In last year’s Budget 2019 announcement, initiatives were introduced to address the homeownership plights of the B40 group. As the National Home Ownership Campaign (HOC) kicks off in March, loan schemes have been introduced by Bank Negara Malaysia (BNM) to supplement the campaign and enable the public to buy property.
BNM recently announced a RM1 billion fund under the Dana Rumah Mampu Milik which is for citizens with a monthly household income of RM2,300 looking to buy properties from developers priced up to RM150,000. Those eligible will be able to obtain the loan from participating institutions namely Bank Simpanan Nasional, AmBank, CIMB Bank, Maybank and RHB Bank with financing rates as low as 3.5% per annum.
Complementing the fund, a broader measure to assist home buyers include a scheme for buyers with a monthly income of RM5,000 and below, to purchase residential properties priced up to RM300,000. Consumers from the lower-income group had regularly complained about the difficulty of getting loans for their house purchases, but the lenders’ strict lending guidelines make many applicants ineligible due to their high financial commitments. Through these initiatives, the government is looking to spur the market and help more people become eligible for these housing loans.
Under the HOC, buyers of property from 1 March to 20 June 2019 will enjoy stamp duty exemption on the instrument of transfer for residential units valued from RM300,001 to RM1 mil. Developers will also be giving a 10% discount on their properties. Coupled with the loan initiatives offered by the banking institutions, these measures are hoped to lower the ancillary costs of home ownership and help more people own property.
In lieu with the launching of the HOC, Property Hunter and the Sabah Housing and Real Estate Developers Association (SHAREDA) will be co-organizing the Home Ownership Campaign Expo in Sabah at Dewan Foo Chow on 1-3 March 2019. The expo is expected to attract public attention as properties on show will be eligible for the schemes under HOC like 10% discounts, free stamp duty and more. The public will also benefit from the various newly-announced loan schemes from the banks.
Head on down to the Home Ownership Campaign Expo to find out more about all the deals and initiatives under HOC and get yourself a new home.