Rent to Own is Finally Revealed! Is it your BEST Chance to Own your House?

We have heard about Rent-To-Own scheme some time ago, and it is now revealed by Maybank Islamic through it’s innovative product – #HouzKEY. What could be better than having the opportunity to own a house by renting it first? We often hear that owning a property is very challenging especially for fresh graduates or young generation, but most still wanting to own a property in long term as renting is deemed unsecured and owning a house is still one of the dream of every Malaysian.

Before we decide with the Rent-To-Own scheme, we must first understand that we want to own this house and it is not for those who think that rather than paying rent, I might as well choose this scheme so that I have an option in the future. The gap between Market Rental Rate and HouzKEY Rental Rate is too huge for discussion. (Example: Da Men Apartment, Subang Jaya; HouzKEY Rental Rate start from: RM 2908.40; iproperty Rental Rate start from: RM 1,500.00) For this reason, we will not discuss any comparison between this scheme and renting a house.

Few Key Features:

• Low Entry Cost – compared with the cost involved in purchasing a property. (3 Months Security Deposit)
• No Obligations to Own it – After a period of 5 years, we can choose not to take up the property and we are not in debt.
• Ride on Property Capital Appreciation – If anytime after a year, we can choose to “Sell it Off” should the price increased although we have not actually bought it. This is due to the obligation of the scheme to transfer it to the Scheme participant whether through cash out or taking up a mortgage.

Control measure well considered:

It seems to be a good opportunity for speculator again to ride on the low entry cost to get into the scheme with multiple units. However, in order to be eligible for this scheme, one MUST NOT HAVE more than ONE home financing which is one of the good measures to stop speculators.

The question is, what about multiple applications from a person? And, is application to this scheme also considered as a home financing? (Product Disclosure Sheet revealed that participation in this scheme will be reflected in CCRIS)

HouzKEY’s Rental Rate vs Mortgage Financing Rate

From the PDS, both are Effective Rate to be pegged against Bank’s Base Rate and 4.85% has been used for calculation (We are not sure if this is the Effective Rate for HouzKEY). Quick check with online comparison site shows that current rate for a typical RM 500,000 loan start from 4.20%) .

To make the comparison easier, PDS simulation shows a total payment of RM1,204,403 for a RM 500,000 property. We did a simple calculation with RM500,000 loan amount (assume 100% loan) with effective rate of 4.85% (as used in PDF), total amount payable will be approximately RM 949,846 (with tenure of 30 years). There is a difference of almost RM 300,000. This is due to the pre-determined purchase price to be agreed in the contract.

Should we opt for Rent-To-Own?

In our opinion, maybe one could search for 100% loan option available such as Graduate program. When all other options are not available, HouzKEY could be an option to consider.

However, there is one feature of the program that one should not overlook – Lock In Period. The minimum contract period is 5 years; Quick check in the FAQ section on m2own website suggests that if tenants decided to terminate the contract earlier, tenants are required to pay the rentals for the remainder of the lock-in period.

*Disclaimer – Information provided is based on information obtained from official site at the time of publish. Purpose of this post is to share the update in property market for reference only. One should always see a qualified personnel prior to any decision.

认清购买房地产程序，避免被骗！

购买房地产，尤其是属于自己的房屋是每个人梦寐以求的梦想。但，很多时候，一些买者因为不了解程序而赔上辛苦储蓄的金钱。所以，大家是有必要了解正常或一般的购买房地产程序，避免蒙受亏损。小编这一扁是针对马来西亚的程序。

1。先了解自己的财务状况。

在寻找适合的房屋前，有必要先了解自己财务状况就比较容易锁定适合自己的房屋。在了解自己的财务状况的两个重点。

（一）头期

一般上这等于房产价格的十八仙；也就是，如果想要购买的房产价格是700千，那么就必须准备70千。但，除了房产的头期，其实还有一些费用，比如买卖合约费用，转名费用，估价师费用，保险费用，等等。当然，有些费用是可以融入在房贷里。

（二）房贷每月分期付款

房贷可是现代我国家庭的一大开销。所以，在购买房屋前有必要大约理解每个月的分期付款数额。以最简单的算法（大概30年贷款），把每个月所能够付的数额乘200将是您适合贷款的数额。比如，每个月可以付款3000令吉，那么3000 x 200 = 600，000（贷款数额）。那么就应该寻找650千至700千的房产。（没有考虑银行贷款审核条件）

2。预定适合的房产

当有了适合的房产，首先必须预定。一般上是向发展商或透过地产经纪人购买。无论是透过哪一个管道，买者都会先预定。在预定时，双方都会签署一份预定合约/表格。在这时候，定金一般上介于房价的2%至3%。定金最好是以有记录的方法比如支票或转账，而且应该是转账至公司户口（发展商或地产经纪公司）而不是私人/个人户口。预定表格上除了产业地址，款式，买者，卖者等基本资料也必须注意一些事项：

（一）有效期

一般的预定表格都会限定有效期，也就是在几天内必须签署买卖合约。如不能在有效期内，签署买卖合约，卖者就可以取消然后卖给其他有意的买者。一般上有效期将会介于14，21或30工作天。

（二）取消条件/费用

第二个重要的内容既是如果买者在什么情况下可以取消这分预定合约。最普通的是申请不到房屋贷款，因为如果买者申请不了房屋贷款，那么就无法完成这交易。一般上，在有效期内，买者的贷款申请都被银行拒绝将使这预定合约都会被取消。（被银行拒绝就是买者已经把完整的申请移交了，但银行不批准）那么，在预定表格里，双方可以决定是否全数退还或将会收取手续费。

3。申请房屋贷款

买者可以透过地产经济介绍，或自寻银行，房贷顾问来申请房屋贷款。买者可同一时间透过任何管道向不同的银行申请贷款，但决不能通过不一样的管道甚至不一样的银行分行向同一家银行申请贷款。因为如果一家银行接到两份同样的贷款，银行必须先理请申请最后决定要哪一方代办申请手续才会进行审核。如果无法理请，那么将不会继续审核申请。到目前为止,申请程序是不需要付任何的费用。

4。签署银行献义信

当银行批准了申请者的贷款，银行将会发出一份献义信。这份献义信将列明贷款数额，贷款期限，利息，及所有重要的条件。所以，当申请者得到这份献义信就应该小心了解献义信的内容。如果申请者得到多于一分批准，那么可以比较哪一份较于适合自己。在签署献义信时也是不需要任何的付费，但如果签署后反悔就可能需要付某些手续费。当然，有些买者会在这同时购买房贷保险，那么买者只是需要付保险的保费。

5。签署房贷合约及买卖合约

一般上，买者会先签署房贷合约再签署买卖合约或是同时进行。两份合约可以由同一律师楼代准备或是两家分别的律师楼。在签署房贷合约时，律师将征收合约的费用及印花税。（在签署前，买者可以要求律师楼清楚解释费用）如果，申请贷款着把这费用加在贷款数额内，律师楼将不会向买者征收。而在签署买卖合约时，律师楼同样会向买者征收合约费用，转名费等。（这费用是不能加在贷款数额内）买者也必须清楚了解，即使卖者也是聘请同样的律师楼代办，那律师楼还是代表买者而不是卖者。所以律师还是要一买者利益为优先。除了合约费用，买者也必须在这时候还清10%的定金给于卖者。如果，在预定时，买者已付了2%，那么买者在这时候只需要付其余的8%。以上所有的程序都必须是在律师办公室，或是在律师（或代表）见证下完成。

切忌，如果在签署了买卖合约后，若买方无法还请其余的数额（自付或贷款），所有已支出的费用(律师费，估价费等）都无法取得退款。10%定金也即将成为赔给卖者在时间上的损失。在签署后，买者将会获得3+1个月的时间把其余的数额付给卖者。（如果已获贷款者，贷款银行必须在时间内把贷款数额付给卖者）3+1个月意味这3个月是合理的期限，如果已进入第四个月，那么卖者将征收利息。这是一般上的程序。在一些情况下比如不是永久地契或分层地契等的产业需要更长的转名时间，那么那将不会构成超出3+1个月期限的状况。（确实有个案是需要超出一年甚至更长的时间）

6。移交钥匙

等待一切手续完毕，律师将把钥匙移交于买方。所以，这可能要等上几个月或是更长的时间。买者如果是有需要在特定时间得到产业，应该在购买前向律师或合格房产代理了解。