Friday, 22 November 2019,   24 Rabiulawal 1441H

 

YOUTH HOUSING SCHEME (YHS)

A Dream Come True For Married Youths to Own Their First Home

 

Kuala Lumpur, 1 October 2015 – Bank Simpanan Nasional (BSN) today officially launched the Youth Housing Scheme (YHS), a smart partnership between the Government, BSN, national mortgage corporation Cagamas and the Employees Provident Fund (EPF). The YHS, announced by Prime Minister Dato' Seri Najib Tun Razak under Budget 2015 is a scheme for married youths with a combined household income of no more than RM10,000 and is aimed at helping them own their first home. BSN, a Development Financial Institution and agency under the Ministry of Finance is the sole bank appointed to execute this scheme.

“Through the Youth Housing Scheme approved by the Government, BSN is ready to provide its service to fulfil the dreams of the young generation and to achieve the Government's aspiration. Therefore, I encourage young married couples out there to take this opportunity and submit their applications as the scheme is limited to the first 20,000 applicants,” said Tan Sri Abu Bakar, Chairman of BSN.

Following the scheme’s soft launch in July and as at 21st September 2015, 225 loans with a value of RM57.5 million have been approved. In total, the Youth Housing Scheme is offering loans for up to 20,000 borrowers, on a first come, first served basis.

“Adequate housing is a benchmark of a nation’s liveability and greatly contributes to the people’s wellbeing. The government has initiated many measures including the Youth Housing Scheme to empower our youth to own homes, besides also reducing the burden of economic challenges, and I am pleased that it is now ready for full-scale roll-out. The government is constantly working on new initiatives to counter economic uncertainty and financial difficulties, so I assure Malaysians that they can look forward to the announcement of more initiatives in time to come,” said Dato' Seri Ahmad Husni Mohamad Hanadzlah, Minister of Finance II.

The Youth Housing Scheme is open to married couples aged between 25 and 40 with monthly household income not exceeding RM10,000. BSN will provide home loans ranging from RM100,000 to RM500,000 with a tenure of up to 35 years or the age of 65, whichever is earlier. Both conventional and Islamic home loans are eligible with financing margin of up to 100% of the purchase price. Successful applicants also receive additional financing up to 5% of the purchase price for the cost of Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT). The loans are competitively priced and successful applicants will need to have a BSN GIRO or GIRO-i account.

Further aid is offered by the Government with monthly disbursements of RM200 per month for the first 2 years from the first disbursement to help the couples with their loan repayments. There will also be a 50% stamp duty exemption on the sales and purchase agreement as well as facility legal documents. Successful applicants may also utilise funds from their EPF 2 account for monthly loan repayments and other related expenses.

For more information on the Youth Housing Scheme, please visit BSN’s website at mybsn.com.my or contact BSN’s Customer Service Hotline at 1300 88 1900.

 

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Press Release