No Bumi loans but buyers still have other advantages

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There are many schemes Bumiputera first-time homebuyers can tap into.

There are many schemes Bumiputera first-time homebuyers can tap into.

By Joseph Wong

josephwong@thestar.com.my

Bumiputera and Malay homebuyers can take advantage of the discount for Bumiputera-titled properties, but when it comes to loans, they are subjected to the same criteria as non-Bumiputeras.

To date, there are no specific loans given to buyers of Bumi lots and they have to contend with the current loans in the market. A check with several banks revealed that they have several packages available like flexi-loans, fixed-rate loans, Islamic loans and rent-to-own schemes.

Homebuyers are advised to approach several banks to find the loan that is the most suitable. Budget 2020 also provided a good initiative in helping youths gain their first home.

The scheme which is also widely known as Skim Perumahan Belia (Youth Housing Scheme) was extended by Bank Simpanan Nasional (BSN) is limited to 10,000 houses.

Homebuyers can borrow up to 100% of the purchase price and 10% is guaranteed by Cagamas. This will enable borrowers to obtain full financing and assistance via a monthly instalment of RM200 per month for the first two years. This scheme is valid until Dec 31, 2020.

Go with the bank that offers the best deal.

Go with the bank that offers the best deal.

 

Alternatively, there is the First Home Deposit Funding Scheme, which assists first-time homebuyers in paying the deposit for a home amounting to 10% of purchase price or a maximum of RM30,000 per unit for private housing and housing projects on the secondary market-priced RM500,000 and below.

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