In the 2019 Malaysian Budget, Finance Minister Lim Guanying announced that the FundMyHome scheme which enables a person to own a home by only paying 20% of the property price.
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May 8, 2019
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June 17, 2019Prime Minister said the scheme, the first of its kind in the world, offered first-time home buyers a chance to pay only 20% to own a house worth below RM500,000 while the remaining sum is borne by investors via the peer-to-peer (P2P) financing framework.
This would enable more people to own a house with minimum payment, which could be settled through savings, loans or EPF withdrawal. Buyers can find different prices, locations and types of properties on the FundMyHome website.
Key features
- Investors in this funds are commercial banks, property developers, Employees Provident Fund (EPF) and financial institutions.
- Pay only 20% of the price to own a home while the balance 80% will be contributed by participating institutions.
- The holding period is five years which means by the end of the fifth year, a homebuyer will have to choose whether to sell, to own the property (by taking up the remaining 80% share of the house based on market value) through a mortgage or refinance the unit on FundMyHome.
- Financial institutions include Maybank and CIMB.
Eligible applicants
- Malaysian citizens aged 18 and above
- First-time homebuyers, non-bankrupt
- The house has already been built.
- Below RM500,000
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For more details, kindly browse: Trusted Property Agency Malaysia 2019
