The Malacca state government has introduced the Malacca Youth Home Scheme (“RBM”) aimed at assisting youths who cannot afford their first home. This special housing scheme is an initiative of the Malacca State Department of Youth and Sports under the Communications EXCO, Multimedia, NGO, Youth and Sports Development portfolio with the collaboration of Malacca Housing Board to implement one of the Pakatan Harapan's manifesto.
It is also the first youth housing scheme in Malaysia.
Under the RBM Scheme, eligible and successful youths that eligible and succeed in received approval from the Malacca State Department of Youth and Sports can enjoy a 10 percent (10%) home purchase subsidy. The subsidies as well as legal fees and stamp duty will be funded by the developer.
The first phase, located in Durian Tunggal, Malacca, will be launched on March 22, 2019. During this phase, 104 units of houses worth RM180,000 (market price before subsidies) are open for application. The application form can be obtained from the Malacca State Youth and Sports Department, the Malacca Housing Board and the developer.
The requirements that applicants must meet are:
1) 18 to 35 years old;
2) Have a monthly household income of RM8,000 and below; and
3) A resident of Malacca or a permanent resident for five (5) years above in the state of Malacca.
The RBM scheme is believed to help the youth in buying a home and at the same time will not cause a spike in house prices or other negative effects on the state's housing market in general.
Please refer to the Malacca State Youth and Sports Department or the Malacca Housing Board for more information.