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Property News

Minister: 20,000 first-time home buyers to benefit from increased financing guarantees

KUALA LUMPUR (July 28): A total of 20,000 first-time house buyers, will benefit from government guarantees of up to RM5 billion provided through the Housing Credit Guarantee Scheme under Syarikat Jaminan Kredit Perumahan (SJKP).
Local Government Development Minister Nga Kor Ming (pictured) said through the improvement, which provides financing guarantees of up to 120%, more people will get the opportunity to own homes.
He said the scheme is part of a financing programme under the collaboration between the Ministry of Local Government Development and the Ministry of Finance to help people with no fixed income, such as gig economy workers, business owners, traders or small entrepreneurs who want to buy a house.
He said this at the ground-breaking ceremony of the Rumah Selangorku project by Kumpulan Berjaya in Subang on Friday (July 27).
Prime Minister Datuk Seri Anwar Ibrahim at the launching ceremony of the Madani Economy initiative on Thursday announced that the government will improve the scheme by providing a financing guarantee of up to 120% of the price of a house, valued up to RM300,000.
Anwar said it would enable all home ownership costs to be covered through the loan, including the principal amount, legal fees, appraisal, and insurance fees as well as the purchase of furniture and renovation costs.
Nga said according to SJKP data, as of Jan 31 a total of 6,808 loans had been approved under the scheme and of that number, 65.11% or 10,945 successful applicants were in the age range of 35 and below.

Source: EdgeProp.my

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