HouzKEY now open to secondary market

KUALA LUMPUR: Maybank Islamic Bhd’s Rent-to-Own (RTO) scheme, HouzKEY, is now open to the secondary market.

It said in collaboration with the Malaysian Institute of Estate Agents, it recently briefed 200 real-estate agents based in the Klang Valley about the HouzKEY scheme for the secondary market.

HouzKEY, which was launched for the primary market on January 15, is the country’s first bank-initiated RTO scheme, which enables customers to kickstart their home ownership journey with no downpayment and only three months of rental deposit.

It is the first such RTO product in the country and is fully enabled on a digital platform.

Once the customer chooses a property on the online portal and applies under HouzKEY, the bank will provide a decision within one working day, following which the customer must make the three-month rental deposit and sign the lease agreement within 14 days.

After the lease agreement is signed, the bank will purchase the property from the seller and the price is locked in.

Maybank Islamic chief executive officer Datuk Rafique Merican said through the HouzKEY portal, the bank would facilitate the linking of customers with pre-screened property agents and properties in the market to better match the demand and supply.

Real-estate agents can submit their residential properties for listing on the m2own portal (www.maybank2own.com) by emailing their request with the relevant documents related to the properties.