6 Apr 2016 – MyDeposit Scheme
The MyDeposit scheme was launched by Prime Minister Datuk Seri Najib Razak, it aims to help the middle-income group in purchasing their first homes, and it also provides incentives for developers of affordable homes. There are RM200 million allocated for the scheme, estimated at least 6,666 applicants benefiting from the scheme.
Discounts of up to RM30,000 would also be allocated by the government for these house buyers under the MyDeposit, also known as the First Home Deposit Scheme.
Who is eligible to apply?
=> 21 years old and above (No maximum age)
=> First-time home buyer within one household family (eg. for married persons)
=> Gross household income shall not exceed RM10,000 a month (This includes all income be it from employment, business, wage, commission, bonus and other allowances.)
=> Purchasing a property priced at RM500,000 or lower
=> Eligible for a bank loan from any bank in Malaysia (credit worthy, not blacklisted, or
bankrupt, no CCRIS issue)
How to apply?
Applicants should ready the documents requested as below:-
=> A copy of your identity card
=> A copy of your spouse’s identity card
=> A copy of your child(ren) or dependent(s) identity card or birth certificate
=> A copy of your marriage certificate/divorce certificate/death certificate
=> Your latest salary slip
=> Your spouse’s latest salary slip
=> Your Employees Provident Fund (EPF) statement or income tax statement
=> Your spouse’s Employees Provident Fund (EPF) statement or income tax statement
=> Statutory declaration of your and your spouse’s total business income that is verified by the Commissioner of Oaths
=> Employment confimation letter from your employer stating your employment/service
status, marital status, monthly salary and duration of service.
=> Employment confirmation letter from your spouse’s employer stating your
employment/service status, marital status, monthly salary and duration of service.
=> Disability confirmation letter for you, spouse or dependent (if relevant).
Step by step procedure to apply
2. Click on PERMOHONAN BARU on the top right corner of the webpage.
3. Fill up the form with your full name, identity card number, email address and your desired
password. Then click on PENDAFTARAN PERMOHONAN below the form.
4. Once you have created your account, you will be logged in automatically. Hover over the MYDEPOSIT tab, and click on PERMOHONAN BARU in the drop-down menu.
5. Once you are on BORANG PERMOHONAN MYDEPOSIT, you will need to fill in all your details, and upload a copy of your identity card.
6. If you are married, you will need to upload a copy of your marriage certificate.
7. Married applicants also have to ll up details about their spouse, and upload a copy of the spouse’s identity card.
8. Complete all the tabs under the form which include information on income, dependents, preferable property, and lastly you will need to upload both your and your spouse’s CCRIS report. Where to get your CCRIS report? Here you go.
9. Once you have completed the form with all the required documents uploaded, click on HANTAR to submit your application.
10. You can check the status of your application by hovering over the MYDEPOSIT tab, and clicking on the SEMAKAN PERMOHONAN option in the drop-down menu.
11. After the screening process, if your application is approved, the Ministry will issue an approval letter to the application with a condition that the Sale & Purchase Agreement must be signed within 30 days.
12. Agreement to the MyDeposit scheme:
12a. For new licensed property project, the developer has to agree to deposit payment by the buyer through the MyDeposit scheme. At the same time, buyer has to apply for a home loan.
12b. For sub-sale property or property from the secondary market, seller has to agree to deposit payment by the buyer through the MyDeposit scheme. At the same time, buyer has to apply for a home loan.
13. Buyer and seller sign the Sales & Purchase Agreement, and buyer also signs the Offer Letter for Approval of Home Loan.
14. Buyer submit request for deposit payment from the Government. Submission must be supported with the following documents:
=> Offer Letter issued by the National Housing Department.
=> A complete and signed Letter of Acceptance of Offer
=> A complete and signed Statutory declaration
=> Sales & Purchase Agreement
=> An acknowledged Letter of Offer for your housing loan
=> Banking account details of the Housing Developer Account or the account of the buyer’s
sales & purchase law firm.
15. Disbursement of deposit payment from MyDeposit scheme:
15a. For new licensed property project, deposit will be transferred to the Developer’s Account.
15b. For sub-sale property or property from the secondary market, deposit will be transferred to the Account of Seller’s Sale & Purchase Lawyer.
16. The project will be monitored by the Ministry, and Moratorium will be effective and included in the Sales & Purchase agreement.
What are the things MUST KNOW?
It can be quite tight and will require applicants to follow-up closely with their lawyers to expedite the process. Once receiving approval from MyDeposit Scheme, buyer must sign the Sales & Purchase Agreement in 30 days. If failing to do so, will result in the buyer forking out the full down payment amount.
2) Application for MyDeposit Scheme take about 2 months to process
This means that applicants must do all the necessary property shopping and viewing prior to MyDeposit applications. For purchase a property from secondary market, the seller may not willing sell to the purchaser as application approval need to wait for 2 months.
3) Buying a home with the MyDeposit scheme does not mean you can buy a home cash-free
Applicants will still need to ensure to have sufficient cash to pay for the legal fees and other miscellaneous costs , and also enough cash to pay for the booking fee.
4) Properties price must be RM500k or lower.
5) Properties bought with MyDeposit scheme cannot be sold for 10 years
This clause will be added in the Sales & Purchase Agreement. 10 years period start from the date of the Sales & Purchase Agreement.
6) Mydeposit Scheme only applicable to private residential properties development that do not receive subsidy or incentive or Government funds.
Source from: imoney.com
