Date: 22 November 2018
Venue: Alam Harta Realty Office
Speaker: Mr Teh ( Maybank)
Maybank HouzKEY is the way home ownership is based on the Islamic concept of Ijarah. Among the conditions:
- With pay three months deposit
- Can choose a rental period, from 5 to 30 years
- Rental rates are the same for the first 5 years, and increase by 2% each year
- Maybank can inform you if you want to renovate the house
- Can buy or sell the house after the first year
The minimum rental period is 5 years. After that you have several options:
- Continue to rent: Rent goes up 2% for each subsequent year.
- Cancel to purchase: You can leave this scheme and no penalty is charged and the deposit will be refunded.
- Buy / sell house: You can buy a home for cash or by making a loan (without pay). You can even sell the house to a third party (which you can do after the first year).
(If you want to get out of the scheme before 5 years, you still have to pay for the remaining years.)