What is MyDeposit scheme?
The MyDeposit scheme was announced in Budget 2016. The MyDeposit scheme helps the lower-and middle-income groups (with a household income of RM10,000 and below) to purchase their first home. This is a good opportunity for those who struggle to save up enough money for the down payment (typically 10% of the property price). RM200 million has been allocated for the MyDeposit scheme. This scheme will help first-time home buyers cover the 10% of down payment (below RM30,000). The scheme is only limited to residential properties below RM500,000.
Who is eligible for the MyDeposit scheme?
- A Malaysian citizen
- 21 years old and above (No maximum age)
- First-time home buyer within one household family
- Earning a gross household income of below RM10,000 a month (This includes all income be it from employment, business, wage, commission, bonus and other allowances.)
- Purchasing a property priced at RM500,000 or less
- Eligible for a bank loan from any bank in Malaysia (credit worthy, not blacklisted, or bankrupt)
The supporting documents you need for the application are:
- A copy of your identity card
- A copy of your spouse’s identity card
- A copy of your child(ren) or dependent(s) identity card or birth certificate
- A copy of your marriage certificate/divorce certificate/death certificate
- Your latest salary slip
- Your spouse’s latest salary slip
- Your Employees Provident Fund (EPF) statement or income tax statement
- Your spouse’s Employees Provident Fund (EPF) statement or income tax statement
- Statutory declaration of your and your spouse’s total business income that is verified by the Commissioner of Oaths
- Employment confirmation letter from your employer stating your employment/service status, marital status, monthly salary and duration of service.
- Employment confirmation letter from your spouse’s employer stating your employment/service status, marital status, monthly salary and duration of service.
- Disability confirmation letter for you, spouse or dependent (if relevant).
MyDeposit scheme Application Date
- 15 December 2017 (10.00 am) – 15 February 2018
For more information
- MyDeposit Tel.
03-8891 4025/ 4026/ 4051/ 4057
- Website https://sprn.kpkt.gov.my/info/mydeposit