Mydeposit Malaysia Application Had Closed On 30th June 2016

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The First Home Deposit Funding Scheme (MyDeposit) launched last October 23. Announced in Budget 2016 last October, the scheme is aimed at helping the lower-middle income group with a household income of RM10,000 and below.The government has allocated about RM200 million for the MyDeposit Scheme for first-time house buyer.

The deposit payment is limited to 10% of the cost of the property, or a maximum of RM30,000, whichever is lower, for the purchase price of RM500,000 and below.

According to Urban Wellbeing, Housing and Local Government Minister, Datuk Abdul Rahman Dahlan, a total of 5276 MyDeposit application received between April 7 and June 14 this year, new house application stand about 3090 and second-hand house application stand for 2186.

Abdul Rahman said that until June 5, 1,311 applications had been processed and out of this number, 425 were found to be eligible for the scheme.

The three states with the highest number of MyDeposit applications were from Selangor, Kuala Lumpur and Penang.

The common reasons for the rejection of MyDeposit scheme are the applicant already has a house, a monthly income of less than RM3,000, insufficient documents and information, Sales and Purchase Agreement signed, and the applicants granted other government housing project subsidy such as 1Malaysia Housing Programme (PR1MA).

Datuk Abdul Rahman Dahlan was handing out MyDeposit Offer Letters to the first 40 of the scheme recipients involving an allocation of RM1.09million. He added Government targeted building one million affordable houses until the end of 2017.

From this number, the 1Malaysia People’s Housing Project ( PR1MA) will build 500,000 units and the other 500,000 by other agencies like the National Housing Department, Syarikat Perumahan Negara Berhad (SPNB), the state governments and private housing developers.


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