Hi Everyone,

I wanted to see what my fellow sifus think about the new MyDeposit scheme.

New first home owners are able to get contribution of 10% from the sale price, or maximum of RM30,000 (whichever is lower), will be given to first-time buyers looking for homes priced below RM500,000. (Only available to households with <RM10,000

I agree that it is a good idea in the sense that it helps the poor but will it inflate the pricing for the housing market? What about the unforeseen circumstances? I imagine that housing at <500k will definitely go skyrocketing

I hope this can be implemented on RUMAWIP too..so, no need to forkout 10% D/P..hehe..

haha
ya lo
not sure
just plan to apply pr1ma

what happend if developer already gave 10% discount.
Does this mean, i will entitle 10% Cash back?

Does it applies to subsales? and how to apply for it?

Honestly to me it sounds like a BR1M, but I think it does work for subsale prices right. That would be so so sweet. I can't find this website they are talking about so can't really find out more about the details.

I'm just concerned whether our government really have the money to cover for such purpose Aren't their pockets running low now that oil export income is being squeezed? Imagine subsidizing 10000 purchases x RM30000 would work out a RM300mil bill in total. Hope only genuine target group is benefited from this initiative but as usual most likely will be abused by investors and developers.

My thoughts would be:
- If you have plans to purchase a property below 500k better act now because the government may pull this policy back in the next budget/scale down the amount and percentage.

On the other hand,
I can say that with this scheme, developer will start removing all the discounts given before.

starting to feel abit frustated

If not mistaken, it is for first time home buyer. So, if you buy for the first time even for subsales property, they will allow.

Yeap, I re-read the promo. It support sub-sales. They will deposit it into buyer's snp lawyer account

This post has been edited by frossonice: Apr 7 2016, 11:08 AM

didnt read how it works.
im just guessing but i think those rm30k might goes as tax contra to developer.

btw can you share where to read more on this.

http://www.theborneopost.com/2016/04/07/my...se-implemented/

http://www.nst.com.my/news/2016/04/137711/...me-house-buyers

These are the few news articles i found online. I also cant find their form on their website.

This post has been edited by JianNinety: Apr 7 2016, 11:10 AM

thanks

No problem. We all digest this together to understand it better.

cant even open the website.
registration open today. http://www.kpkt.gov.my/ or is it just my internet.
unifi so slow today.

Maybe their server overburdened by us trying to find out more. Haha. I opened it but cant find the form.

i dont support it. property price gonna go up. household less than 10k? i would prefer the reduce it to households less than 5k.

in the end flippers are gonna get their mum, uncle, cousin, brother, sis, etc involved. buy 4 properties can save RM120k on top of whatever the sales price gonna be. unless got a rule cant sell within 15 years or something.

There is probably going to be a condition like that. Like low cost houses cannot sell or rent in 5-10 years.

is it the same as MYhome ?

No no, not that one. MyHome is 2014 punya scheme.

I'm trying to open their website but it doesn't load at all.. lol! I guess really over the limit.

Better read TnC first.

I am sure there is restriction if you decided to apply for the scheme.

http://www.kpkt.gov.my/index.php/pages/view/333

Here got a list of all the borangs they offer for download. Nothing on MyDeposit yet.

Where's their physical office located at? probably can pay them a visit and ask for the details..

Putrajaya
https://www.google.com/maps/place/Kementeri...13627c122d46c7d

my gaji RM2.5k last time still buy a RM250k apartment. why RM10k household income need RM30k 'free' gift? if gaji RM10k cant afford a house they need to re-evaluate their spending, probably driving godcar and using ipong. anyways dont support this. i support only if for low income earners <RM4-5k household income.

why my tax dollars need to go to middle to high income households.

i support tongkat to the low income group. not give tongkat to my own damn income group. wat the FK!?

The problem now is the property prices got inflated at an unreasonable price by flippers which I think is the fundamental problem.

yeah. that is the problem which gov needs to look at. to get to the root of the issue. its like throwing a panadol at a cancer patient.

the allocation i think is RM200m for this year. what i would do if i was gov is create a ranking system or something like that to provide to those more in need (perhaps there is?)

something like.

Household income -
<2k (allocated 20% rebate with max home purchase of <RM300k)
<3k (allocated 15% rebate)
<5k (allocated 10% rebate)
<10k (allocated 2-5% rebate)

but i wish they would focus on those income groups truly in need. i would rather they dont have this at all and spend the RM200m to move people out of slums or provide better welfare or something. people are stealing milo for god's sake!

This is a scheme to buy more votes from middle income group

Like Maju's Sungai besi project. Option scheme to middle group people to own properties

yeah. but didnt wanna say hahah. chances are low income group wont take advantage of this like the middle income due to probably financial knowledge to leverage and risk on investment and such. but i guess those who are eligible, very lucky. 30k discount is awesome. can reno whole kitchen to signature kitchen

If im not mistaken, this scheme have already been applied in foreign countries like (UK & etc).
Maybe we can study this case in other foreign countries..(their impact,pros & cons & etc)

Flippers is not the root cause problem of property prices go up. Flipper just take advantage of demand to sell the property for a profit.

It is supply and demand, easy financing and low interest environment that attract the prices to go up.

Garis Panduan:
http://ehome.kpkt.gov.my/index.php/dl/5458...e6935775a47593d

got moratorium 10 years like RUMAWIP scheme which what I expected.

This post has been edited by gks: Apr 7 2016, 11:46 AM

then this is good for RUMAWIP buyers!

just curious, how do they know i renting out the house if i own one of government scheme property

I dont think they will care whether ur renting out or not. They didnt mention anyhting about own-stay. This is more for ppl who just want to buy a house. Much more flexible than the PR1MA housing nonsense

Haha absolutely man! For this almost everyone can qualify.. its crrrrazzzyy

So the condition is cant flip within 10 years of the purchase? Or cant rent out too?

this isn't pr1ma.. this is just a govt scheme to give out money to the homeowner to buy their first property. so far no T&c's given out. Maybe our fellow sifus can help search the net to find

if they can rebate 10% of my first house. then i will say i support. haahhahaha. consider it as my tax rebate. otherwise govt is just smacking tons of existing home owners in the face. people who just signed contract past few months for first home. really must kecian... i hope they put in the T&C, 'LHDN will perform audit on all applicants' for sure narrow the field. kekeke.

well that's malaysia isn't? can't complaint too much on this scheme where we see ALL the 7% bumi discount flying around...

yes.... dapat 30k

that time really gg

where are all the affordable housing that was promised?
built those and sell within the committed price.
enough of all these useless subsidies which just goes back to abuse.

shhhhhh. dont bring that up bro... im tongkating that one hahaha! but not great as can only sell to bumi also at below market price too my area all chinese, so might be really hard later if i wanna sell . i kinda regret for that. but better than nothing for poorfag ( <-me every time loan due). does that mean with new scheme can double tongkat? manyak lucky lah... i jeles cannot do rebate for 6 year old purchased home. im still within the threshold.



wonder about the fine print. hope some applicants can help put some major restrictions here. i really 100% wish for them to do the tax audit hahahah. mana tau gaji <10k and with panama account...

Hmm to encourage developers to take up, they are relaxing the ruling for 3% of GDV as deposit and stick back to RM 200K?!? Good job, all the hardwork from HBA to erradicate fly by night developers gone liao.

Thats true. People always ask for the 10% deposit as a show of good faith that the owner can pay up. Now if the owner can't even afford the down payment and buys up all these houses won't there be like thousands of auctioned properties in the next few years? Honestly, if you can afford to pay the down payment, you really shouldn't be buying a house

how rebate RM30k?

bank in direct to developer/seller account

wow, meaning government project or sub sales?? or selected projects only?

What I foresee is that property below 500K is going to see a surge in demand, because those who are earning 5K-10K and eligible to purchase property above 500K, may reconsider their option to purchase property below 500k instead, just to take advantage of the 30K subsidy.

Yes, increase in demand but cannot increase in price to fit the demand. Because if increase price then >RM500k not eligible for the scheme.

This basically left hand give to right hand....

Project Jalan = Gov get money frm developer
S&P, Loan, Stamp Duties, GST = Gov get money

end of the day if u bankrupt, u and bank problem. gov find all ways to extract money now.

Those whose current market price is already close to RM500k probably will not see much price increase (maybe just easier to sell), but those whose current market price around RM450k range might see an increase if demand for this segment went up.

Do you forsee a RM30k bump for properties between RM300k -RM470k?

both new development and subsale below 500k

u guys r wrong. young ppl want higher class condos 600-700k at least. this scheme is not as good as it sound. under 500k condo will be those more than 7 yrs apartment/condo. if they want it they would have bought no need to wait this rebate

for those just signed SPA last few month sure regret 99.

I think generally we might see a surge for property below 500k. But the biggest impacted segment might be properties around 500k. Think about it, if I'm currently surveying property whose current market price is around 500-550k, I would seriously reconsider my option now to look at property slightly below 500k just so I can take advantage of the 30k subsidy. So those seller whose current property market price just slightly above 500k, might be forced to reduced their price.

Apply to sarawak & sabah?

new dev and sub sale all rm499k... bbb

this will help up on those low price properties in small town...

They should provide more details, the 30K is act like a DP? Or Cash bonus? Anyone might know?

Althought this is still new

I would imagine it'd be something like a reimbursement from the government. So you would first apply to get the payment from the govt and then having seen the spa agreement then the government would pay the seller?

Not sure but giving away cash to "potential homeowners" doesnt seem to make sense

the problem is not the deposit. the problem is not many is within that salary range.

and those within that salary range, have higher expectation for their first house.

I think it will be to offset on down payment. If maximum downpayment is RM50k purchaser have to pay the balance RM20k.

Straight from Government >transfer> Developer/Owner's bank account

KRITERIA PEMBELIAN PROJEK PERUMAHAN YANG DIBENARKAN

Pembelian projek perumahan yang dibenarkan dibawah Skim MyDeposit ini adalah seperti berikut :

Projek perumahan baharu yang berlesen atau perumahan pasaran sekunder (subsale).
Harga pembelian adalah RM500,000 dan ke bawah; dan
Kelulusan pembelian bagi projek-projek perumahan swasta yang tidak mendapat subsidi insentif dana Kerajaan.

Source from :
http://sprn.kpkt.gov.my/sprn/content/mydeposit-write.html

i wonder if those who have paid the deposit, but havent sign the spa still can apply for this scheme

wow free money by the govt

this will increase the sales of property below RM500k

Faster BBB!

let say I sell off my property and I buy back below 500k consider 1st property?

Dalam mimpi mungkin boleh. But who knows. This is Malaysia. Malaysia Boleh ma.

Malaysia truly Asia

BBBBB

u think govt idiot izzit? hahaha...btw application before 30jun 2016..need to do fast lor

plus got recordla if u already bought a house..lhdn got record, ccris got, land office got, majlis got

yeah, there will be surge on property below rm500k, maybe at outskirt location, bear in mind the max given is rm30k, for the buyer not to fork out extra, they probably will buy up to rm300k property only

Too bad its pay directly to developer/seller. So even if Developer offer 10% Rebate, you still not able to get the "cash" 30K, can only reduce the loan amount. (if its new property)

If the developer offering 5% Rebate, then this 30K would offset to become 0 Downpayment. Seem like this is a good scheme..

Too bad its only for first house owner

I do not get it. 200mil budget. If everyone buy RM 200000 house, only 10000 people. Enought meh?


EDIT: OOPs 200 mil diff scheme. But, whoa this will cost gov alot.

This post has been edited by N1ck: Apr 7 2016, 09:11 PM

This would push up transaction for those soho/sofo/xoxo/designer suite etc properties no?

by the way isn't this a freddie mac / fannie mae in the making? giving out free money so people with little cash can buy? i hope bank negara doesn't drop their ball and join the party.

If you read clearly at KPKT website, it written Skim PEMBIAYAAN Deposit Rumah..

Pembiayaan is always use to refer to loans

Free money gov usually use word subsidi, bantuan, geran


So this maybe soft loan like PTPTN.. Need to pay back

i thought gov so good give tim, another terms for loan isnt?

We all know gov tactics

More info http://sprn.kpkt.gov.my/sprn/content/mydeposit-write.html

"Pemohon yang layak akan diberikan kelulusan bersyarat dengan tempoh 30 hari untuk menandatangani Perjanjian Jual Beli rumah yang hendak dibeli."

Does it means the application to MyDeposit shall be made after obtained a loan from bank, which later comes the SnP? So, for sub-sales house, buyer still have to pay 10% d/p first?

maybe just 1% booking fees and show to vendor the guarantee letter from gov upon signing the SnP..

GOVT is helping bankers to make money..haha

Any new news after 24 hours?

For the supporting document, any idea to get this Salinan surat tawaran /pengesahan daripada pemaju/penjual ?
We need to apply the bank loan before we can apply mydeposit?
What if the bank loan being approved and mydeposit being rejected? =.=

I have the same thought as well, on what criteria they approve and reject? since they have a funds capped at a limit, they can always tell you it's full..

Now already got 2500 applications.

http://www.nst.com.my/news/2016/04/137928/...received-so-far

Now already got 2500 applications.

http://www.nst.com.my/news/2016/04/137928/...received-so-far

haha free money who don't want. I bet if they were to queue up.. would prob be the longest line ever in malaysia

I have just submitted my application.
What worries me is the 10 years moratorium.

What happen if suddenly I no money and need to get rid of the property? Or maybe company transfer me to another state?

Ya, I also note that this is some thing like loan for 1st home buyer,

don't be so excited that gov give you FOC 30k pocket money

mean within such short period, 2500 ppl bought properties ?

Hi, mind to share how you obtain the surat tawaran?
Have u apply the bank loan before this?

They apply 1st only, not yet approved. Approval is another thing.

Obtain from salesman. "Letter of offer."
Actually i already got all the documents and have got bank loan approved. However was procrastinating signing SPA due to business trips.

Anyway i already sent. Not sure what Is ent correct anot though and not surr whether I can accept the 10 years no sell rule.

Hi, can i know how you get this one>> salinan Sistem Maklumat Rujukan Kredit Pusat(CCRIS) pemohon dan pasangan.?

may i know also is this confirmation letter>>> Salinan surat pengesahan majikan?

i not really sure.

Refer to the guide here. http://creditbureau.bnm.gov.my/reportobtain.html

For surat pengesahan majikan my company has a system which automatically prints out the letter(however mine did not state my relationship status so not really sure whether valid). Normally your HR should be able to make one for you

Tell them that you need you name, salary, duration of work, relationship status, position. Everything that is required according to the guidelines.

for the CCRIS, is it i have to print it out at Bank Negara?

May i know where u see the guideline for the surat pengesahan majikan?

Thank you ya!