It is a common truth now that many millennials graduate higher education ready to strike out on their own, only to move back with their parents.

Unfortunately, between the job economy today and the exorbitant price of many properties, many lower-earning Malaysians simply cannot afford to live in their own homes.

The glut of unbought homes is also an issue that many Malaysian developers and the banks are grappling with. As of November, it’s the highest that it’s been since a decade, owing to the multitudes of highly-priced homes that Malaysians simply cannot afford.

While the following schemes won’t solve these issues on their own, we think that they will be a great FYI for Malaysians who still have dreams of cultivate their own gardens, and raise their kids in property that they own for the long-term.

Do note that for most of these schemes, you can only apply for one at a time, particularly between MyHome and MyDeposit.

1. MyHome

Often confused with the similarly named MyDeposit launched this year (which has since passed its application date), MyHome or the Skim Rumah Pertamaku (SRP) was announced by the government in 2011 to help young adults own a home without putting down a 10% down payment. It’s available for adults below 35 years of age.

Cagamas SRP Berhad will instead help guarantee the banks for financing above the 90% level.

Application Requirements:

You’ll also have to include the documents as listed here.

How to apply:

Go to this website and click ‘Mohon’ on a home.

2. Skim Pinjaman Perumahan (SPP)

This skim was designed to help low-income individuals subsidise building a home. This is also to help people from this economic class increase their standard of living.

Application requirements:

The houses have to be built on certain specification which can be found here.

How to apply:

Print out and fill up this form and send it to:

Bahagian Pembiayaan Perumahan
Jabatan Perumahan Negara
Kementerian Kesejahteraaan Bandar,
Perumahan Dan Kerajaan Tempatan
Aras 30, No 51
Prsiaran Perdana
Presint 4, 62100 Putrajaya

3. MyDeposit

Also known as the Skim Pembiayaan Deposit Rumah Pertama, this initiative is meant for first home-buyers. This scheme aims to help the middle class—households with income between RM3,000 to RM15,000 a month—to buy their own homes.

This scheme was introduced during Budget 2018.

Application Requirements:

How to apply:

The application period for 2018 has just passed in February, but the government might continue this scheme beyond this year. You can check if it’s open on this website.

4. My First Home Scheme (MFHS)

Also known as the Skim Rumah Pertamaku, this plan could help Malaysians fund up to 100% of the residential property to avoid the 10% charge. It’s for homes between RM100,000 to RM400,000—as long as it’s not meant for other investments.

Application Requirements:

Financing Requirements:

How to apply:

Applications can be done in branches of participating banks. You can find out the list of banks here.

5. BSN MyHome (Youth Housing Scheme)

The government teamed up with BSM to offer a scheme for married youths. It’s meant for financing the purchase of either completed, or under construction or sub-sale properties.

The goverment would also be providing RM200 for the first two years to help with the financial burdens of house purchasing. The downside is that there’s limited spaces for those who want to apply for the scheme.

Application Requirements:

How to apply:

Download the application form here and submit it to any BSN branch. You’ll also need to get the required documents ready and prepare funds for stamp duty.

6. Rumah Selangorku

Available for those looking to buy homes within Selangor, thanks to the Lembaga Perumahan dan Hartanah Selangor. The properties offered under this program are not above RM250,000 per unit, including the 6% GST.

Application requirements:

How to apply:

Register for an account and apply on this page.

7. PR1MA

Some of the latest Pr1ma properties.

To apply, you’ll have to register for an account with PR1MA on their website.

The idea is that PR1MA homes are in communities with a variety of types and sizes. Properties offered are between RM100,000 to RM400,000.

Application requirements:

How to apply:

Register for an account here, and apply for the programme here.

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Feature Image Credit: Nusajaya City