The bank said on Monday Selangor is the first state to partner with it to offer another viable Rent-to-Own (RTO) solution under the programme.
“Those eligible can apply for the RTO solution through Maybank Islamic’s HouzKEY programme,” it said.
Maybank Islamic said the RTO solution is developed based on the Ijarah contract, a Shariah principle of leasing and will provide tenants with a fixed 10 years rental payment and lock-in of property price.
Under this programme, first time applicants will obtain 100% financing and pay low monthly rental.
From the monthly rental, 20 % of the rental amount will be kept by the bank as reserves, the total amount of which will be returned to customers at the end of the lease period of 10 years or earlier should they convert their rental into mortgage.
To recap, the Selangor government announced this programme in its 2019 State Government budget presentation last Friday.
This will address the growing demand of 120,000 registered applicants with Selangor Housing & Real Estate Board (Lembaga Perumahan & Hartanah Selangor).
According to Selangor Menteri Besar Amirudin Shari, the state recognises that affordability is not just about building more affordable homes but also addressing the rakyat’s woes in meeting the down payment of owning a home.
“This partnership is the first of its kind between a state and a financial institution. We are hopeful with the implementation of Program Sewa Milik Selangorku, this will be a sustainable solution to assist the rakyat in owning homes under the Selangorku programme,” he added.
Maybank Islamic CEO Datuk Mohamed Rafique Merican said when Maybank Islamic HouzKEY was launched in January this year for properties up to RM1mil, the bank had then made plans to expand the RTO solutions to include houses within the affordable price range.
“RTO solutions offered is part of the bank’s value based initiative (VBI) initiative, namely giving viable and sustainable solutions to the current challenge of home ownership and also the Bank’s way of supporting Malaysia’s national agenda on home ownership,” he added.
“That is why we are proud to be a part of this initiative with the Selangor State Government to provide homes to these group of first time homeowners for properties not exceeding RM250,000 in value,” he said.
This is our way of providing an alternative solution to Malaysians who genuinely want to own their first property but have financial challenges in coming up with the initial deposits. It is also very much in line with our mission of humanising financial services.”
The collaboration between Program Sewa Milik Selangorku and Maybank Islamic HouzKEY will kick off in the first quarter of 2019.
However, from this week, customers can register their interests at maybank2own.com and they will be contacted by the bank when the properties are available.
The minimum requirement is that customers must be first home buyers, born in Selangor or reside in Selangor for more than five years or voters of Selangor.
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