The MyHome scheme was introduced in 2014, and aimed to deliver affordable low-cost housing for first-time buyers in Malaysia.
MyHome was part of a wider housing policy landscape designed to meet the nation’s demand for low-cost housing, and promote the building of affordable homes by private developers.
It works by providing a government subsidy to each home sold, helping reduce the costs for buyers while ensuring financial returns for developers.
What’s important to recognise with MyHome is that successful applicants avoid the need to pay the standard 10% down payment usually required on homes in Malaysia.
Instead, the government pays an upfront subsidy to the developer that includes the 10% deposit, along with the additional qualifying payment amount.
*Editor’s Note: According to the official website of the Ministry of Housing and Local Government (KPKT), this scheme has been halted since November 2020.
Who Is Eligible For MyHome?
MyHome is designed to support first-time homebuyers looking to access affordable low-cost housing. It’s aimed at those on a low income, and as such has some key eligibility criteria:
- Must be over 18 years of age
- Must be a Malaysian citizen
- Must be your first home purchase
- Family income no less than RM3,000
- Family income no more than RM6,000
What Properties Does MyHome Apply To?
MyHome provides access to a number of different home types depending on the income of a particular applicant. The home types vary across territories and income levels.
Applicants with income levels between RM3,000 and RM4,000 can apply for a MyHome 1 home complete with the following features.
- 3 bedrooms
- 2 bathrooms
- Minimum 800 square feet
Applicants with income levels between RM4,001 and RM6,000 can apply for a MyHome 2 home complete with the following features.
- 3 bedrooms
- 2 bathrooms
- Minimum 850 square feet
Projects vary by state, and you can find a full list of current projects on the MyHome web portal.
How Do I Apply For MyHome?
If you qualify for MyHome under the conditions noted above, the easiest way to apply is by logging on to the online portal to take the next steps.
Once you have registered for an account, you will be required to provide a number of documents.
- Copy of Identity Card for applicant and any spouse
- Copy of Marriage Certificate (if applicable)
- Copy of OKU card/confirmation letter (if applicable)
- Copy of recent payslips or employer confirmation letter
- Copy of payslips or confirmation of income from Commissioner of Oaths (self-employed)
- Copy of most recent income tax return or EPF statement
- Copy of pension letter (if applicable)
- Copy of ID Card, MyKad, Birth Certificate
- Credit report from CCRIS/CTOS
Once a qualifying application is made, complete with all documents required, the application is passed to the selection committee.
This committee is made up of representatives from the Housing Ministry, Finance Ministry, and other relevant state agencies or housing agencies.
If an application is successful, notification will be made to the applicant before moving on to the signing of the Sale and Purchase Agreement (SPA).
Applications can also be made by post, and the latest contact details can be found on the website.
What Else Do I Need To Know About MyHome?
Like similar low-cost housing schemes in Malaysia, MyHome comes with some important conditions of sale that are important to understand.
- 10 year ban on sale: You cannot sell your MyHome property within 10 years of signing the SPA, although you can pass ownership to an immediate family member.
- Renting: It is not permitted to rent out your MyHome property.
- Transfer: The property cannot be transferred or sold, unless it’s to immediate family members like heirs, spouses, or children.
So with all that said and done, what else might you want to know about the MyHome scheme? Here are some quick answers to some frequent questions.
1) Where Are The Developments Located?
There are a number of schemes across Peninsular Malaysia, Sabah, and Sarawak. You can find the latest projects online.
Here are some of the MyHome projects available across Malaysia as of 2021.
2) Do I Need To Pay A Deposit?
No. The way subsidy payments work with the MyHome scheme means that your down payment or deposit is covered as part of the initial payment.
3) Do I Need Financing?
Yes. Although the subsidy pays an initial lump sum to the developer, you still need financing or a home loan to account for the remaining cost of the property.
4) Do The Houses Have Other Amenities?
Usually MyHome properties come as part of a development which have amenities such as playparks, community halls, and parking spaces.
5) Is The Income Requirement Only Based On The Applicant?
The income is an assessment of the total household income.