My First Home Scheme (MFHS) / Skim Rumah Pertamaku
Key Features
- Up to 100% financing for residential properties to avoid 10% down payments
- House value between RM100,000 to RM400,000
- For owner occupation, not any other investment purposes
Eligible Buyers
- Malaysian citizen/employees in the private sector
- First time home-buyer
- Individuals up to 35 years of age.
- Monthly gross income of single borrower: Not exceeding RM5000
- Monthly gross income of joint borrowers (family only): Not exceeding RM10,000
Financing Requirement
- Repayment of financial obligation must not exceed 60% of the net monthly income or maximum financing limit of the bank.
- Maximum financing tenure is 35 years, provided borrower’s age does not exceed 65 years at the end of the tenure.
- Installments payable via monthly salary deduction
MYHOME Scheme
Key Features
- Offers incentives up to RM 30,000 per home unit
- 10,000 subsidized units
Eligible Buyers & Financing Requirement
- Malaysian citizens above 18 years old
- First Home Purchase
- Monthly Household Income must fit as follow:-
Youth Housing Scheme (YHS)
Key Features
- Provide loan amount of 100% of purchase price, RM500,000
- Provide 5% of purchase price to finance insurance (MRTT/MRTA)
- 20,000 buyers only on ‘first come first serve’ basis
- 50% of stamp duty exemption on loan and transfer agreements
- Monthly installments of RM200 per month for 2 years
Eligible Buyers & Financing Requirement
- Married youth aged between 25 to 40 years old
- Monthly Household Income (Two persons) must not exceed RM10,000 per month
- Maximum financing tenure is 35 years, provided borrower’s age does not exceed 65 years at the end of the tenure.
Klinik 1Malaysia
What Is It?
Public clinics offering doctor consultation and common medicines for only RM 1 for Malaysians below 60 years old. Those above the age of 60 receive free medication. It also offers surgeries but at specific rates, far lower than private institutions guaranteed.
Where Is It?
Track down the closest Klinik 1Malaysia near you.
Child Welfare Benefits
What Is It?
Government subsidy of public sector nursery mainly for children. It solves working parents dilemma: Should one of us stay home and take care of the kids?
What are the benefits?
- Monthly assistance of RM250 in nursery fees for parents with monthly income of not more than RM900.
- Monthly assistance of RM180 in nursery fees for parents with monthly income of RM5000 compared with RM3000 previously.
- Double rate of daily allowance for children in institutions under JKM from RM1.50 to RM3 for school-going children and RM 1 from 50 cents for those who yet exposed to schooling.
- Daily allowance of RM30 for senior citizens.
Conclusion
Some of the housing schemes may no longer be applicable as the quota might have been met but don’t worry! You still can get the best rates for loans in Malaysia through our home loan comparison tool or stay updated with our latest articles to remain financially savvy!
