KUALA LUMPUR: The Real Estate and Housing Developers' Association (Rehda) says one of the most notable 2025 Budget initiatives for the property sector is a RM900 million allocation for 48 Program Residensi Rakyat projects and 14 Rumah Mesra Rakyat projects.
Rehda president Datuk Ir Ho Hon Sang said this will go a long way in ensuring adequate housing for the B40 group.
He also lauded the government's aid aimed specifically at first-time homeowners, including tax exemptions on loan interest of up to RM7,000 for homes priced at RM500,000 and below, and up to RM5,000 for houses within the RM500,001 to RM750,000 price range.
Others are the introduction of the Youth Housing Financing Scheme by the Public Sector Home Financing Board (LPPSA) and the proposals introduced under the Housing Credit Guarantee Scheme (SJKP) for purchases priced up to RM500,000 on wakaf land.
Rehda also welcomed the introduction of the Step Up Financing Scheme of up to RM5 billion, targeted at youths, offers a lower repayment rate for the first five years, also under SJKP.
Additionally, Ho said the continued allocation of RM10 billion for 20,000 rakyat through SJKP will benefit potential homebuyers without monthly income statement.
"These efforts speak volumes of the government's intention to ensure homeownership for all people, and to financially assist youths who are just starting their career to purchase homes.
"The step-up financing scheme, in particular, is an initiative that Rehda has been asking for in various budget engagements over the years.
"We call upon financial institutions to also take heed of this move and introduce their own step-up financing schemes, thus allowing more Malaysians access to this innovative programme," he said in a statement.
Ho said Rehda also takes note of the Prime Minister's remarks on the need for improvements in easing the rakyat's access to the government by introducing online submission and appointment-setting processes.
He noted that as an industry with frequent engagements with both the state and federal governments at various levels and various agencies, Rehda looks forward to the introduction of such online initiatives in matters and processes related to housing submissions, as any reduction in time can help lower the cost of doing business.
"Rehda and housing developers as a whole have been in support of the Madani efforts, which we have indirectly contributed to for more than four decades via our provision of affordable housing as accorded by the government.
"We hope that the government will continue to serve all Malaysians fully, regardless of class and stature, for the creation of a more prosperous and robust nation that can compete with the developed countries," he said.