Weekly Industry News

Housing ministry launches scheme to aid first-time homebuyers

Weekly Industry News

The housing and local government ministry has launched the FundMyHome+DepositKu scheme, further easing the burden for first-time homebuyers who purchase property via EdgeProp Sdn Bhd’s FundMyHome platform.

Under FundMyHome, buyers can own a home without the need for a mortgage and monthly repayments by paying 20% of the purchase price, while the balance 80% is contributed by participating institutions, which share the returns from changes in the future value of the home.

However, the most common issue faced by buyers is the inability to raise the required 20% payment, which is where the DepositKu scheme will come in handy.

Under DepositKu, first-time homebuyers can opt for a loan of up to RM30,000 to be repaid after five years, accounting for part of the 20% payment to own a home under FundMyHome.

Media Title: The Edge Financial Daily

Date: 21 Feb 2019

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