Exco: More Malaysians will benefit from increased access to home ownership

JOHOR BAHRU (Oct 14): Several initiatives involving access to home ownership announced in the 2020 Budget two days ago are believed will enable more Malaysians including Johoreans to finally own a dream home.

Johor Housing, Communications and Multimedia Committee chairman Dzulkefly Ahmad said the rent-to-own (RTO) scheme with a RM10 billion fund, for example, would solve two major issues faced by prospective buyers – unable to afford the 10% deposit as well as the difficulty in obtaining financing to make the purchase.

“The applicant under this scheme will rent the property for up to five years and after the first year, the tenant will have the option to purchase the house based on the price fixed at the time the tenancy agreement is signed,” he said in a statement here yesterday.

Meanwhile, the government’s move to extend the youth housing scheme for first home ownership from Jan 1, 2020 to Dec 31, 2021 was viewed as timely and a step forward for young people to be able to purchase their first home.

“The scheme is very helpful to young people as they can get 100% loan with a 10% (loan) guarantee from the government,” he said.

He also welcomed the move to lower the minimum price for foreigners to buy into the urban high-rise properties from RM1 million to RM600,000 as Johor recorded the highest number of unsold units in Malaysia.

“The Johor Land and Mining Office (PTG) is holding workshops involving various agencies before submitting a proposal to the state government on the minimum price for home ownership for foreigners,” he said.

Meanwhile, a joint statement issued by Johor Pakatan Harapan (PH), it welcomed the government’s decision to continue with the Johor Bahru-Singapore Rapid Transit System (RTS) project.

“We believe this decision is welcomed by the Johoreans who are working in Singapore, which are estimated to reach 300,000 people daily,” said the statement.

PH Johor said other budgets announced and involving Johor had proven the government’s concern over issues affecting the people in the state.

Among the announced allocations include RM42 million involving construction of the Sungai Segget Sewage Treatment Centre and RM95 million renovation of infrastructure and medical facilities at the Pontian Hospital.

Source: EdgeProp