More rent-to-own properties for first-time Selangor buyers soon

Government and central bank officials in concerted effort to promote home ownership in the state

Sunrise at the Ampang Hilir Lake Garden, Selangor, Malaysia. Syok2aje/Shutterstock

The Selangor state government will be discussing opportunities with Bank Negara Malaysia for first-time home buyers to obtain rent-to-own properties, The Sun Daily reported.

Discussions will focus on making prospective home owners take full advantage of the ‘Rumah Selangorku’ scheme, along with the fund for affordable housing under the central bank.

“We want to give more chances for first time house buyers to buy a comfortable home for themselves,“ said Haniza Mohamed Talha, Selangor exco on housing and urban living.

Selangor housing authorities currently offer property seekers the opportunity to rent public housing at MYR450 to MYR900 a month through ‘Smart Sewa’. Under the scheme, 30 percent of the net rent will be returned to the tenants: counting towards their downpayment for their first ‘Rumah Selangorku’ home.

More: Malaysian home ownership scheme extended until December

The Selangor Housing and Property Board has so far acquired 979 units to be rented out under the scheme.

In addition, Bank Negara Malaysia’s MYR1-billion (USD239 million) affordable housing fund has been expanded to include buyers who earn up to MYR4,360, effective 1 September. The programme, introduced in early January, originally covered only those with monthly incomes of less than MYR2,300.

The scheme has also been modified to let property seekers buy homes worth up to MYR300,000, up from MYR150,000.

Ambank, Bank Simpanan Nasional, CIMB Bank, Maybank, and RHB Bank, among other commercial banks, have participated in the scheme. The programme is scheduled to last until 2021.