Maybank islamic rent to own houzkey propsocial 1
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(From left) Maybank Islamic CEO, Dato Rafique Merican; Maybank GPCEO, Datuk Abdul Farid Alias; Second Finance Minister, Datuk Seri Johari Abdul Ghanii; Maybank Islamic Chairman Zainal Abidin and Ketua Perbankan Global Dato Muzaffar Hisham officially launched #HouzKey, first bank-initiated Rent-To-Own Scheme

House hunters, you can now rejoice! Maybank Islamic Berhad has officially launched HouzKEY, an innovative product based on a rent-to-own scheme for public. Through the portal www.Maybank2own.com, you can now browse through a range of properties

by 12 established developers which include EcoWorld Bhd, SP Setia, Mah Sing Properties, Sime Darby Property, Gamuda Properties, UEM Sunrise, Selangor Dredging Berhad, and Mitraland. It is expected that 7 more developers will come on board by the end of this month.

HouzKEY has been designed to provide an alternative solution for home ownership through an innovative scheme which only requires 3 months rental deposit and the customer can immediately move into their dream house. They are given the option to purchase the property after renting for at least one year at a pre-agreed price.



The first such rent-to-own homeownership plan in the country, it’ll be fully enabled on a digital platform - with the application and submission of supporting documents in relation to this scheme are required to be made online.

Once an applicant chooses a property on its online portal and applies to rent it under HouzKEY, the Bank will provide a decision within 24 hours working day, following which the customer must make the 3-months rental deposit within 7 days. After the agreement is signed, the property is locked in at a fixed rental price for 5-years and the customers can migrate to Maybank mortgage seamlessly after 1 year of renting, or they can continue renting with 2% step up on the 6th year until their tenure end.

Maybank Islamic CEO Dato’ Mohamed Rafique Merican says that the Bank will continue to focus on creating more innovative Shariah-compliant solutions and developing products and services leveraging on Maybank Group’s strength and expertise in Islamic finance.

“We are constantly looking at introducing products which offer better value proposition to our customers. HouzKEY promotes financial inclusion by offering an alternative path to home ownership. We take pride that it is the first of such product offering in the market.”

He adds that HouzKEY is Maybank’s solution to the current challenge of home ownership and also the Bank’s way of supporting Malaysia’s national agenda on home ownership.

HouzKEY was launched on 23 November 2017 that was initially opened for Maybank employees. Since the launch less than 2 months ago, about 13,000 have visited the portal and 2,000 of them have indicated interest on the product. Close to 70% of them are from the target age group of between 25 and 34 years old.



(Edited by: Nisya Aziz, 17th Jan 2018)


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@wilsonwwws2 

Agree... the bank need to really verify all (not randomly selected) the supporting documents before approving any application. Nowadays, even the salary slip and bank statement, easily forged with the right equipment. 

Own dp small

But have you guys seen the Houzkey listed properties. I think it's more to the higher end side. If only they can come out with a project which is more on affordability.

Own dp small

I just awaiting for their upcoming supported properties which will be published in their website soon. Hope for more affordability

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@JohnL 

Yes... awaiting for their supported properties for other states other than Selangor and Kuala Lumpur.  Properties that are less than RM1500/month should hit the sweet spot for the masses.