If you are still confused about what exactly Penang Affordable Housing Scheme is, and how to apply, this blog post is for you.
In this blog post, we will be discussing everything you need to know about Penang Affordable Housing Scheme.
The Penang government introduced an affordable housing category where the units will remain government properties under a leasehold plan. This will benefit low income earners to own a home with the option to upgrade to a larger unit in the future.
The housing scheme is not just limited to low or low medium cost units, but as mentioned, also apply to larger homes under the affordable homes category.
The home owner will have the option under the scheme to upgrade from the smallest unit to a bigger unit in a staggered fashion.
The main purpose of doing this, is to make sure, that low and low medium cost homes would always be available to meet rising demands. This will benefit applicants wanting to own a Penang residential property, especially on the island side.
- 750 square feet RM150,000
- 800 square feet RM250,000
- 900 square feet RM300,000
On mainland Seberang Perai
- 750 square feet RM150,000
- 800 square feet RM200,000
- 900 square feet RM250,000
For the Low Cost and Low Medium Cost Categories
- 650 square feet RM42,000
- 700 square feet RM72,500
Who are eligible for Affordable Housing?
It’s easy to become eligible for the Affordable Housing Scheme. The basic requirements are:
1. A Malaysian citizen
2. Registered voter in Penang and meet at least one of the following criteria:
a. Penang born, working in Penang
b. For at least 5 years from the date of application, the applicant should reside in Penang
c. A minimum of 2 years work experience with a Bachelor’s degree or diploma
d. Minimum 21 years old as on the date of application
3. Total household income, including husband and wife, not exceeding RM12,000 per month.
||Total Monthly Income Limit (Husband & Wife)
|Low Medium Cost
5. For Low Cost (LC) and Low Medium cost (LMC), you and your spouse must not own any property in any state in Malaysia. But for Affordable Housing applications, you and your spouse must not own any property in any state in Malaysia with only ONE exception:
- The property that the applicant currently owned should be a LMC or LC home.
6. If you are an applicant that falls under the talent and skilled category, you need to live in Penang for a minimum of 5 years
from the date you receive the keys to your own affordable home.
So what exactly is Talent and Skilled Group?
The talent and skilled group refers to the knowledge workers with Degree qualification. It also applies to Diploma holders with minimum of 2 years working experience from any recognized institute of higher learning.
To become qualified for this group, you must also work for a company registered and operating their business in Penang.
Keep in mind that if you are interested in buying affordable new housing developments in Penang below RM400,000, you must first register yourself with the State Housing Department of the state government. To register, you can:
- Download PN1 form and go directly to the State Housing Department at Komtar Level 3 to submit it, or
- Choose the Penang Property New Project that you like, and go to the developer’s office to fill up the PN1 form.
You have to go through the balloting process, and be subject to oversight by an independent auditing firm to increase transparency in the system, and to ensure the allocation is efficient.