Malaysia’s First Rent-to-Own Housing Scheme Opens to Buyers

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Homebuyers in the Klang Valley can now apply for Maybank Islamic Bhd’s new rent-to-own scheme dubbed “HouzKEY”, which was announced and launched last November.

Entire procedure online:

  1. Choose property from 12 established developers, with 7 more coming on board
  2. Apply to rent house
  3. Receive bank’s decision within 24 hours
  4. Make 3 months’ rental deposit within 7 days
  5. Move into dream home
  6. Option to buy property after renting one year
  7. Pay fixed rental for 5 years, 2% step-up on 6th year until tenure ends

It is the first such rent-to-own homeownership plan in the country to be fully enabled on a digital platform, with the application and submission of supporting documents relating to this scheme to be made online, Maybank Islamic said in a statement.

The public can browse through www.Maybank2own.com portal for a range of properties by 12 established developers, including EcoWorld Bhd, SP Setia, Mah Sing Properties, Sime Darby Property, Gamuda Properties, UEM Sunrise, Selangor Dredging Bhd, and Mitraland.

Seven more developers are expected to come on board by the end of January.

HouzKEY provides an alternative solution for home ownership through an innovative scheme that only requires three months’ rental deposit and you can immediately move into your dream house.

Maybank2own.com

You are given the option to purchase the property after renting for at least one year at a pre-agreed price.

“Once an applicant chooses a property on the portal and applies to rent it, the bank would provide a decision within 24 hours, following which the customer must make the three months’ rental deposit within seven days.

“After the agreement is signed, the property is locked in at a fixed rental price for five years and the customers can migrate to Maybank mortgage seamlessly after one year of renting, or they can continue renting with 2% step-up on the sixth year until their tenure ends,” the statement said.

EdgeProp

Since the launch, 13,000 users have visited the portal and 2,000 have expressed interest.

Almost 70 percent of them are from the target age group between 25 and 34 years old.