Effective May 16 2018, Maybank Islamic Berhad’s Rent-to-Own (RTO) scheme, HouzKEY is now opened to the secondary market to cater to customers’ demand for a wider selection of properties under the scheme.
THE bank in collaboration with the Malaysian Institute of Estate Agents (MIEA), has recently briefed 200 real estate agents based in Klang Valley, to provide a first look on the HouzKEY scheme for the secondary market.
Real estate agents can now submit their residential properties for listing on m2own portal (www.maybank2own.com) by emailing their request with relevant documents related to the property to [email protected]
The properties will have to undergo pre-assessment and seller’s consent prior to being listed on the portal. The implementation of HouzKEY to the secondary market will be rolled-out in phases, with the first phase being focused on selected areas within Klang Valley.
HouzKEY, which was launched to the primary market on January 15 2018, is the country’s first bank-initiated RTO scheme, which enables customers to kick start their home ownership journey with no down payment and only 3 months rental deposits.
It is the first such RTO product in the country and is fully enabled on a digital platform. Once the customer chooses a property on the online portal and applies under HouzKEY, the Bank will provide a decision within 1 working day, following which the customer must make the 3-months rental deposit and sign the lease agreement within 14 days.
After the lease agreement is signed, the Bank will purchase the property from the seller and the property price is locked in for the Customers to enjoy full capital appreciation on the property price anytime.
The briefing was also attended by Maybank Islamic CEO Dato’ Rafique Merican and MIEA Secretary General Ms Chan Ai Cheng.
Dato’ Rafique said real estate agents play an integral role in the real estate industry as they are the front-liners facing the properties’ buyers and sellers.
“As the RTO concept is relatively new in Malaysia, this briefing session is important to not just create more market awareness but to allow for a deeper understanding of the concept among agents to promote the product’s unique propositions,” he said.
HouzKEY is targeted to aid first home buyers and upgraders to own a home with no down payment required as the Bank will play a role in purchasing the property from the seller.
Through the HouzKEY portal, the bank further facilitates linkingt hese group of customers with pre-screened property agents and properties in the market to better match the demand and supply.
Dato’ Rafique added that HouzKEY promotes financial inclusion by offering an alternative path to home ownership, and opening it up to the secondary market will allow the public a wider selection of properties to choose from.
According to the National Property Information Centre Residential Property Stock Report, as at the last quarter of 2017, the secondary market supply accounts for more than 90% of all stock within Kuala Lumpur and Selangor.
MIEA in a statement said it welcomed Maybank Islamic’s plans to extend HouzKEY to include residential properties in the secondary market.
It said with HouzKEY’s innovative propositions, real estate agents are offered more opportunities in the market place to close a sale as the eligibility for financing is assessed immediately for the interested buyers.
Since the launch to the primary market, there has been almost 1 million page views on the m2own portal.Close to 45% per cent of them are from the target age group of between 25 and 34 years old that show interest on the product.
Currently, the public can browse through by more than 20 developers which includes amongst others, EcoWorld Development Group Berhad, SP Setia Berhad, Sime Darby Property Berhad, UEM Sunrise Berhad, Gamuda Land Sdn. Bhd., I-Berhad, and Mitraland Group.