The Ultimate Guide to Affordable Government Housing
Home prices have skyrocketed over the last few years, but the annual income doesn’t change much. In Malaysia, the average home price is nearing sky-high levels of Singapore and Hong Kong markets. Therefore, saving up to buy your dream home can seem like an impossible venture. On the other hand, paying off a mortgage for an expensive home can be a struggle.
Under the government’s watch, more and more private developers are building affordable housing to help meet the high demand. However, before you can commit yourself to make a purchase, you may want first to look up the developer and their track record. You can check their units on PropertyGuru Largest Property Portal in Malaysia.
If you’re a first-time home buyer, one of the best ways to ease the burden and achieve your homeownership goals is through one of the available housing schemes. There’s My First Home Scheme, whereby many banks have agreed to offer first-time home-buyers home loans with 100 percent financing. However, for you to qualify for this home loan, your total gross monthly income should not be more than RM10,000.
As a first-time homebuyer, you can also get affordable housing through PRIMA. This scheme aims to provide affordable and high-quality homes for middle-income earners. If you’re eligible, you can get up to 110 percent financing.
If you’re interested to learn more about affordable government housing schemes, look at the infographic below. The infographic includes detailed information about the qualifying criteria, the necessary documents, and other important information.
Infographic designed by PropertyGuru Largest Property Portal in Malaysia