The Sun (Malaysia)

NOTES FOR THE MILLENNIAL

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While a common purchase a millennial would first splurge on is a car, for transporta­tion when stepping into the working world, buying a house would most likely be the next significan­t purchase in a young person’s life, if not a wedding loan or, for the more enterprisi­ng, a business loan. As a matter of fact, while buying a car is considered a liability, buying property can become an income-generating asset, provided one knows how to make it churn profits.

In his book, Adis, who is a property consultant, author, writer, speaker and an entreprene­ur, highlights a recent finding conducted by the Asian Institute of Finance (AIF). Apparently, 70% of Gen-Y are facing money issues or are in bad debt. This is especially so with the rising costs of living, along with all the “basic necessitie­s” needed when stepping into the employment sector.

Says Adis: “The only way to beat inflation and currency depreciati­on is to invest in property. If you do not ‘lock’ yourself with a property now, you will forever be at the mercy of inflation and rising costs of living.”

But when does one even start to think about buying his/her first property, especially with prices continuous­ly escalating? While the idea of owning a property may sound like a far-fetched dream for many, Adis says help is aplenty

While last week we looked at the much talked about PR1MA, this week we look at My First Home Scheme, or Skim Rumah Pertamaku (SRP). The scheme announced in the 2011 Budget allows young owners to obtain 100% financing from monetary institutio­ns and banks via convention­al and Islamic financial schemes.

Terms and conditions: * 100% financing (no

downpaymen­t required). * Valid for residentia­l properties

in Malaysia only. * Applicable to Malaysian

Offered by the Malaysia Building Society Berhad, a subsidiary of the Employees Provident Fund (EPF), this scheme is exclusivel­y for firsttime house buyers. While the propositio­ns are attractive, payments still need to be made at the end of the day and interests and terms/conditions need to be met. With this, it is recommende­d that one review the schemes offered and commit to one where C] Announced in Budget 2016, this scheme aims to assist lower- and middle-income earners with household incomes of RM10,000 and below purchase their first home. Ideal for those trying to save up money to cover the downpaymen­t or first-time property buyers like millennial­s, who have just started off their careers and are credit worthy or have a clean financial slate (no debts and not black listed).

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