Families get a roof over their heads

Government scheme allows middle-income earners to buy their own homes

KUALA LUMPUR: It was a dream come true when former spa employee Norjauharatul Wahidah Zakaria finally succeeded in buying a house in 2016.

“To be honest, I had not reached a stage where I could afford a roof over my head but then, I was thinking it was time to make an effort to buy a house.

“This is because house prices have been rising every year,” said the 32yearold Norjauharatul, who is now an executive at a private company here.

When Norjauharatul heard of the My First Home Financing Scheme – MyDeposit – that was launched in April 2016 to allow middleincome earners to buy their first home, she became hopeful.

In fact, she was among the scheme's early successful applicants.

By October that year, Norjauharatul has moved into her own house, a singlestorey, three bedroomunit in Bandar Kinrara, Puchong, with her husband and two children, aged six and eight.

“My dream came true,” she said. “It doesn't matter how big or small our house is.

“The important thing is that my husband and I, and our children have our own roof over our head,” added Norjauharatul.

The MyDeposit scheme – announced by Prime Minister Datuk Seri Najib Tun Razak on April 6, 2016 – is open to all Malaysians aged 21 and above.

It offers applicants a 10% financing or a maximum loan of RM30,000 for the purchase of homes costing RM500,000 and below.

Only those earning a monthly household income of between RM3,000 and RM15,000 are eligible for the scheme.

Priority is given to married couples who have yet to own their first home and cannot afford the 10% downpayment required for house purchases.

Universiti Utara Malaysia senior lecturer Muhammad Ridhuan Bos Abdullah said the MyDeposit scheme had made it easier and faster for young Malaysians to purchase their own houses.

“By putting a ceiling on the house price, it is targeting its financing at the right people – the middleincome group,” said Muhammad Ridhuan, who is attached to the university's School of Economics, Finance and Banking division.

He said the MyDeposit scheme was a continuation of other governmentsubsidised housing schemes, such as the 1Malaysia Civil Servants Housing, the 1Malaysia People's Housing, the People's Housing Project, the Federal Territories Affordable Housing and 1Malaysia PeopleFriendly Homes.

Applications for this year’s MyDeposit is open will close on Feb 18.

Interested applicants can register online at the National Housing Management System’s website at https://sprn.kpkt.gov.my/

By putting a ceiling on the house price, it is targeting its financing at the right people – the middle-income group. Muhammad Ridhuan Bos Abdullah