What You Should Know About The #MyHome Program By @NajibRazak @mpkotabelud @GoTeamRD

A new milestone has been achieved today by the government when it launched the #MyHome Program to assist the rakyat in owning affordable properties around the country. This is In line with the Budget 2014 which was presented by the Prime Minister last year.

The purpose of this #MyHome program is to encourage the private sector to allocate and develop more affordable housing throughout the country. To avoid issues later where this affordable housing are developed in places that is far and not accessible, a committee will evaluate the location of the #MyHome program prior to approving its development plan. 

Enough about the #MyHome Program. By now i am very sure that most of you would want to know What Are The Schemes Available, Buyers Requirements, Developer Selection Criteria and Terms and Condition. Let me brief you in simple terms so that it will be easier.

Available Schemes

If you look at the table above, the the market price (Harga Pasaran) is higher than the Buyer Price (Harga Sebenar Pembeli). The difference is RM 30,000. Now this RM 30,000 is a sort of discount to the buyers where the government will absorb this RM 30,000. This is done in the best interest of the Rakyat, where they will be able to purchase a house below the market price.  The houses purchased also comes with other facilities such as:

• Parking
• Surau
• Community Hall
• Playground.

The houses are 800-850 sqft. with 3 bedroom and 2 bathrooms.  

Buyer Requirements

Now, to ensure only the target groups are buying the #MyHome properties, there are some requirements that has been set by the government. This is to avoid this program being abused by unscrupulous and irresponsible people. The requirements are:

1. Malaysian
2. Age 18 and above
3. First time buyers ONLY
4. 1 Household only 1 buyer/application
5. Household income is between RM 3000 - RM 6000 depending on scheme

The requirements are there for a reason and i am happy that it is there. We have to stop the "high class" people from buying a lot of properties and then marking up the prices. In the end the working "middle class" will not be able to own properties in the country. 

Developer Selection Criteria

 To avoid un-reputable and in-experience contractors from getting the job and in the end to avoid suffering of the rakyat, below are the developer selection criteria

1. Companies that are registered under the Law of Malaysia
2. Each developer will be given incentive of only 1,000 unit in a housing development project.
3. Project that was approved in 2014 or before can apply for the #MyHome Program
4. Priority will be given to private developers
5. #MyHome is to be developed on private land
6. Project that has obtained approval from state and local council. 

Terms and Condition

Now, i have already explained the background of this #MyHome program. The gist is that the rakyat will be provided affordable housing below the market price. Now, to avoid manipulation and abuse of this program (e.g. buying it a below market price and later selling it for a profit). A moratorium will be imposed to every house buyer. A moratorium is defined as a temporary prohibition of an activity.  In simple english term it means you cannot sell the house for a certain period of time lah. Below is the content of the moratorium:

1. Moratorium duration is 10 years
2. Moratorium clause will be inserted into the S&P
3. Moratorium is effective once the S&P is signed.
4. Property is only allowed to be transferred to 

How To Apply

Go to the website http://ehome.kpkt.gov.my/main.php and you will see three (3) numbers:

1. 03 - 8891 4322
2. 03 -8891 4317
3. 03 - 8891 4313

Call the numbers above and inquire on when will they release the forms for the #MyHome Program. Just be ready with all the required documents and fill up the forms accordingly. 

Note: If you have any queries what so ever regarding the #MyHome program, please leave a comment in the comment section and i will try my very best to assist and respond accordingly.