Incomplete Documents Main Reason Why MyDeposit Applications Are Rejected

One of the three main reasons applications of the First House Deposit Financing Scheme (MyDeposit) were rejected is due to incomplete documents.

This is followed by applicants who did not meet the minimum household income requirement of less than RM3,000 or above RM15,000, said Urban Wellbeing, Housing and Local Government Deputy Minister Datuk Halimah Mohamed Sadique.

The MyDeposit scheme aims to help the lower-and middle-income groups, with a household income of RM10,000 and below, to purchase their first home with incentives of up to RM30,000 to cover down payment and other initial home buying costs.

Another factor that led to the rejection of many applications is due to housing that had already received funds or subsidies from the state or federal government, such as Syarikat Perumahan Negara Berhad (SPNB), People’s Housing Program (PPR) and others.

Even after some applicants have received a conditional offer letter, the applications can still be denied, when checks revealed that one of the applicants, either the husband or wife, has already owned a house, Halimah, who is also Tenggara Member of Parliament, added.

“The applications from those who failed to get financing from financial institutions and failed to present the sales and purchase agreement were also rejected. The approved ones are for those who have managed to provide everything (documents) within 30 days, in which they have shown interest until they succeeded,” she said.

According to her, a total of 1,469 MyDeposit applications were approved as of last month, with a total payment of over RM39 million since the scheme was opened to the public on April 7 last year.

Some 2,871 applicants from a total of 6,298 applications were granted the conditional offer letters.

“Of the approved applications, those from Selangor are the highest with 1,989 applicants in which 519 applications are approved.

“This is followed by the Federal Territories, Penang and Johor. The government has also provided an additional RM25 million in allocation via the Budget 2018, compared to RM20 million last year,” Halimah said.

She hoped that the allocation for MyDeposit will be increased by the government to help more people purchase their first homes.

[Source]