Why First-Time Home Buyers in Malaysia Should Act Now: Understanding the Advantages 🗸
Buying a home for the first time can be an exciting and daunting experience, but there are many benefits to being a first-time home buyer in Malaysia. Whether you're a young professional or a growing family, understanding the advantages of first-time home buying in Malaysia can help you achieve your housing goals and secure a bright financial future.
Let's dive in and discover why now may be the perfect time to take the first step toward homeownership in Malaysia.
First-time homebuyers in Malaysia can benefit from two government incentives: Skim Rumah Pertamaku (SRP) // My First Home Scheme. Through the SRP, homebuyers can receive a 100% stamp duty exemption for properties priced at RM500,000 or less through the Keluarga Malaysia Home Ownership Initiative (i-MILIKI) from June 1, 2022, to December 2023.
Additionally, the My First Home Scheme (SPR) provides qualifying first-time homebuyers with a 100% loan-to-value (LTV) ratio, meaning they can get a full loan.
Learn more: https://www.srp.com.my/
2. Lower interest rates for a first home loan
Some banks offer competitive interest rates. Borrowers can also make advance payments to lower their interests without making formal requests to the bank. Additionally, Cagamas SRP Berhad (CSRP) guarantees up to the first 20% on a 'first-loss' basis.
3. The flexibility of payment schemes
First-time homebuyers in Malaysia can have the flexibility of payment schemes such as the progressive payment scheme by choosing semi-flexi or full-flexi home loans. These types of loans allow for additional payments for the loan, and the interest can be reduced if the principal amount is paid off more quicker.
4. The capability to seek out diverse grants and subsidies
First-time homebuyers in Malaysia can benefit from various grants and subsidies. The Housing Credit Guarantee Scheme (SJKP) guarantees housing loans to eligible borrowers, including first-time homebuyers. The Perbadanan Pr1ma Malaysia Berhad (PR1MA) housing loan is also available to those without payslips. Other incentives include improved funding agreements with states and territories and financing terms to first-time homeowners. It is important to check each scheme's eligibility criteria and requirements before applying.
Source: Syarikat Jaminan Kredit Perumahan Berhad (SJKP)
Owning a home is an investment that can appreciate over time, providing potential long-term financial gain. With all these advantages, there's no better time than now for first-time homebuyers in Malaysia to make their move towards homeownership. Act now to secure your bright financial future and take the first step toward owning your own home.
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