Maybank Islamic’s HouzKEY, a rent-to-own (RTO) scheme, has now been expanded to include resale properties in addition to units at new residential developments.
The lender also announced that under its partnership with the Malaysian Institute of Estate Agents (MIEA) it had demonstrated to about 200 property agents on how to use HouzKEY to sell resale properties.
Malaysia’s first bank-initiated RTO scheme, which was introduced in January, allows people to begin their climb on the property ladder, with only three months’ worth of rental deposits and zero down payment. Aspiring home owners and renters can also apply for this scheme online.
Basically, would-be clients need to go the HouzKEY website, select a property and apply there. The bank will then either approve or disapprove the application within one working day, then the applicant needs to fork out the three-month rental deposit and ink a lease agreement within 14 days.
Thereafter, Maybank will buy the property from the seller and lease it to client, who will own the property after renting it for a certain period.
Maybank Islamic CEO Datuk Rafique Merican said they gave the first demonstration to property agents as they are the front-liners who speak directly with real estate buyers and sellers.
“As the RTO concept is relatively new in Malaysia, this briefing session is important to not just create more market awareness but to allow for a deeper understanding of the concept among agents to promote the product’s unique propositions.”
Moreover, accredited property agents can now list residential properties on the portal so that it can be covered by the RTO scheme by emailing their request along with supporting documents like seller’s permission to m2own.list@maybank.com.These submitted properties will be assessed prior to listing.
HouzKEY’s expansion into resale properties will be implemented in stages, with phase 1 focusing on select areas in Klang Valley.
Image sourced from NST Online
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
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