Government-linked company and urban developer UDA Holdings Bhd has partnered with Maybank Islamic to begin offering the bank’s HouzKEY home financing solution for its Evoke Residence condominium units.
UDA Holdings emphasised that this move is in line with the company’s commitment to introduce initiatives that promote and facilitate home ownership. It also hopes that this collaboration will ease the burden and provide alternative financial aid for its interested buyers.
To clarify, Maybank Islamic’s HouzKEY is an alternative home financing solution that caters to aspiring homeowners who are unable to purchase houses due to the high initial cost. Essentially a rent-to-own scheme, the solution allows individuals to rent their desired property for a specified period before having the option to purchase it at a pre-agreed price. It also offers other additional perks, including having to pay only three months’ worth of refundable deposit to secure your property, as well as getting to enjoy 100% financing.
The president and chief executive officer of UDA Holdings, Mohd Salem Kailany, commented that Maybank Islamic’s HouzKEY solution will allow individuals to own a home without having to save long for a high down payment. “As property prices increase from time to time, HouzKEY is the best option, especially for young people who are still renting or for first-time home buyers who find it difficult to provide a 10% down payment,” he said.
Meanwhile, the managing direct of Maybank Real Estate Ventures, Sally Lye, noted that the collaboration will help more Malaysians to own properties without having to worry about the high upfront costs. “We want to be the game changer in the market, and Maybank will continue to lend its support in home ownership programmes in Malaysia, in line with the bank’s mission in humanising financial services,” she added.
UDA Holdings’ Evoke Residence is a 35-storey condominium project located in Seberang Perai, and is priced between RM494,648 and RM541,380. With the HouzKEY financing solution, home buyers get to rent the units for five years before eventually purchasing the property.