A new program has been introduced
government by the Malaysian government in
Known as First House Deposit Financing,
this plan assists home buyers to make their
first house down payments.
Around RM200 million has been allocated
for this program, which is expected to be
beneficial for approximately 20,000 to
Shariah-Compliant loans come with a 20%
exemption in stamp duty for the purchase of
Applicable from January 1, 2016 to
December 31, 2017.
This scheme is to help ease the payment
burden of home buyers.
The 1Malaysia People’s Housing Programme or
PR1MA has been introduced to help the Rakyat
or ordinary people afford a house.
The houses sold under PR1MA are cheaper in
comparison to a house sold at the market rate.
The 2016 budget has planned around 175,000
houses that will be sold at 20% below the
Malaysian citizens with a monthly income
between RM 2,500 and RM 10, 000 can avail a
house through PR1MA. After getting a house
through this scheme, a moratorium of 10 years
is levied on the property, during which it can
neither be transferred or sold without prior
permission from PR1MA.
Rumah Mesra Rakyat is a scheme introduced
to assist low income groups such as farmers
and fishermen, who wish to have their own
A total of 10,000 houses with a subsidy of
RM20,000 have been allocated under this
Applicants aged between 18 to 65 years,
having a monthly income of RM3,000 and
below can opt for this scheme.
The pricing for every house is RM65,000, out
of which the government will be paying 2%
interest on the loan subsidy.
In order to solve house ownership problems for its citizens,
the Malaysian government has introduced the People’s
With an aim to meet housing requirements of the low
income group, this scheme aids in the resettlement of
refugees. Under this programme, around 22,300 and
9,800 units of apartments and terrace houses respectively,
are under construction.
The houses will be priced between RM30,000 and
RM35,000 per unit in the Malaysian Peninsular. In the
provinces of Sabah and Sarawak, the price of per house
will be approximately RM40,500.First-time home buyers
aged 18 and above, with an income of RM2,500 or below
(per month) can avail this scheme. Applications can be
sent through the nearest city hall or district office.
Other SchemesOther Schemes
The government has also allocated some funds in Budget 2016 for theThe government has also allocated some funds in Budget 2016 for the
property sector. Here are a few of them for the construction of houses:property sector. Here are a few of them for the construction of houses:
RM60 million for Orang Asli communityRM60 million for Orang Asli community
RM40 million for the rehabilitation of abandoned public housingRM40 million for the rehabilitation of abandoned public housing
Exemption of stamp duty for rescuing contractors and buyers ofExemption of stamp duty for rescuing contractors and buyers of
abandoned housesabandoned houses
In a bid to assist citizens from loan income groups afford houses, theIn a bid to assist citizens from loan income groups afford houses, the
government has introduced a number of schemes. However, apart fromgovernment has introduced a number of schemes. However, apart from
this, it is also essential to do proper personal finance planning to helpthis, it is also essential to do proper personal finance planning to help
save money in order to purchase a house in the future.save money in order to purchase a house in the future.