Mydeposit scheme: Assisting middle-income first time house buyers


Mydeposit scheme: Assisting middle-income first time house buyers

The MyDeposit scheme launched by the government is to help middle income secure homes and provides incentives for developers to build affordable homes. This is to assist the household income of between RM3,000 and RM9,000.

How does it work?

The government will subsidise between RM3,000 and RM30, 000 for the purchaser. The purchaser need to submit the form for approval. It is not an automatic approval.

Based on the amount allocated only 6,667 will be allocated for this scheme and if everyone applied for the RM30,000 subsidy. Applications for the scheme can be made online at the National Housing Department.

Some conditions for approval are listed as follows:

1. Applicants must be at least 21 years old when application is made (no maximum age limit).

2. This application is for the purchase of first home per household.

3. Gross income of RM10,000 and below per month. Gross monthly income includes all forms of remuneration arising from employment or business (wages, salaries, commissions, bonuses, allowances and others).

4. Applicants must have the ability to apply for loan from any financial institution.

5. Eligible applicants will be given conditional approval and will requires to sign the purchase agreement within 30 days.


This scheme is not only applicable for new projects but secondary properties as well. An applicant is to prepare the following for submission to be eligible for the scheme:

• Identity card of the applicant and spouse • Marriage certificate / marriage certificate (if applicable)

• Handicapped / Disabled card or letter (if applicable)

• Letter of oath for self-employed applicant

• Confirmation letter from the employer

• Latest pay slip

• EPF statement or income tax return

• Pension letter (if applicable)

• Identity card / MyKid / birth certificate

• Letter of offer / confirmation of the developer / seller

• Central Credit Reference Information System (CCRIS) (applicant and spouse).



Since this is a new scheme, some questions were posed to me.

1. If my wife already owns a property, can I still apply?

The scheme is for the first time home purchaser only. Either party who owns a home is not eligible under this scheme.

2. Can I rent out the property after I have purchased it?

It is for own stay only.

3. After obtaining approval for the scheme, is it an automatic approval from the bank.

No. You will have to follow the bank’s approval criteria. You will have a slight advantage as the margin of finance is lower.


I believe that this scheme is a boost to the industry. I sincerely hope that the government will increase the allocation so that more Malaysians can enjoy the benefits.

Contact Miichael Yeoh at

DISCLAIMER: The opinion stated in the article is solely of Miichael Yeoh CEO & Founder of GM Training Academy PLT and is not in any form an endorsement or recommendation by Readers are encouraged to seek independent advice prior to making any investments.

This article was first published in the Malaysia June 2016 Magazine. Get your copy from selected news stands or view the magazine online for free at  Better yet, order a discounted subscription by putting in your details in the form below!

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