KUALA LUMPUR, April 7— The First Home Deposit Funding Scheme (MyDeposit) announced by Prime Minister Datuk Seri Najib Tun Razak yesterday, is a very viable solution for first-time homebuyers to start building their asset base and own the roof over their heads.
Group Managing Director cum Group Chief Executive of Mah Sing Group Bhd Tan Sri Leong Hoy Kum said the eligible ceiling price under the scheme is RM500,000 with household income capped at RM10,000.
“This will directly benefit Mah Sing as 70% of our house buyers are first time home buyers aged below 40 years old,” Tan said in a statement.
Furthermore, he said, 50% of Mah Sing’s residential launches in 2016 would be priced below RM500,000, making half of its potential buyers eligible to apply for the scheme.
“Currently, there is a big supply gap of housing in Malaysia, yet most developers are scaling back on launches because buyers have difficulty in coming up with the differential sum, and at the same time they find it difficult to obtain end-financing,” he said.
Tan said this would further exacerbate the supply-demand gap which was growing every year and that all stakeholders, including developers, bankers, and the government, should work hand-in-hand to improve the situation.