Rent To Own Malaysia
Photo by low yen yeing edgeprop my.
Rent to own malaysia. What is a rent to own scheme. After the contract period 30 of the rental paid by the tenant will be set aside and refunded as an incentive for the tenant to buy their own home haniza said. On october 11 2019 the malaysian budget 2020 was announced.
Photo by low yen yeing edgeprop my lum ka kay november 23 2017 updated 2 years ago. Rent to own for properties took off in the 1980s until today where millions of customers around the world choose rent to own. Lock in price on the current property value.
One of the plans shared by the government is the introduction of their rent to own scheme. The buyers will first rent the home that they are interested in purchasing for a set amount of time usually 20 30 years before exercising the option to purchase the property at the end of the contract period. Depending on the scheme you only need around 3 months rent to be eligible for the rto scheme which is significantly cheaper than a 10 deposit to own a home.
The government will be working with financial institutions for this scheme to assist those who are unable to pay 10 deposit and to secure the access of home purchase financing. Rent to own or rental purchase is relatively little known in malaysia but has been around overseas for decades. The tenant has the option at the end of the rental period to renew the lease or return the house.
983 rent to own scheme homes by 2020 under the programme they can rent the unit for only five years.
