Oriental Interest Bhd (OIB) has partnered with Bank Simpanan Nasional (BSN) to introduce the latter’s Youth Housing Scheme (YHS) for its Seroja Hills Condominium Phase 2 project.
They announced early this week at the project launch that the collaboration is to make owning a property more affordable for first home buyers.
YHS aims to help married couples aged between 25 and 40 years with a household income not exceeding RM10,000 per month to own a home.
The 19-storey, 256-unit Seroja Hills condominium located at the developing Bandar Baru Salak Tinggi town in Sepang, Selangor, is expected to be completed in mid-2019.
Each unit offers a spacious built-up area of 1,096sq ft with three bedrooms and two bathrooms and is priced from RM320,000.
According to OIB, Seroja Hills is perfect for young couples looking to start a family as it is designed for modern living with facilities that include swimming and wading pools, futsal court, yoga hall and gymnasium, multipurpose hall, library, children’s playground and 24-hour gated and guarded security.
Beh Suan Sim, chief operating officer of OIB’s marketing division, said the partnership with BSN further supports its ambition of making homes more accessible for first time buyers as well as in line with government initiatives to enhance first home buyers’ affordability as tabled in Budget 2017.
Meanwhile, BSN said YHS is extended to the first 20,000 qualified applicants to buy either completed, under construction or subsale properties.
The bank 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.
Conventional and Islamic home loans are eligible with financing margin of up to 100 per cent of the purchase price.
Successful applicants will also receive additional financing up to 5 per cent of the purchase price for the cost of Mortgage Reducing Term Assurance or Mortgage Reducing Term Takaful.
Frederick Siew, deputy chief executive of retail banking at BSN, said challenges for first home buyers include the ability to pay the 10 per cent downpayment.
“This is where YHS helps young buyers with their first property purchase. Making home financing easier will encourage more people to buy houses, especially the younger generation.”