KUALA LUMPUR: The government will continue taking proactive measures in providing affordable housing for low and middle-income earners, said Prime Minister Datuk Seri Najib Razak.
Najib, who is also Finance Minister, said the uncertain economy and devaluating ringgit would not prevent the government from providing affordable homes for all Malaysians, in particular youths.
“According to Bank Negara Malaysia, a total of 2,114 loan applications were approved under My First House Scheme, amounting to RM430 million,” he said in Parliament today.
“Under the Youth Housing Scheme, 876 applications have been approved by Bank Simpanan Nasional as of Feb 29, amounting to RM215.5 million.
“It is the government’s responsibility to fulfil the housing needs of every household in the country, especially those who are in the low-income, middle-income groups.
“Despite the uncertain economy, caused by falling crude oil prices and devaluating ringgit, the government will continue to provide affordable housing for everyone, in particular youths.”
Najib was responding to a question by Shaharuddin Ismail (BN-Kangar), who asked on the number of youths who owned a house under the My First House Scheme, and whether there are efforts by the government to review requirements for youths to purchase their first homes.
Under the tweaked My First Home Scheme rules, they can immediately apply for loans to buy their first home
Earlier, they had to work for a minimum of six months before they qualified for loans.
He said the government encouraged government-linked companies to build affordable homes in the suburbs, provided there was efficient public transportation, to enable more youths to purchase their first homes.
Meanwhile, Najib said the number of rejected housing loan applications among youths had reduced from 30 per cent in 2012 to 20 per cent at the end of last year.
“The number of housing loans approved by banks is growing at a rate of 11.7 per cent, amounting to RM435.6 billion as of last year. Eighty-five per cent of the loans are for homes costing RM500,000 and below.”
Najib said dissatisfied Malaysians who had their housing loan applications rejected should seek advice from the Credit Counselling and Debt Management Agency.
Najib said the 2016 Budget reflected the government’s commitment to provide affordable housing by introducing various house ownership programmes for all levels of income.
Under the Budget, the People's Housing (PR1MA) will to build 175,000 houses which will be sold at 20 per cent below market prices, with an allocation of RM1.6bil.
A total of 10,000 units are expected to be completed next year. Syarikat Perumahan Negara Bhd will build 10,000 units of Rumah Mesra Rakyat with a subsidy of RM20,000 for each house through an allocation of RM200mil.
A total of 22,300 units of apartments and 9,800 units of terrace houses will be built under the People's Housing Programme (PPR) with an allocation of RM863mil to the Urban Wellbeing, Housing and Local Government Ministry.