Blog

Intro

This is a summary of the sharing in Ebid Motor Sdn Bhd on 22 February 2022 concerning RUMAWIP’s eligibility , pros & cons of RUMAWIP ownership, cost of buying RUMAWIP, strategy for mortgage repayment & the process of of buying RUMAWIP.

What is RUMAWIP?

RUMAWIP is stand for Rumah Mampu Milik Wilayah Persekutuan rebranded as Residensi Wilayah Keluarga Malaysia is an affordable housing scheme providing comfortable, quality and affordable home to all Federal Territory citizen or Malaysians that is working in Federal Territory.​

Who is Eligible to buy RUMAWIP?

Government T&C for Applicants

• Malaysian age 21 & Above
• Born / Stay / Work in Federal Territory
• Individual Gross Salary of RM 10,000 or below (Married joint income of RM 15,000 & below)
• Must NOT own a house in Federal Territory (ownership by inheritance is allow)

General Bank Requirement for My First Home Scheme (110% Home Financing)

Applicant must not own a house or have an existing housing loan under his/her name.

DSR 60% or below

Gross salary of RM 5000 & below (applicable to most bank but NOT all bank)

Pros & Cons of Buying RUMAWIP

Pros

Upfront cost usually close to nothing (most of the time) & MOT RM 6,000 (RM 300,000 unit) waived for first time buyer

Price at RM 300,000 or below for a 3 Room 2 Bathroom 800-900 Sqft Condominium is a Value Deal

Average Monthly Loan Payment of RM 1200 for RUMAWIP is considered affordable

Most RUMAWIP project’s facilities is acceptable and attractive

Cons

Comes with only one parking

Buying additional parking lot is subject to availability and via own savings /  EPF AC 2 and NOT BANK FINANCING

Rental – Only allow to rent to Malaysian within 10 years after S&P is stamped.

Selling – Only allow to be sell

The Real Cost of of Buying RUMAWIP

Renovation -All RUMAWIP is sold as bare unit. It is equip with the wiring but not the fittings. Buyer need to set aside average of RM 15,000 for renovation.

Maintenance fee -The average charges for maintenance fee is RM 0.25 per sqft. A 800 Sqft RUMAWIP will be RM 200 per month. 900 Sqft RUMAWIP will be RM 225 monthly.

Electric Bill – This depends on your usage and please ask if it is residential title or commercial title! Commercial title is 2X the price.

Water & Indah Water – This is the least cost compared to the above.

Backup Plan for Mortgage Payment

As this sharing is in Ebid’s Workshop, I have suggested a backup plan for the employee to fall back on. As most of the audience are single, renting out the rooms in the RUMAWIP purchase can be an option to lessen the burden on the monthly loan payment. The if usually more applicable to the male owner as they can easily find male housemate that ride a bike (limited parking space).

Abandoned Project?

An attendee ask, can RUMAWIP be as one of the abandon project? The answer is YES. Will the government get involve? This is a government initiative from RUMAWIP to Residensi Wilayah to Residensi Wilayah Keluarga Malaysia; despite the rebranding and change of government; it was always gaining bipartisan support from all political parties. The government will always bail out RUMAWIP projects if any abandon!

Process of Buying RUMAWIP

The process of buying a RUMAWIP is differ from projects to projects. The traditional way is to apply through the government website which is quite a hassle as you need to upload quite a bit of documents or you can directly contact us as we handle all the processes for our client free of charge. We will still have to apply for approval from KWP and bank loan which we will assist from A to Z!