Central Credit Reference Information System (CCRIS), including National Higher Education Fund Corporation (PTPTN) borrowers so that they can purchase their first property.
Zuraida said banks will decide whether PTPTN borrowers were eligible to apply for a mortgage loan because of the list of borrowers in CCRIS was a ‘blanket policy’ that was not reflective of the real situation involved.
“For example, if someone just graduated, their creditworthiness is high because they are not tied to loans or commitments. Therefore, CCRIS is a blanket policy and not based on creditworthiness,” she said.
Meanwhile, Zuraida said the FundMyHome scheme, which will be expanded to other projects nationwide is another option of owning homes by only paying 20 per cent of the property price.
To date, a total of 50 people have benefited from the scheme while 300 individuals have submitted their applications.