Maybank Islamic opens HouzKEY to secondary market

KUALA LUMPUR: Maybank Islamic Bhd’s Rent-to-Own (RTO) scheme, HouzKEY, is now opened to the secondary market, a press statement from the bank says.

The move is to enable the bank to cater to customers’ demand for a wider selection of properties.

It is also working with real estate agents based in Klang Valley. The statement said these properties have to undergo pre-assessment and must have the seller’s consent prior to it being listed on the portal.

HouzKEY’s move into the secondary market will be rolled-out in phases, with the first phase being focused on selected areas within Klang Valley, the statement says.

The scheme was launched to the primary market on Jan 15 this year. It is Malaysia’s first bank-initiated RTO scheme.

Customers need to pay no downpayment. Instead, they are needed to pay three months rental deposits.

Under the scheme, after the lease agreement is signed, the bank will purchase the property from the seller and the property price is locked in for the customers to enjoy full capital appreciation on the property price anytime.

HouzKEY is targeted to aid first home buyers and upgraders. Its move to the secondary market will link customers with pre- screened property agents and properties in the market to better match the demand and supply.