Sin Hee Yang Property, BSN team up to facilitate bumiputera home ownership

SUBANG JAYA (Aug 15): Affordable housing developer Sin Hee Yang Property Group (SHY) has teamed up with Bank Simpanan Nasional (BSN) to enable easy home ownership for first time bumiputera homebuyers via the bank's Youth Housing Scheme (YHS).

The developer and BSN will come together to offer properties and financing at the Karnival Perumahan Bumiputera which will be held this weekend (Aug 19 and 20) at SHY's property gallery located at Taman Bunga Raya in Bandar Baru Salak Tinggi, Sepang.

"This is a good platform for the developer and the bank to raise awareness about the YHS that the bank is offering as well as the properties we have.

“We expect to see about 500 families visiting the two-day event,” SHY Property Group executive director Loo Chee Yang told TheEdgeProperty.com after a media briefing today.

“We have a total of 246 units for bumiputera homebuyers comprising one-and two-storey terraced and one-storey semi-dee homes priced from RM328,000 to RM500,000 for this campaign. They are in projects which are in 20%-70% stage of construction with take-up rates ranging from 30% to 65%,” Loo added.

He also highlighted that the projects are located in Salak Tinggi, Selangor which offer plenty of amenities such as the Sekolah Kebangsaan Kg Labu Lanjut, Dewan Orang Ramai Kg Baru Lanjut and Mitsui Premium Outlet.

To be eligible for BSN’s YHS, the applicant can be single or married, must be aged from 21 to 45 years old and is buying their first home with a household income that does not exceed RM10,000.

Successful applicants are entitled to a mortgage reducing term assurance/mortgage reducing term takaful financing up to 5% of the purchase price, RM200 monthly financing aid from the government towards their instalments for 24 months, 100% stamp duty exemption for property value of up to RM300,000 and financing of up to 100%.

On top of that, during the carnival, SHY will also be offering a low-down payment of only RM1,000, a special rebate of up to 10%, first three-months’ instalments to be redeemable from the developer; sales and purchase agreement, loan legal fee, stamp duty and other disbursements to be paid by the developer; and end financing of up to 100%.

All the promotions are subject to terms and conditions.

BSN deputy chief executive of retail banking Frederick Siew noted that BSN’s YHS will be able to overcome the challenges faced by first time homebuyers such as the down payment for their property.

“Imagine if a property is priced at RM500,000, a 10% deposit is RM50,000. They will have to pay that upfront in cash which is a huge sum of money. Since, we launched this scheme in October 2015, we have approved more than 3,000 housing loans from over 6,000 applications. That means almost 3,000 families have enjoyed the benefits offered by this scheme,” said Siew.