EcoWorld's New Stay2Own Scheme Lets You Stay In Your Dream Home Before Purchasing It
You get to lock in the purchase price for five years before deciding whether to buy.
Thinking of owning a home, but not sure if you're ready for the commitment or worried about making the wrong decision?
HOPE*, which is short for Home Ownership Programme with EcoWorld, offers two methods for you to start your homeownership journey today
Help2Own*, via a mortgage
This is a continuation of a campaign that helped more than 1,781 young homeowners and upgraders own their choice EcoWorld home from July to October 2018. With this programme, all you need is to pay only five percent of the property value and get a 70 percent loan from the bank, while the rest is taken care of by EcoWorld.
Stay2Own*, in partnership with Maybank
Stay2Own* is part of EcoWorld's newly-launched HOPE campaign, which aims to make home ownership more accessible for Malaysians. According to Dato' Chang Khim Wah, President and CEO of EcoWorld Malaysia, one of EcoWorld's main goals for this campaign is to help young people get onto the homeownership ladder faster.
"A good property is able to yield positive returns and substantial capital appreciation over time. As such, if we are able to assist the young to own a good home earlier, it will also enable them to accumulate wealth sooner," Chang explained.
With Stay2Own*, in partnership with Maybank, you will be staying in one of EcoWorld's homes with an option to purchase it within five years
When you rent a home, the monthly rental you pay is usually a sunken cost; it goes down the drain. However, with Stay2Own*, you have the option of converting at least 30% of your monthly rental into an amount that pays for the house.
How this works is Maybank will buy the house from EcoWorld and rent it out to you, while giving you an 'Option to Purchase' for five years. If, however, you decide not to buy after five years, you can walk away as if you've finished your tenancy with Maybank.
But the real attractive part of Stay2Own* is that you get to lock in the purchase price of the property for five years
That means if you locked in the price of the home at RM800,000, and its value increases to RM1.2 million after five years, your 'Option to Purchase' will be at the initial price.
In fact, you can exercise your 'Option to Purchase' anytime from the end of Year 1 up to the end of Year 5, giving you flexibility to decide when to buy. When you're ready to buy, it's as simple as switching to a traditional mortgage plan.
Stay2Own* is a one-of-a-kind programme that will benefit not just young people but upgraders who:
- Need time to build up their income to afford the 10% down payment
- Are not yet able to obtain their desired loan margin
- Require time to reorganise their finances before committing to mortgage
- Want to experience living in a new home before purchasing
Here are the main features of EcoWorld's Stay2Own*:
Low initial cost
You only need to pay 3 months rental deposit (refundable).
Low monthly payment
Your monthly payment would be similar to the market rental rate, making it very affordable for aspiring new homebuyers.
Stay first, buy later
You get to live in your dream home immediately and experience the environment for up to five years before making the big decision to buy.
Savings element from rental
At least 30% of your rental paid may be converted into savings when you exercise your 'Option to Purchase'. This will offset part of the purchase price of the home, making it more affordable to own.
Secure the property price and eliminate price fluctuation
You get to lock in the purchase price for the home TODAY. You can choose to exercise your 'Option to Purchase' between the end of Year 1 and end of Year 5, giving you the flexibility to decide when to buy.
EcoWorld's Stay2Own* programme applies to certain residential properties, and will be running for a period of six months until 30 June 2019
Find out more about how you can Stay2Own* your dream home with EcoWorld today