WHAT comes to mind when you think of owning a home?
While some of us might immediately be excited by the endless possibilities and memories to be made within four walls, as we get ready to let our inner creative shine with our interior designer hat on, others might be bogged down by the sheer amount of a down payment or perhaps the mind boggling navigation through the maze of property financing.
This might resonate especially for those who are looking for their first home, or in the market to upgrade to a second location.
While saving for a down payment might be natural, the possibility of us chasing the increasing appreciation of the local housing market, on top of ongoing financial responsibilities like student loans, car loans and rental, might be a stretch for any young homebuyer.
But what if we could skip the down payment process, find our dream home and obtain 100% financing all in a single platform?
Maybank Islamic HouzKEY aims to do just that, all while doing its part to bolster the national housing agenda.
Whether you are an independent working adult who is in the market for your first home or a newly married couple who need to upgrade to a bigger space to accommodate their expanding family, HouzKEY might just have something right for you.
A pathway to owning your home
Paving a new path for home ownership, the HouzKEY financing solution aims to make owning a first and second home for locals more accessible, by offering one of the lowest monthly payments available on top of its 100% home financing.
Besides that, the financing solution is available for properties offered by HouzKEY partnering developers, which include new launches, under-construction and completed properties.
HouzKEY is open to Malaysian citizens aged between 18–70 years old at the point of application, who do not have more than one home financing when applying.
How HouzKEY will benefit you
> Up to three guarantors: If you are just starting out earning your own money, this plan allows you to include up to three guarantors for a combined assessment to improve the success rate of your application. This could be anybody from your immediate family circle, including your spouse, parents, siblings and children.
> 100% financing: Under this scheme, you would get full financing when signing without the need for a down payment. However, you would need to provide a three-month refundable deposit, which is estimated to be some 1% of the property price.
> Low monthly payment: In line with the aims to make this an affordable first and second home, Maybank Islamic HouzKEY brings you one of the lowest monthly payment plan, with great housing rates to boot.
> Save more with HouzKEY: The scheme makes the entry cost lower which could be enticing and the push needed for young or new home owners just starting to dip their toes in the property market. Besides that, the monthly payment and total payment across five years is said to be lower, too. The table below illustrates a comparison between HouzKEY and mortgage based on a RM500,000 property under construction.
> No payment during construction: If you have found your dream home while browsing through its extensive catalogue, but it's still under construction, fret not. There will be no payment during the construction period, as the bank would assist in financing the cost during this period.
> Home Ownership Campaign rewards: In addition, you can also benefit from the government’s Home Ownership Campaign (HOC) stamp duty exemption for Memorandum of Transfer and for financing agreement on eligible projects. Also be privy to a 10% discount on primary market property, which could possibly be your dream home.
> It is all digital: With digitalisation being the new normal, Maybank shared that its HouzKEY process is digital. You can browse through eligible projects via its platform, visit virtual sales galleries at the developers’ websites and even submit documents for processing and financing all online. Better yet, in the comfort of your own home.
Interested in kickstarting your next adventure? Visit www.maybank2own.com for more information on eligible properties, including new launches, under-construction and completed properties.