Here’s the Deal with MyDeposit

Over the last years, houses in Malaysia have become increasingly unaffordable in the eyes of (the majority of) the population — particularly in areas like Selangor, the Federal Territory and Penang. According to Bank Negara, the greater part of 2015 saw a decline in home loan applications, so it makes sense that the government has initiated various programmes to alleviate the exorbitant prices of properties as well as assist first-time home buyers in being able to afford property of their own. One of the most recent initiative was announced in Budget 2016 and it’s called the First Home Deposit Funding Scheme, or more commonly, MyDeposit. Read on to find out if you’re eligible to apply (spoiler alert: if you earn more than RM10K per month — you’re not).

What Is MyDeposit?

Imagine your dream home is RM250,000. That means you’d have to pay RM25,000 upfront for the 10% down payment, not including the legal fees and stamp duties you’d also have to fork out. Pretty daunting, isn’t it? With the MyDeposit scheme, the government has allocated RM200 million in the budget to give eligible applicants in order to cover the cost of 10% of the property’s purchase price or a maximum amount of RM30,000 — whichever is lower. What that means for you is that you don’t have to be burdened with that RM25,000. Now you can save that money for the miscellaneous fees and home loan repayments.

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Who is it For, Exactly?

MyDeposit was created with the middle-income group in mind, particularly those whose income sits within the RM3,000-RM10,000 range. The exact criteria for eligibility is as follows:

– Malaysian citizen, at least 21 years of age (no max. age)

– Has a gross household income of RM10,000 or less

– First-time property buyer per household (neither you nor your spouse should have bought property prior to application)

– Able to obtain a loan from any financial institution in Malaysia

What Kind of Property Can I Buy With This Scheme?
  • Minimum property price: RM80,000
  • Maximum property price: RM500,000
  • New housing projects as well as sub-sale
  • Only residential properties that are privately owned and must not receive governmental assistance in any form (this is inclusive of properties covered by any other government home ownership initiatives)
  • Property bought under this scheme may not be sold for 10 years from the date of the SPA – this is to discourage those who purchase property only to ‘flip’ it and then sell
  • Additionally, buyer must be able to sign the S&P Agreement (SPA) within 30 days of (conditional) application approval
How Can I Apply?

Here’s the thing: the application deadline was 30th June, 2016. However, many signs lead to the fact that MyDeposit is expected to be a recurring fixture in the country’s future budgets. While you are unable to apply for the scheme at the current moment, we will keep this page updated with the latest information regarding MyDeposit (i.e. if/when applications open up again). You might also want to visit the official website of the Ministry of Urban Wellbeing, Housing and Local Government (KPKT).

What Documents Do I Need To Provide?

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  • A copy of your identity card, and your spouse’s identity card
  • A copy of your dependent(s)’ identity card/birth certificate
  • A copy of your marriage certificate/divorce certificate/death certificate
  • Your latest salary slip and your spouse’s latest salary slip
  • Your EPF statement/income tax statement, as well as your spouse’s EPF statement/income tax statement
  • Statutory declaration of your and your spouse’s total business income (must be verified by the Commissioner of Oaths)
  • Employment confirmation letter from your (and your spouse’s) employer stating your employment/service status, marital status, monthly salary and duration of service.
  • Letter of oath for self-employed applicant (if applicable)
  • Pension letter (if applicable)
  • Disability confirmation letter for you, spouse or dependent (if applicable)
  • Central Credit Reference Information System (CCRIS) (applicant and spouse)
  • Letter of offer from the developer/seller


Although the application deadline for this year has passed, there’s always a possibility for the return of MyDeposit, especially when it seems that the government is making it one of their top priorities to make buying homes more affordable for lower to middle-income households. In the meantime, you can start planning your home buying journey from browsing new residential projects at And don’t forget to follow our Facebook page to get updates about everything property related.