HouzKEY is an alternative method of home financing by way of a lease arrangement based on Islamic concept of Ijarah (Lease) that provides the customer the option to purchase the property.
HouzKEY is specially designed to assist those who have difficulties in attaining home ownership due to the high initial cost. The key benefits of this product as compared to normal renting arrangement are:
The eligibility criterion are as follows:-
You can start by finding your dream home through the Search bar at the top of www.maybank2own.com. Once you have found your desired home, you may initiate the application process by clicking on the “Apply Now” button at individual property page and choose a specific unit for your application.
No, you can only choose the properties that are listed in our portal.
You are allowed to bring up to 3 guarantors to support your application with total household income of not less than RM5,000.
There is a minimum contract period of 5 years with options to renew every 3 years up to a maximum contract period of 30 years. The contract also comes with an option to purchase the property after servicing 12 months rental.
Under HouzKEY, customer would rent first with the bank and purchase as and when they are ready. Key features of HouzKEY:
Key features of HouzKEY:
Monthly rental is derived from Lease value and incidental costs (if any) that has been agreed upfront. Lease value is the value of property at the start of the Lease Agreement (Year 1). The monthly rental paid will help to reduce the initial Lease value and the Option Purchase Price from Year 2.
You are required to upload the following documents in your application:
No. If you would like to apply for a different property, you would have to cancel your existing application in “My Application” tab.
You can add your guarantor(s) by entering their full name (as per IC), IC number and a valid email address during application. Once your application is submitted, your appointed guarantor will receive an email & SMS from us for their next action. Should they agree to be your guarantor, they will be required to upload the following documents within 3 days from the date of our email:-
No amendment is allowed after submission.
You will be notified via email & SMS on your application status. You can also check your application status in “My Application” tab.
You are required to furnish the required documents to us as soon as possible within 3 days from the date of the email or system will auto close your application after 3 days.
Yes, it will be reflected in your CCRIS report.
You and your guarantor (if any) will have to come to our Hub (address as per email notification) for payment and execution of Lease Agreement and any other relevant documents within 7 days from the date of email notification.
You can make payment at our Hub via credit/debit card. Please ensure your credit/debit card transaction limit is sufficient for the payment prior to execution.
After you have signed the Lease Agreement, you will be notified for the Vacant Possession (VP) based on the completion date of the property. You are then required to make the necessary payments and collect the key within 14 days from the date of VP notice.
There are vacant possession-related charges, such as advance maintenance fees, sinking fund and utilities deposit, prior to move-in. Please refer to the email notification from us for instruction on payments.
You will be provided with a Move-in Checklist for your final inspection.
Your 1st rental is dependent on your move-in date. Please refer to the details as follows:-
|Criteria of 1st Billing Date||Example of 1st Billing Date|
|Move In Date||Due Date of 1st Billing||Move In Date||Due Date of 1st Billing|
|1st – 14th of Month||22nd of the same month||3rd April 2017||22nd April 2017|
|15th – end of Month||7th of the following month||24th April 2017||7th May 2017|
Payment for your monthly rental will be debited from your designated savings or current account via Direct Debit.
You are required to pay the rentals for the remainder of the lock-in period.
No, as stipulated in clause 13(f) in the Lease Agreement.
Yes, you can purchase the property by exercising your Option to Purchase at any point of time after servicing twelve (12) months rental period.
You shall notify us of your intention to purchase through “My Account (Inbox)” tab.
You can finance by way of mortgage or cash purchase.
It is an option for customer to choose not to purchase the property and instruct for the Bank to sell the property to a third party buyer. Customer will benefit from wealth creation based on the capital appreciation from the exercise of disposal to a third party.
You shall notify us on your intention to Cash Out through “My Account (Inbox)” tab. You may introduce a purchaser to us or we can assist to identify a suitable third party to purchase your property.
There will be no further payments required to us should you choose to exercise your option.
Yes. Your monthly rental payments will reduce the purchase price of the property over time. You may refer to the purchase price schedule in ‘“My Bills and Payment History” tab.
You can view your monthly invoice and yearly statement in ‘“My Bills and Payment History” tab.
You can change your contact details in “My Account” tab after you are logged into www.maybank2own.com
You are advised to update your profile as and when there are any changes to your details.
Please contact us immediately at 03-20708833 ext. 11612 or email us at email@example.com
You may self-reset your password at the log-in page in www.maybank2own.com
There are two (2) types of Takaful/Insurance coverage that are relevant for your property under HouzKEY:-
Your account will be terminated in the event of your passing. Hence, it is important for you to appoint a nominee to continue with your account and attain ownership over your property.
The nominee must be at least 18 years old and must have an intent and financial ability to continue with your account. You are required to notify your guarantor(s) (if any) on the appointed nominee.
After your HouzKEY account is active, you can proceed to appoint a nominee in ‘“My Nominees” tab.