Malaysia My Second Home (MM2H)
What is the Malaysia My Second Home (MM2H) Program?
Malaysia My Second Home Programme is promoted by the Government of Malaysia to allow people from all over the world who fulfill certain criteria, to stay in Malaysia as long as possible on a social visit pass with a multiple entry visa.
The Social Visit Pass is initially for a period of ten (10) years (depending on the validity of the applicants’ passport) and is renewable.
My First Home Scheme
Skim Rumah Pertamaku (SRP) was announced in the 2011 Malaysia Budget by the Malaysian Government to assist young adults who have just joined the workforce, with a gross income not exceeding RM3,000 per month, to own their first home.
The Scheme allows young adults to obtain up to 100% financing from participating banks, enabling them to own their first home. This is in line with the Government's aspirations of increasing home ownership amongst the “rakyat”.
70% Max Loan for Third House
Bank Negara Malaysia is imposing with immediate effect the maximum loan-to-value (LTV) ratio of 70% for the third house financing facility taken by a borrower as it seeks to curb "excessive investment and speculative activity in the residential property market".
The central bank said on Wednesday, Nov 3 the move was expected to moderate the excessive investment and speculative activity in the residential property market which has resulted in higher than average price increases in such locations.
Residential property prices may see some correction this year
KUALA LUMPUR: Residential property prices may see corrections this year. Having escalated too quickly last year, property prices may soften for certain products in certain locations, said Swhengtee International Sdn Bhd founder and President Gavin Tee.
“It will depend on the type of property and location. You have seen prices rising since 2007, and last year’s level was especially high. Areas that don’t normally have high appreciation have also seen impressive capital gains. I expect some corrections this year,” he told The Edge Financial Daily at the Third Anniversary Swhengtee Property Talk on Wednesday.
At the talk, Tee advised participants that some “very hot” markets could overheat. He noted that property cycles in some so-called property investment “hot spots” were also getting shorter.
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