What Is Flexi-Rent2Own?
Flexi-Rent2Own is a programme which tenants may opt to purchase a unit of property at later stage after renting with Homevest Living for a certain period agreed upon by the scheme provider and tenants. The tenants could eventually convert their rental payment to ‘Homevest Living Credit’ as down payment to purchase a unit of property under the portfolio of Homevest Living.
Flexi-Rent2Own is a programme under which tenants may opt to purchase a unit of property at later stage after renting it for a certain period agreed upon by the scheme provider and tenants. The tenants could eventually convert their rental payment to ‘Homevest Living Credit’ as down payment to purchase a unit of property under the portfolio of Homevest Living.
- Flexibility: Couldn’t decide to purchase a unit now? No worries, you can always decide to purchase later without paying upfront commitment fee or signing any agreement now. As long as you are Homevest Living’s tenant, you are entitled for our Rent 2 Own Program. Stay now, own later.
- Zero initial cost: There’s no security deposit needed.
- You can convert up to 100% of your monthly rental into your down payment to purchase a unit later on.
- Low down payment fee. You can pay lesser down payment by converting your rental payment into down payment.
- Fully furnished. No renovation fees.
- Wide range of property collections to choose from Klang Valley and Johor Bahru.
Anytime during their tenancy period.
Upon renting a unit: Tenancy Agreement
Upon exercising option to purchase: Sale & Purchase Agreement
There will be 3 tiers of ‘Homevest Living Credit’ conversion incentive. Table below is an illustration of the incentive:
Yes, as long as tenant moves to any unit under portfolio of Homevest Living, the ‘Homevest Living Credit’ will be accumulated.
No, the ‘Homevest Living Credit’ shall not be utilised to offset the monthly rental payment.
No, the ‘Homevest Living Credit’ is not transferrable or assignable. ‘Homevest Living Credit’ may only be utilised by Homevest Living’s tenant.
None. As long as you are a tenant of Homevest Living, you will be entitled for Flexi-Rent2Own programme.
There will be no further commitment required and the Tenant can exit anytime as long as there’s no outstanding monthly rental payment upon the terms and subject to the conditions of tenancy agreement.
No. Nonetheless, Tenant shall comply with the terms and conditions of the tenancy agreement, including (without limitation) settlement of outstanding utilities charges and rentals owed if any.
- Tenant has selected the interested property (unit), to fill up booking form.
- Homevest Living to conduct financial analysis & to collect the complete documents.
- Homevest Living will assist tenant to apply for mortgage loan.
- Once tenant’s mortgage loan has been approved, Homevest living will appoint its solicitor to prepare the SPA for tenant to sign.
- Tenant may utilise the ‘Homevest Living Credit’ to offset the 10% down payment upon SPA signing.
- Vacant Possession & Defects Inspection of the unit upon completion of SPA.
- For Kuala Lumpur property, foreigner are require to purchase at minimum value of RM1 million.
- For Selangor property, foreigner are require to purchase at minimum value of RM2 million.
Other property that foreigner can’t own including:
- Properties built on Malay Reserved Land.
- Low and medium cost residential units as defined by the state authority.
- Properties distributed to Bumiputera interest in any development project as determined by state authorities.