KUALA LUMPUR: A total of 34,868, or 87.6 per cent, out of 39,767 loan applications were approved for the youth provided through the Housing Credit Guarantee Scheme (HCGS).
The loans were provided under Syarikat Jaminan Kredit Perumahan (SJKP) from 2008 till Dec 31 last year.
The Housing and Local Government Ministry said RM5 billion was allocated in loan guarantees, which were then bolstered by an extra fund of RM5 billion under the Madani Economy framework.
"Under the 2024 Budget, the government agreed to increase the loan guarantee with an additional value of RM10 billion.
"This brings the total amount of housing financing guarantees provided by the government through HCGS to RM20 billion since its introduction," the ministry said in a parliamentary reply.
The ministry said this in response to a question from Datuk Adnan Abu Hassan (BN-Kuala Pilah).
"The ministry has never sidelined any targeted group, especially the youth, in providing various initiatives related to affordable housing access.
"Among the initiatives provided is the i-Biaya initiative HCGS.
Through this scheme, the government provides financing guarantees of up to RM500,000.
"The HCGS initiative provides financing guarantees for first-time homebuyers who do not have a fixed income or pay slips, such as those in the gig economy, including young individuals and those with moderate incomes.
"The financing is not limited to purchases of new homes only, but includes existing homes or those on auction."
Meanwhile, the ministry said under the 12th Malaysia Plan, the government had set a target to construct 500,000 units of affordable houses.
"As of Sept 30, 2023, a total of 274,258 units of affordable houses have been completed or are in the construction phase.
"This figure contributes to 54.8 per cent of the targeted 500,000 units of affordable houses."
The ministry said it would continue to actively provide various initiatives to ensure that every citizen has access to quality and affordable housing.