Getting your first house is an exciting journey in your life. However, the prices for properties in Malaysia are expensive and unaffordable, especially for young working adults who have just started working. Fret not, with so many available schemes in Malaysia such as rumah prima selangor, RUMAWIP, Rumah Selangorku and so on, buying a house is an achievable milestone. This article will guide you through the application for Rumah Selangorku scheme.
First of all, the locations of houses under the Rumah Selangorku scheme are situated across Selangor. For the exact locations of the house, you will need to check the official website at Lembaga Perumahan dan Hartanah Selangor. Make sure you double check the location you desire before you submit the application online. Once you decided on your desired location, you will need to submit the relevant documents to the authority. The relevant documents are as follows:
After you submitted the relevant documents, you will need to wait. Your application status can be checked through the website. Successful applicants will be contacted through a letter of notification by the home builder to submit relevant documents required by LPHS. All the completed applications will then be submitted to LPHS by the developer for review and approval. Before they release an official offer letter to the applicant. Do note that successful application is subject to availability of units in the applicant’s selected location. As for applications with ‘pending’ status, it might mean that the documents submitted are not complete or the application did not meet the requirement set. All decisions made are final. Appeal of application will not be entertained for unsuccessful applicants. The validity period for the Rumah Selangorku Scheme application will last for only two years. Thereafter, all pending application date will then be removed. If you are still interested in applying, you will need to resubmit a new application. In conclusion, applying for Rumah Selangorku Scheme is not difficult. Make sure you plan your budget ahead before you make an application. After all, buying a house is a huge commitment that involves a huge sum of money. Most importantly, be realistic and stay within your budget.
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Are you planning to buy a house on your own? However, with the recent hike in property’s price over the years, it has become financially unaffordable for you to buy a house. There are many available schemes you can look into, such as PR1MA and so on. But with many restrictions, limitations and criteria such as age, income level and the balloting process, it is not easy to get selected. People who are not qualified for the homebuyer schemes could withdraw money from their EPF accounts to fund their downppayment. This article will guide you through the benefits of using your EPF to buy a house.
Withdrawing money from your EPF account to buy a house comes with benefits as well:
2. Affordable monthly installment Withdrawing money from your EPF accounts to pay for downpayment will help you release your financial burdens by paying lesser monthly instalment. 3. Save on housing loan’s interest rate You can use the money you withdrew from your EPF account to pay off the high interest rate and save the remaining interest cost to fund other miscellaneous costs. 4. Helping spouse You can pay for your spouse’s home loan and help reducing his or her financial burden. Withdrawing money from your EPF do come with some drawbacks as well, such as: (a) Retirement plan After withdrawing money from your EPF account to buy a house, your retirement plan will surely be affected. So make sure you have other retirement savings or plans before deciding on withdrawing money from your EPF account to buy a house. (b)Reduced dividend earning When you withdrawing a huge sum of money from your EPF account, you are also earning less from the dividend earnings of 5%-6% per annum. (c)Account 2 money withdrawal You are only allowed to withdraw money from Account 2 and not Account 1 where it holds majority (70%) of your monthly contributions. Buying a home on your own If you are buying a property on your own, you are allowed to withdraw the difference between the loan amount approved and the price of property, with an additional of 10% property’s price. Or you could withdraw all your money in Account 2, whichever that is lower and more than RM500. Buying with only cash and no loan If you are not applying for any bank loans and intend to pay with cash, your withdrawal limit would be the property’s price with additional 10% or all your money in Account, whichever than is lower and not lesser than RM500. Although withdrawing money from your EPF account comes with some restriction, do note that you are withdrawing the money mainly for one purpose, which is to make buying your first own home possible in Malaysia. If you have tried applying for homebuyer schemes but did not get qualified and you need help in funding, you can always choose withdrawing money from your EPF account. |
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