With buying a house continuing to be a struggle for young Malaysians, the Finance Ministry has urged young couples to take advantage of the recently launched Youth Housing Scheme.
Deputy Finance Minister Datuk Chua Tee Yong said that since its soft launch in July, the scheme had approved more than 200 applications out of the 20,000 opportunities available.
“We have only received about 500 applications so far and 273 were approved as of Sept 30.
“There are 20,000 spots available, and they are offered to those who fulfil the requirements, on a first-come, first-served basis.
“Probably many people are not fully aware of the scheme, so I hope more will find out about it and apply if they are qualified,” Chua said at a press conference here yesterday.
Announced under Budget 2015, the scheme is offered to couples between the ages of 25 and 40 earning a household income of not more than RM10,000, who are looking to buy their first home.
The price of the properties that they intend to buy must be between RM100,000 and RM500,000.
Successful buyers will receive a provision of RM200 every month from the Government for the first two years, to ease their burden.
There will also be a 50% deduction on the stamp duty for the sales and purchase agreement and legal documents.
The scheme is a partnership between the Government, Bank Simpanan Nasional (BSN), Employees Provident Fund (EPF) and Cagamas Bhd.
Chua said BSN was selected to manage the scheme mainly because of its wide outreach in both urban and rural communities.
“BSN has hundreds of branches nationwide and about 6,000 bank agents, including in rural areas. Those interested in the scheme can visit its outlets or surf the BSN website,” he added. - By The Star
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