{"id":49392,"date":"2021-09-09T11:56:30","date_gmt":"2021-09-09T03:56:30","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=49392"},"modified":"2021-09-28T09:28:04","modified_gmt":"2021-09-28T01:28:04","slug":"buy-property-2021","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/buy-property-2021","title":{"rendered":"Is This The Right Time To Buy Your New Home?"},"content":{"rendered":"

In partnership with<\/strong> \"\"<\/p>\n

A home is more than just a shelter. It\u2019s a place where memories are made, where friends gather, and where families grow. For some of us, it doubles as an environment for both rest and productive work. For the rest of us, it\u2019s a sanctuary to head home to after a long day.<\/p>\n

In other words, buying the right home isn\u2019t just a financial transaction – it\u2019s an investment in your quality of life.<\/p>\n

Unfortunately, the right home is out of reach for many of us. The median home price<\/a> in Kuala Lumpur is RM498,000, while the median monthly household income<\/a> in 2019 was only RM5,873. Imagine if you earned RM5,873 a month – if you could only save 10% of your income to buy a new home, it would take you around seven years before you could afford a 10% down payment for an RM498,000 home!<\/p>\n

On the upside, buying a new home could be much easier this year, thanks to low home financing rates and property incentives that are available in 2021. If you have been putting off buying a home due to financial reasons, this could be the year to make the move. Here\u2019s why.<\/p>\n

<\/span>Extension of Home Ownership Campaign<\/span><\/h2>\n

The Home Ownership Campaign<\/a> (HOC), which first ran throughout 2019, was launched by the government to help Malaysians afford residential properties. It was introduced again last year and was supposed to end on May 31, 2021. However, it\u2019s been extended again<\/a> until December 31, 2021.<\/p>\n

This is good news for homebuyers, as it makes buying a new home a lot more affordable:<\/p>\n

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<\/span>Low interest\/profit rate environment<\/span><\/h2>\n

It\u2019s also a good time to consider homeownership as the overnight policy rate (OPR) is at an all-time low of 1.75%.<\/p>\n

Here\u2019s why it matters: banks use the OPR to determine its Base Rate, and currently, the OPR is the lowest it has ever been<\/a>, which means that you\u2019ll enjoy lower monthly payments.<\/p>\n

<\/span>Affordable financing with Maybank Islamic HouzKEY<\/span><\/h2>\n

On top of the HOC\u2019s benefits and low home financing rates this year, there\u2019s something else that can make buying a home easier: Maybank Islamic HouzKEY<\/a>. This homeownership financing solution helps you buy your first or second home by offering full financing<\/strong> – no down payment required.<\/p>\n

It also offers these features to make homeownership more accessible:<\/p>\n