The Government Wants To Pay For Your First House Deposit And Here’s How You Can Apply For It

We’ve heard a lot of Malaysians sighing and complaining at the sight of property prices. It is said that nowadays, it’s even harder to purchase your first house due to the exorbitant price tag and rising cost of living.

Well, if you are planning to purchase your first home soon and have already surveyed properties below RM500,000, the government has launched a scheme to help you pay for your deposit if you fit their criteria.

My First Home Financing Scheme (MyDeposit) was launched last year to help lessen Malaysians’ financial burden when it comes to paying your house deposit. The government will help you pay the required 10% down payment for your house, or a maximum of RM30,000 for properties below RM500,000.

For 2018, the government has allocated a whopping RM25 million for this scheme.

How do I qualify for this scheme?

Only Malaysians aged 21 years old and above with income ranging from RM3,000 to RM10,000 can apply.

Both married and single Malaysians are eligible to apply for the scheme. However, if your spouse already owns a house, you are disqualified.

What types of property can I buy using this scheme?

Properties must be priced below RM500,000 and is developed by licensed developers only.

Subsidised properties or funded by the government such as PPA1M, PR1MA, RUMAWIP, PPR, MyHome, and Rumah Selangorku are not eligible for the scheme.

How do I apply?

You can apply online via Sistem Pengurusan Perumahan Negara’s website starting from 15 December 2017 to 15 February 2018. Do not miss the deadline!

Make sure you submit all the documents required with your application. You can get more info and guidelines about MyDeposit here.