HouzKEY

HouzKEY is an alternative home ownership solution. You can choose to rent a home from maybank2own with a given option for you to purchase the property as and when you are ready within the rental period.

To start this post, I will tell you all about my experience and full process of this HouzKey.

First of all, Maybank introduces its RTO scheme to cater to this segment of the society – HouzKEY.
HouzKEY allows the renter/buyer to rent a home for 12 months and after that, he/she has the option to purchase the home anytime at the pre-agreed price.
While a rent-to-own (RTO) scheme may seem like a new concept for Malaysians, it has been implemented overseas.
For example, Home Partners Of America, for those in the United States, is similar to HouzKEY – it’s a scheme that allows rental tenants to purchase a home within five years of renting.

I have applied this HouzKey 2 months ago.
I submitted all the required document to the website and it’s take around 1 – 2 business days for them to get back on the result.
They might asked to submit extra supporting document in order to make the application even more success.

From there onward, Maybank will prepare the Lease Agreement and I required to sign it (Guarantor also required to sign if apply with guarantor) within 14 days after it’s approve.
You will receive SMS and email regardless whether the application is success or being rejected.

My guarantor is not in KL for my case.
So I requested them to send the guarantor agreement part to my guarantor.
The guarantor required to sign the agreement with solicitor.
Afterwards, the guarantor agreement will send back to me and for me to bring to the Hub (Which is at Menara Maybank) to complete my signature part and pay the security deposit.

Basically, I’m currently waiting for Vacant Possession (VP) which based on the bank officer might take around 3 months.