MyDeposit implementation begins today

KUALA LUMPUR: Prime Minister Najib Razak yesterday announced the implementation of the First Home Financing Scheme (MyDeposit) as tabled in the 2016 Budget.
He said the scheme was implemented to help the middle 40 per cent income bracket (M40) with household income of between RM3,000 and RM10,000.
“(This scheme involves) a contribution of 10% of the sales price, or a maximum of RM30,000, whichever is lower, to first-time house buyers to help them buy a house costing less than RM500,000,” he said after the National Housing Council’s (NHC) meeting here on Wednesday.

The prime minister said the applicants could make their applications to the scheme online from Thursday through the website of the National Housing Department under the Ministry of Urban Wellbeing, Housing and Local Government.
Urban Wellbeing, Housing and Local Government Minister Abdul Rahman Dahlan said MyDeposit was open to all types of houses from all registered developers, except Perbadanan PR1MA Malaysia.

The scheme, he said, was not limited to only new house purchases but also secondary house purchases.
At the same event, Najib also announced the sale of houses costing up to RM300,000 to first-time house buyers, as announced in the 2016 Budget Recalibration this month.
In order to encourage private developers to build houses costing below RM300,000, Najib said the ministry offered several incentives to developers.
On the implementation of one million affordable houses by 2018, Najib said as of Dec 31, 2015, a total of 183,755 units were completed, 214,011 units were under construction and 309,571 units at various stages of planning.

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