Under this rent-to-own scheme, the applicants can rent the property for up to five years. After the first year, they can have the option to purchase the house.
“The HBA fully supports the government’s decision to introduce the RTO, but it is best to lower the threshold to increase the number of buyers who will be able to buy the house they are renting. Finance Minister Lim Guan Eng, during the tabling of the 2020 Budget on Friday, said the government would work with the financial institutions to implement RTOs to help those who are unable to afford the initial 10% deposit and access to financing in purchasing their homes.
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