KPKT Eyes To Reintroduce MyDeposit Scheme

·1-min read

The Ministry of Housing and Local Government (KPKT) is exploring the possibility of reintroducing the MyDeposit scheme by looking into a more sustainable and viable financing model.

Speaking at the Dewan Negara, KPKT Minister Datuk Seri Reezal Merican Naina Merican noted that while the scheme has already been stopped by the government, the ministry acknowledges that it had a significant impact on first-time homebuyers, particularly the youth, reported Bernama.

A total of RM86.386 million in financing have been extended to 3,105 families involving 127 housing projects since the scheme’s first implementation in 2016 until 31 October 2021, according to KPKT.

Reezal Merican revealed that records from the ministry showed that 2,257 or 72.6% of the applicants were aged between 21 and 35, 778 or 25% were 36 to 45 years old. and 70 applicants or 2.4% were aged 45 and above.

The minister made the statement in response to Senator Datuk Jefridin Atan’s question.

The MyDeposit scheme offered first-time homebuyers a 10% incentive of the house price or RM30,000, whichever was lower, for homes priced at RM500,000 or below. To be eligible, the applicant must have a household income of RM15,000 or below.

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