Maybank HouzKEY Review Update 2021

There are some changes to the HouzKEY programme since I last reviewed it two years ago. In this update, I am going to mention the changes that I noticed.

Eligibility

First, the eligibility criteria have loosened. The maximum age for applicant and guarantors is 70 years old now, instead of 65 years old. Maybank does not require the minimum household monthly gross income of RM 5,000. From this page (Link), it seems like you can apply even if your monthly income is just RM 1,000, provided your guarantors’ income can support the payment.

Tenure

The tenure has been increased too. Instead of 30 years, it is up to 35 years or when the applicant turns 70 years old.

Payment

The rental payment date has also changed. The starting date of first payment is due on the date of moving-in or 14 calendar days after the date of the move in notice, whichever is earlier.

One side note is that there is no payment during construction.

Characteristics of properties

As of the time of writing. the monthly rental is from RM 1,500 – 7,065. The property size ranges from 550 – 3580 square feet. The land title is either commercial or residential. The property is either freehold or leasehold. You can check out the properties on this webpage (Link). There are 28 developers available on HouzKEY with properties in Johor, Kuala Lumpur, Penang, and Selangor.

How to apply for HouzKEY

Other than register your interest on HouzKEY and wait for the developers or agents to contact you, you can also make a booking directly with participating developer and apply for HouzKEY.

Conclusion

All the other things about the scheme should remain the same. The 3-month security deposit is refundable if you sign up for continuation with HouzKEY after the initial tenure.

If you do not have such a large amount of money to put as down payment, this might be a good plan to own a house. Or you could even use the opportunity to earn some money when you decide to sell the house after at least one year if the price is right.

*UPDATE on 12 June 2021:

I have received a comment from Hazri which concurred with what Jo and Ong said regarding the rental being higher than mortgage. Hazri is a HouzKEY buyer, and he said that the rental rate remains the same for the first 5 years but increases gradually every 3 years. I have asked for more information regarding his comparison, so hopefully we will see the full picture soon. Thanks to Hazri for sharing his experience.