Govt spends close to RM40m under MyDeposit

Application results for the MyDeposit 2018 will be announced before the end of March


The government has spent about RM40 million under its First House Deposit Financing Scheme (MyDeposit) that has benefitted more than 1,474 people since April 2016.

The Ministry of Urban Wellbeing, Housing and Local Government said in a written parliamentary reply that from April 7, 2016, to Dec 31, 2018, the government has spent a total of RM39.55 million through the MyDeposit scheme.

The scheme is aimed at helping the middle-class households with income between RM3,000 to RM15,000 a month to buy their first homes under private housing projects.

Prime Minister Datuk Seri Mohd Najib Razak (picture), at the tabling of Budget 2018, agreed to continue the MyDeposit scheme with an additional allocation of RM25 million compared to RM20 million a year ago.

The increase in allocation is to ensure more people qualified for the scheme.

The ministry said since its inception on April 7, 2016, 6,298 applicants have registered under the scheme.

Out of all the applications, 230 registered to buy houses costing below RM100,000; 978 for houses ranging between RM101,000 and RM200,000; 1,791 between RM201,000 and RM300,000; 1,772 between RM301,000 and RM400,000; 1,382 between RM401,000 and RM500,000; and 108 for houses between the price range of RM501,000 and above.

The scheme’s third rolling plan — which offered a 10% financing, or a maximum loan of RM30,000 for applicants above 21 years old to buy houses that cost RM500,000 and below — was opened for application from Dec 15, 2017, to Feb 15, 2018.

According to the ministry, a total of 833 applicants would benefit from the latest round of the scheme.

The application results for the MyDeposit 2018 will be announced before the end of March 2018.

“At the closing date of the application, the ministry received about 2,414 applications through the National Housing Management System,” the written reply stated.

The government offers other schemes aside from MyDeposit to assist Malaysians in owning a home.

Among them are MyHome, Skim Pinjaman Perumahan, My First Home Scheme, BSN MyHome (Youth Housing Scheme), Rumah Selangorku and Perbadanan PR1MA Malaysia.