Under the 12th Malaysian Plan (12MP), ceiling prices for affordable housing will be introduced in the resale market in order to control house prices, especially in the urban areas.
This is to ensure that housing remains affordable for the selected target groups.
Regulation will also be introduced to limit the purchase of affordable housing to only one for an eligible citizen, in order to increase the supply of affordable housing.
“A comprehensive database of affordable homeowners will be established to monitor homeownership,” the 12MP report read.
The 12MP was tabled by Prime Minister Ismail Sabri Yaakob in the Dewan Rakyat today.
The government will continue to prioritise providing better access to affordable housing to the rakyat by increasing access to house financing as well.
“The existing housing financing schemes will be improved to assist the B40 and M40 households to own houses,” read the report.
Rent-to-own programme will be expanded
The rent-to-own programme will be expanded to cover houses priced up to RM500,000, with an option to purchase the property within five years of renting it.
“In addition, the Fund for Affordable Homes and Youth Housing Scheme will continue to be provided in financing the purchase of the first house,” it said.
Meanwhile, households that own land can be assisted by the Housing Loan Scheme in order to build affordable houses.
A new financial model with more attractive loan packages will also be introduced to increase the take-up rate of the scheme. - Mkini
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