KUALA LUMPUR, Oct 23 ― Owning a home is on top of many Malaysians' wish list. But taking that next big step in life from renter to homeowner is an overwhelming thought given that many first-time buyers or home upgraders are struggling to afford the overabundance of high-end properties in the Klang Valley.
EcoWorld aims to make this process less overwhelming through their latest Help2Own scheme, targetting first-time property buyers or families looking to upgrade into a bigger home.
All homebuyers need to do is to put down a five per cent down-payment and get a 70 per cent bank loan ― the rest will be taken care of by EcoWorld themselves.
Here are some common challenges Malaysians are bound to face when buying their first home, and how Help2Own can help ease these burdens.
Stagnant wages
It is a well-known fact that while property prices are increasing, salaries have remained stagnant.
Earlier this year, the Real Estate and Housing Developers’ Association Malaysia (Rehda) said stagnant wages was the reason why people aren’t able to afford homes.
Going back to a 2015 affordable housing report by Khazanah Research Institute, the housing market was described as “seriously unaffordable” with a median house price that was 4.4 times the median annual household.
Homeowners who are looking to upgrade to a bigger or better quality home may find it difficult to do so while keeping within their means.
With EcoWorld’s Help2Own flexible bank loan option, homeowners have the option of saving on interest* and paying more when they are financially able to afford doing so, instead of keeping to a fixed repayment plan that may be out of their current financial means.
Difficulty getting a loan
On top of hefty property prices, getting a loan from a bank might be a challenge for prospective home buyers. One way is to sort out your finances before applying for a loan to avoid the much dreaded rejection from the bank.
Alternatively, you can look for developers who have a help-to-buy scheme.
EcoWorld’s Help2Own housing scheme only asks banks for a 70 per cent loan margin which improves the chances of approval. The low margin also means you will have more cash in hand.
Down-payment
Forking out enough money for a down-payment is no easy task. Most banks require a 10 per cent down-payment of the property’s final price, so if your new home costs RM450,000, you’d have to come up with a down-payment of RM45,000 which is massive sum to save up for.
With EcoWorld Help2Own housing scheme on the other hand, buyers only have to come up with a five per cent down-payment instead of the usual 10 per cent.
Lifestyle choices
Taking that next big step to becoming a first-time homeowner is a commitment that would mean scaling back on lifestyle choices such as travelling, enjoying a fine dining meal or updating your wardrobe as often as you’d like. It’s a commitment that many hesitate to make.
With EcoWorld’s Help2Own scheme, owning a home becomes significantly more affordable, ensuring you won’t have to cut down on your quality of life (or the quality of your home).
On top of that, by locking in these low prices now homebuyers can be assured that their capital will appreciate over time.
Find out more about EcoWorlds Help2Own scheme that ends this Oct 31 at ecoworld.my/happenings/.
* T&C apply
This article is brought to you by EcoWorld.
