on Own It Now Scheme
What is the ‘Own It Now’ Easy Payment Scheme?
The ‘Own It Now’ Easy Payment Scheme is designed to enable purchasers to own a home and aid in their property investment journey. The scheme encompasses the following:
Pay RM2,000 upon confirming a unit. This is the legal fees and it is not part of the 10% down payment.
Sign Sale & Purchase Agreement (SPA).
Pay monthly down payment installments for 42 months (3.5 years).
Year 1: RM1,000 monthly installment
Year 2: RM1,500 monthly installment
Year 3 to half of Year 4: RM2,000 monthly installment
Apply for loan at the end of Year 3 of installment (Month 36). You have 6 months to get your loan approved (between Month 37 and Month 42).
Month 43 – Any excess down payment paid will be used for related deposit required upon Vacant Possession (VP). If you are purchasing the unit in cash, then you must settle the remaining amount (purchase price minus monthly installment paid for down payment) at Month 43.
If you apply for a bank loan, then you begin to service the bank loan’s monthly repayment.
After paying RM2,000, when do I start paying the monthly installment?
You begin paying the first installment upon signing the Sale and Purchase Agreement (SPA), which will be arranged by our lawyer upon receipt of the RM2,000 paid. Subsequent installments (second installment onwards) will be due on on the first week of every month.
Do I get the refund for the RM2,000 paid if I cancel the purchase before signing the Sale & Purchase Agreement (SPA)?
No. The RM2,000 paid is non-refundable, but ownership is transferable with a minimal fee.
Do I get the refund for the RM2,000 paid after signing the Sale & Purchase Agreement (SPA)?
No. The RM2,000 paid is non-refundable upon signing the SPA, but ownership is transferable with a minimal fee.
Upon paying RM2,000, when do I sign the Sale & Purchase Agreement (SPA)?
You will be advised by our appointed lawyer on the signing appointment, which will normally be scheduled not more than 14 days from receipt of the RM2,000 paid.
In total, how many monthly installments do I need to pay for the down payment?
There are 42 monthly installments for the down payment.
Is there a grace period for the monthly installments for the down payment?
The grace period is from the 1st to the 7th day of every month. After that, you will be issued a reminder to respond within 14 days, and interest will apply.
When must I start applying for the loan?
If you plan to apply for financing from a financial institution, you are advised to apply for a loan (based on the purchase price) at the end of Year 3’s (Month 36) installment for down payment and get it approved by Year 3.5 (Month 42). By Month 43, you will have to pay the outstanding sum (according to the schedule payment) for your unit, either by cash or bank loan facilities. For this development, Maju Kuala Lumpur has 7 approved EF panel banks (and more to come!). We will be more than glad to assist you towards securing a loan. Please check with our Sales Consultants for further details.
What if I can’t get a loan?
If you are not able to get a loan approved, you can transfer ownership with a minimal fee or get a co-borrower to help secure the loan.
Can I sell my unit when I am still paying the monthly installment for the down payment?
Yes. Units are fully transferable. A low admin fee of RM500 will be levied on each transfer.