MyHome Scheme Explained

What Government Initiatives Are Available for First-Time Homebuyers?

Category: Step 2: Land Your Loan | Tags: Finance, Financial Assistance, Government, Incentives, Initiatives, Programs

If you’re a first-time homebuyer, fortune has decided to look upon you and smile because there are housing schemes set up by the government to financially assist you for your first home! One of my favorites is called MyHome.

MyHome is a government initiative that aims to help first-time homebuyers to purchase a home of their very own. It is also one of the government’s ways to encourage developers to build affordable housing too. The MyHome scheme offers an incentive of up to RM 30,000 per unit that will help cover your down payment! The repayment period for your loan will also be extended from 30 to 35 years. But it’s up to you to decide if you want this extension.

MyHome housing options vary with different features. They are usually equipped with amenities like a playground, Surau, community hall, and parking spaces! Right now, there are two versions of MyHome in action, with the key difference being the maximum price of a home. 

This initiative sounds amazing, so let’s take a look at the requirements set by the Kementerian Perumahan Dan Kerajaan Tempatan (KPKT).

If you’re thinking of applying (which you should), you’ll need to provide a copy of these supporting documents when you apply online via the System Pengurusan Perumahan Negara (SPRN) link:

I hope this little useful fact will help you find the best first home ever that suits your dream and pocket. If you’re not too sure where to start your house hunt that’s under this scheme, drop me a call and visit my sales gallery as I have a couple of homes you can look at.

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