KUALA LUMPUR: Maybank Islamic Bhd’s Rent-to-Own (RTO) scheme, HouzKEY, is now open to the secondary market to cater to customers’ demand for a wider selection of properties under the scheme.
The bank said in its collaboration with the Malaysian Institute of Estate Agents (MIEA), it recently briefed 200 real estate agents based in Klang Valley to provide a first look on the HouzKEY scheme for the secondary market.
HouzKEY, which was launched to the primary market on January 15 2018, is the country’s first bank-initiated RTO scheme, which enables customers to kick start their home ownership journey with no down payment and only 3 months rental deposits.
It is the first such RTO product in the country and is fully enabled on a digital platform.
Once the customer chooses a property on the online portal and applies under HouzKEY, the bank will provide a decision within one working day, following which the customer must make the three-months rental deposit and sign the lease agreement within 14 days.
After the lease agreement is signed, the bank will purchase the property from the seller and the property price is locked in for the customers to enjoy full capital appreciation on the property price anytime.
Maybank Islamic chief executive officer Datuk Rafique Merican said real estate agents play an integral role in the real estate industry as they are the front-liners facing the properties’ buyers and sellers.
“As the RTO concept is relatively new in Malaysia, this briefing session is important to not just create more market awareness but to allow for a deeper understanding of the concept among agents to promote the product’s unique propositions,” he said.
Rafique said HouzKEY is targeted to aid first home buyers and upgraders to own a home with no down payment required as the Bank will play a role in purchasing the property from the seller.
Through the HouzKEY portal, the bank further facilitates linking these group of customers with pre-screened property agents and properties in the market to better match the demand and supply, he added.
Real estate agents can now submit their residential properties for listing on m2own portal (www.maybank2own.com) by emailing their request with relevant documents related to the property to m2own.list@maybank.com
The properties will have to undergo pre-assessment and seller’s consent prior to being listed on the portal.
The implementation of HouzKEY to the secondary market will be rolled-out in phases, with the first phase being focused on selected areas within Klang Valley.