HOPE (Link) is a programme from EcoWorld to help purchasers to buy a house, either as a first house or an upgrade. There are two schemes in this programme, namely STAY2OWN (S2O) and HELP2OWN (H2O).
STAY2OWN
This scheme is a partnership with Maybank HouzKEY. Most aspects of this scheme are the same as HouzKEY. However, there are some differences. The monthly payments are similar to the market rental rate, making it very affordable. Furthermore, at least 30% of the rental paid may be used to offset part of the purchase price of the home when the option to purchase is exercised.
HELP2OWN
Under this scheme, the purchasers will need to take a mortgage to own their dream houses. The buyers just have to pay 5% of the house price and secure a 70% bank loan. The remaining 25% will be handled by the developer. Nonetheless, this does not mean that the developer will absorb this 25% difference. This cost still falls on the buyer. From what I gather, the developer will make a interest-free loan to the buyer which has to be repaid within five years. However, EcoWorld may give some rebate on this amount.
Conclusion
Will HOPE help the homebuyers? I think so. The programme reduces the difficulty to own a house. However, there are some criteria to be met. HOPE is only open to first-time home buyers and upgraders who only have one housing loan. So, if you like a house offered by EcoWorld, maybe you can take advantage of this programme. Depending on your need, you may choose S2O or H2O.
