If You’re a First-Time Home Buyer, Here’s How You Can Get the Govt to Pay Your Deposit

Buying a house is not easy nowadays as the prices seem to skyrocket higher and higher every year. With our meager salaries, it seems like we need forever to save up for the deposit!

Source: economic times

Don’t fret though, because did you know that the government will actually help you pay the deposit for your first home? Yes, no joke! This scheme is known as First House Deposit Financing Scheme or MyDeposit, and is aimed at Malaysians who want to buy houses for the first time. 

Actually, the scheme has been ongoing ever since it was announced in Budget 2016 but don’t worry, you’re not too late for this year’s application. According to NST, applications have been open since 15 December 2017 and will be closed on 15 February 2018. Remember to apply before it’s too late!

Source: imoney

The scheme allows you to get a one-off payment of 10 per cent financing of the house price or a maximum of RM30,000 (whichever is lower) for applicants with a household income of between RM3,000 and RM15,000 for the purchase of houses costing RM500,000 and below.

Best of all, you don’t have to pay back this amount to the government if you manage to get it! Yay, free money! Single individuals can apply but priority would be given to married couples and the money would be paid directly to the housing developer.

Source: coretan anuar

Here’s the criteria in order to be eligible for the scheme:

1. You must be a Malaysian citizen

2. You must be aged 21 years old and above

3. You must be a first-time home buyer for the entire household

4. Your entire household income is between RM3,000 and RM15,000

Do you make the cut? You can submit your application online here along with your supporting documents required, which you can check here.

Source: sprn

For more information on this scheme, check out their website here or their FAQs here.

Now, quickly apply before 15 February 2018! You don’t want to miss it!

Also read: New Housing Scheme Allows Johoreans To Buy Property With Only RM1 Deposit