Selangor, Maybank Islamic to offer Rent-to-Own scheme

Last update: 26/11/2018

KUALA LUMPUR, Nov 26 (Bernama) -- The Selangor state government, together with Maybank Islamic Bhd, will be offering a Rent-to-Own (RTO) home ownership scheme via the “Sewa Milik Selangorku” programme in the first quarter of 2019.

Menteri Besar Amirudin Shari said the state recognised that affordability was not just about building more affordable homes but also addressing the people’s woes in terms of providing the down payment to purchase a house.

“This partnership is the first of its kind between a state and a financial institution. We hope the Sewa Milik Selangorku programme will be a sustainable solution to assist the people in owning homes,” he said in a joint statement today.

Meanwhile, Maybank Islamic Chief Executive Officer Datuk Mohamed Rafique Merican said the bank planned to expand its RTO scheme, namely the Maybank Islamic HouzKEY programme, to include houses within the affordable price range.

“The RTO solutions offered is part of the bank’s value based initiative, namely giving viable and sustainable solutions to the current challenge of home ownership and also the bank’s way of supporting Malaysia’s national agenda on home ownership.

“That is why we are proud to be a part of this initiative with the Selangor state government to provide homes to first-time homeowners for properties not exceeding RM250,000 in value,” he said.

Customers can register at and will be contacted by the bank when the properties are available.

Only first-time house buyers who are either born in or been residing in Selangor for more than five years or are registered voters in Selangor are eligible for the programme.

The RTO solution is developed based on the Ijarah contract - a Shariah principle of leasing, providing a fixed 10-year rental payment and a locked-in property price.