PETALING JAYA – The Housing and Local Government Ministry and the Finance Ministry today launched the i-Biaya initiative as part of the government’s efforts to facilitate housing loans to the M40 and B40 low-income groups.
Housing and Local Government Minister Datuk Seri Reezal Merican Naina Merican said that in line with the One Family, One Home objective, the i-Biaya initiative is an integrated step to align all initiatives under one roof.
“The ministry is implementing this initiative anchored on the availability of affordable housing in strategic locations and buyers’ capability, with advice from various stakeholders including Bank Negara Malaysia, as well as financing facilities for the B40 and M40 groups,” he said during the i-Biaya launching ceremony here today.
Three initiatives offered under i-Biaya are improvements on existing schemes, namely the Housing Credit Guarantee Scheme through Syarikat Jaminan Kredit Perumahan Bhd with an allocation of RM3 billion; the My First Home Scheme (SRP) by Cagamas SRP Bhd; and the PR1MA Rent-to-Own (RTO) Scheme by PR1MA Corporation Malaysia.
Meanwhile, Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said the Finance Ministry remained committed to maintaining access to financing, especially for B40 and M40 groups facing difficulties in obtaining housing loans.
“SRP is expected to benefit 25,000 B40 and M40 applicants, with financing worth RM5.9 billion.
“One of the contributing factors to this target is the government’s commitment to the ‘Jamin Kerja’ initiative, which targets 600,000 job opportunities, with an allocation of RM4.8 billion,” he said.
With a focus on job opportunities and upskilling among B40 and M40 groups including youths, the higher income derived would enable them to capitalise on the various house ownership schemes via i-Biaya, he said.
The SRP financing scheme will be open to those with incomes of RM10,000 and less for houses worth up to RM500,000.
Apart from that, the Housing Credit Guarantee Scheme is widened to enable those without salary statements or the required documents, especially those involved in the gig economy, to apply for housing loans.
PR1MA’s RTO scheme will benefit those interested in renting and buying later at a price fixed in the sixth year, through financing by Maybank. – Bernama, April 14, 2022
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