Rent-To-Own Housing Scheme To Launch In September

July 25, 2019

Housing and Local Government Minister Zuraida Kamaruddin revealed that the government’s rent-to-own housing scheme will launch this September, reported Bernama.

She noted that the Ministry and several banks are in the process of introducing the scheme to citizens, especially those earning less than RM3,000.

“The buyers don’t have to pay a deposit, but can rent a unit first and after five years, we will review their financial status on whether they are eligible to buy the house,” she said.

“The scheme is especially for young people who earn below RM3,000 and the house is priced at RM300,000.”

Read More: Rental Income Is Now Exempted From Income Tax Malaysia

Zuraida emphasised that the culture of encouraging young people to have their own property should begin now for the long-term benefits.

With this, flexibility will be given to buyers blacklisted in the Central Credit Reference Information System (CCRIS) including borrowers of the National Higher Education Fund Corporation (PTPTN).

And since the CCRIS list of borrowers was a ‘blanket policy’ that did not truly reflect the real situation involved, banks will now determine whether the PTPTN borrowers are qualified to apply for mortgage loans.

“For example, if someone just graduated, their creditworthiness is high because they are not tied to loans or commitments. Therefore, CCRIS is a blanket policy and not based on creditworthiness,” she said.

 

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