The toll on living costs is at an all time high. You name it, GST on April Fool’s Day,petrol subsidy removal
and so on. However, there are also incentives provided by the government to help offset these soaring prices. Have a read and see if any of them are relevant to you.
The first 3 schemes are related to housing subsidies. Note that the Youth Housing Scheme(YHS) under Budget 2015 has not been implemented by the government. Stay tuned for more updates!
My First Home Scheme (MFHS) / Skim Rumah PertamakuKey Features
Up to 100% financing for residential properties to avoid 10% down paymentsHouse value between RM100,000 to RM400,000For owner occupation, not any other investment purposesEligible Buyers
Malaysian citizen/employees in the private sectorFirst time home-buyerIndividuals up to 35 years of age.Monthly gross income of single borrower: Not exceeding RM5000Monthly gross income of joint borrowers (family only): Not exceeding RM10,000Financing Requirement
Repayment of financial obligation must not exceed 60% of the net monthly income or maximum financing limit of the bank.Maximum financing tenure is 35 years, provided borrower’s age does not exceed 65 years at the end of the tenure.Installments payable via monthly salary deductionMYHOME SchemeKey Features
Offers incentives up to RM 30,000 per home unit10,000 subsidized unitsEligible Buyers & Financing Requirement
Malaysian citizens above 18 years oldFirst Home PurchaseMonthly Household Income must fit as follow:-
Youth Housing Scheme (YHS)Key Features
Provide loan amount of 100% of purchase price, RM500,000Provide 5% of purchase price to finance insurance (MRTT/MRTA)20,000 buyers only on ‘first come first serve’ basis50% of stamp duty exemption on loan and transfer agreementsMonthly installments of RM200 per month for 2 yearsEligible Buyers & Financing Requirement
Married youth aged between 25 to 40 years oldMonthly Household Income (Two persons) must not exceed RM10,000 per monthMaximum financing tenure is 35 years, provided borrower’s age does not exceed 65 years at the end of the tenure.Klinik 1MalaysiaWhat Is It?
Public clinics offering doctor consultation and common medicines for only RM 1 for Malaysians below 60 years old. Those above the age of 60 receives free medication. It also offers surgeries but at specific rates, far lower than private institutions guaranteed.
Where Is It?
Track down theclosest
Klinik 1Malaysia near you.
Child Welfare BenefitsWhat Is It?
Government subsidy of public sector nursery mainly for children. It solves working parents dilemma: Should one of us stay home and take care of the kids?
What are the benefits?
Monthly assistance of RM250 in nursery fees for parents with monthly income of not more than RM900.Monthly assistance of RM180 in nursery fees for parents with monthly income of RM5000 compared with RM3000 previously.Double rate of daily allowance for children in institutions under JKM from RM1.50 to RM3 for school-going children and RM 1 from 50 cents for those who yet exposed to schooling.Daily allowance of RM30 for senior citizens.ConclusionSome of the housing schemes may no longer be applicable as the quota might have been met but don’t worry! You still can get the best rates for loans in Malaysiahere
or stay updated with ourlatest articles
to remain financially savvy!
- See more at: http://loanstreet.com.my/learning-centre/government-subsidies-you-might-be-missing#sthash.yeEGUeKo.dpuf