KUALA LUMPUR – The Local Government Development Ministry has initiated some schemes to ease the financial burden of first-time homebuyers who purchase residences at high prices as the cost of living continues to rise.
In response to Onn Abu Bakar (Batu Pahat-PH), the ministry’s deputy minister Akmal Nasrullah Mohd Nasir (Johor Baru-PH) said prices for houses have shot by up to 4.1% while the people’s average income only increased by 2.1% from 2014 to 2020.
“According to Bank Negara Malaysia, the reasons that most Malaysians are unable to afford to buy houses on their own are that they have low income and have loans to be settled,” he said.
To tackle the imbalance between income and rising cost of houses, the deputy minister suggested that first-time house buyers utilise government-initiated schemes such as i-Biaya under the Home Ownership Programme, an initiative by the Finance Ministry and Local Government Development Ministry.
First-time homebuyers are also advised to make use of the Housing Credit Guarantee Scheme by claiming 10% of their house deposit from the bank.
This would help them pay the deposits, he said.
Akmal agreed with Datuk Idris Ahmad (Bagan Serai-PN) on the discrepancy between income and housing prices, although the ceiling price for affordable housing has been fixed at RM300,000, and said he hoped the schemes will help buyers in this issue. – The Vibes, February 2, 2023
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