That makes sense. I think that RM200m can actually be used for three years.

I signed my SPA in April 2016 and started applying for MyDeposit in June 2016, and was luckily approved in November 2016.

So, it doesn't hurt to try since you've already sign the SPA. All the best!

yeah I got the same reply when I called their office. But at that time I thought, what the hell, since I've already paid the deposit, wouldn't hurt to try. Worst case is I don't get it. I think during Augusut, checked back their website, I received the offer letter. Even when I went to their office to submit the documents, I asked again if its okay that the SPA date is before my application date. They said as long as it is not too far off then it's fine.

Conclusion is, just try it. Upside is RM30k. Downside is you get nothing. No harm done.

I believe it was put on hold so that budget can be used for cheaper alternatives (i.e. BR1M, etc) and hence get more people. Definitely will resume back once everything has been settled down.

In my case, SPA under 2 people's name (me and my wife) but loan only under my name. I guess in that case the person that applies should be the one who gets the loan. I'm not really sure but no harm to try.

To the house developer.

Honestly have no idea. I got mine from my lawyer (it was still allowed to buy subsale during my time).

Need to ask from other gentlemen here

Could you care to explain what are S&P and SPA and the difference?

It's basically the same freaking thing!!!

SPA = Sale & Purchase Agreement
SNP = Agreement of Sale and & Purchase

It's like Hire Purchase or Auto Financing or Car Loan. Same thing.

Please get your facts right before advising someone.

[quote=faizahmad90,Mar 23 2018, 07:28 PM]
[quote=ms749,Mar 20 2018, 06:32 AM]Could you care to explain what are S&P and SPA and the difference?

It's basically the same freaking thing!!!

SPA = Sale & Purchase Agreement
SNP = Agreement of Sale and & Purchase

It's like Hire Purchase or Auto Financing or Car Loan. Same thing.

Mybe i was wrong. First i sign letter offer and inside letter offer mention (You are require to execute the spa with us simultaneusly upon payment of the initial deposit) with agent (1 sheet paper) n apply loan, then i sign loan offer letter, then 3 month later i sign s&p with lawyer n pay 7k (about 100++ sheet to sign) then sign loan aggreement. Sorry if i was wrong.

[/quote]

I think the first one was letter of offer to sell. Which would state that you need to pay booking fee (earnest deposit), usually 3%, of which if you were granted the financing from bank, but decided to cancel the purchase, you would lose that 3% deposit. After that only come SPA/SNP.

This booking fee or "earnest deposit" isn't related to this scheme at all. It's the standard procedure if you want to buy a house (at least a sub-sale unit for my case).

I think there's no "hidden message" behind this scheme as I've had the opportunity to secure the first round of MyDeposit.

I think apart from can't sell or rent it out for the next 10 years (which is fine by me as I'm staying in my house, and I have a long term view of utilising this house, at least for the next 10 years), is that you have to rush into buying a house, which you tend to miss out other opportunities.

Anyway, this time around, they don't allow sub-sale to be included, so buying a newly launched house is more painful i guess.

Sounds better than buying sub sale hehe

Congrats!

Last time I got the 30k all finished buying furniture and renovating the house. Cause last time we could buy subsale unit, so I bought a bare unit.

Hopefully with the new government they can still continue with this scheme