Maybank Islamic opens HouzKEY to the public

KUALA LUMPUR: Maybank Islamic Bhd has rolled out HouzKEY, an innovative product based on a rent-to-own scheme, to the general public in Klang Valley beginning today. 

In a statement, Maybank Islamic said the public can browse through its portal for a range of properties by 12 established developers which include EcoWorld Bhd, SP Setia, Mah Sing Properties, Sime Darby Property, Gamuda Properties, UEM Sunrise, Selangor Dredging Berhad, and Mitraland. 

It is expected that 7 more developers will come on board by the end of this month.

HouzKEY has been designed to provide an alternative solution for home ownership through an innovative scheme which only requires three months rental deposit and the customer can immediately move into their dream house.

The customers are given the option to purchase the property after renting for at least one year at a pre-agreed price.

HouzKEY is the first such rent-to-own homeownership plan in the country to be fully enabled on a digital platform - with the application and submission of upporting documents in relation to this scheme are required to be made online.

Maybank Islamic said once an applicant chooses a property on its online portal and applies to rent it under HouzKEY, the bank would provide a decision within 24 hours working day, following which the customer must make the 3-months rental deposit within 7 days.

After the agreement is signed, the property is locked in at a fixed rental price for 5-years and the customers can migrate to Maybank mortgage seamlessly after 1one year of renting, or they can continue renting with 2% step up on the 6th year until their tenure end.

Maybank Islamic CEO Datuk Mohamed Rafique Merican said that the bank would continue to focus on creating more innovative Shariah-compliant solutions and developing products and services leveraging on Maybank Group’s strength and expertise in Islamic finance.

“We are constantly looking at introducing products which offer better value proposition to our customers. HouzKEY promotes financial inclusion by offering an alternative path to home ownership. We take pride that it is the first of such product offering in the market,” he said.

Rafique said HouzKEY was Maybank’s solution to the current challenge of home ownership and also the bank’s way of supporting Malaysia’s national agenda on home ownership.

Since the launch less than two months ago, about 13,000 have visited the portal and 2,000 of them have indicated interest on the product. Close to 70% of them are from the target age group of between 25 and 34 years old.