Latest news with #HousingCreditGuaranteeScheme
The Star
6 days ago
- Business
- The Star
Close to 500,000 affordable houses built under 12MP as of March
PETALING JAYA: A total of 492,360 affordable houses have been built as of March 31 of this year, says Nga Kor Ming. The Housing and Local Government Minister said that this means that Putrajaya has hit 98% of its target of constructing 500,000 affordable houses by 2025 under the 12th Malaysian Plan. "Up to March 31 this year, the Madani government achieved 98% of its affordable housing target, with 492,360 units in various phases of construction, including completed, under construction, and in planning throughout the country. "This commitment is implemented together by the federal government, state governments, and private developers," he said in a written Parliamentary reply dated July 31. Meanwhile, Nga said the Housing Credit Guarantee Scheme under the Syarikat Jaminan Kredit Perumahan Bhd (SJKP) has approved guaranteed loans totalling RM20.9bil based on 88,507 applications. "The SJKP allocations have also been increased by RM10bil this year, bringing the total allocations to RM30bil," he added. Nga also said the government is considering expanding the rent-to-buy scheme for the people's housing programme (PPR), considering changing trends where buyers are concerned about economic stability. "The rise in housing prices is due to various factors such as location, construction costs, infrastructure costs, land costs, compliance costs, as well as developer profits," he added. Nga also mentioned that based on the Basic Amenities Survey report 2022 by the Statistics Department, 76.5% of households in Malaysia own a home, while 20.3% are renting and about 3.3% reside in quarters. "The Ministry will continue efforts to ensure each resident has access to affordable, quality, and conducive housing," added Nga. Under the 13th Malaysian Plan unveiled last week, Putrajaya aims to build one million affordable housing units from 2026 to 2035.
The Star
31-07-2025
- Business
- The Star
Youth laud housing, skills push
IPOH: Young professionals have welcomed the 13th Malaysia Plan (13MP), which they say will address issues relating to cost of living, housing access and future-ready skills. In particular, they said the expansion of the Housing Credit Guarantee Scheme will support the goal of homeownership. Finance manager Kalvinderjeet Kaur, 30, said with the government backing part of the loan risk under the scheme, banks would more likely approve housing loans for borrowers, even if their income documentation is not perfect or if they lack a large deposit. 'I believe the move could reduce the burden of high down payments and open the door to better loan terms, such as lower interest rates and longer repayment periods,' she said. 'For someone in my position who values long-term planning, it offers a practical way to own property, build equity, and strengthen financial security.' Prime Minister Datuk Seri Anwar Ibrahim tabled the 13MP in the Dewan Rakyat yesterday, unveiling initiatives including the Housing Credit Guarantee Scheme that would be expanded to help more low- and middle-income earners own homes. Marketing executive Branjoe Lye, 24, described the 13MP as promising, especially in terms of its focus on tackling the rising cost of living issue and recognising the value of skilled workers. He said extending minimum wage to graduates and Technical and Vocational Education and Training or TVET workers is a good move as their skills are being acknowledged. 'But the real challenge is making sure companies follow through with wage enforcement,' he said. On housing, he said the improved access to financing is a step in the right direction but added that affordability remains a concern. 'If house prices stay high, then easier loans will not help much,' he said. Allister Davis, 26, an IT executive, expressed cautious optimism. 'The 13MP sounds good, but we have heard similar promises before. Execution is the real issue,' he said. He agreed that efforts to provide fair salaries for skilled youth and expand home financing are important, but said more attention must be paid to the actual delivery and impact. 'Science, Technology, Engineering and Mathematics, as well as artificial intelligence, are definitely the right move, but we need proper training,' he added. Ahmed Faazil Rahman Saiful, 28, a lawyer, said the initiatives under the 13MP are set to impact the legal profession across multiple areas. He noted that the extension of the minimum wage to graduates and semi-skilled workers, coupled with enhanced wage monitoring via the e-MASCO portal, is likely to lead to a surge in employment-related legal work. 'This includes drafting compliant employment contracts, advising on wage disputes, and guiding businesses on evolving regulatory obligations. 'The proposed legislation for gig workers under the Digital Economy Framework is expected to introduce new legal complexities surrounding employment classification, social protection and the rights of informal workers, thus creating demand for advisory and litigation services,' he said. Ahmed Faazil said the expansion of the Housing Credit Guarantee Scheme would spur greater activity in the property market, particularly among the low- and middle-income earners, resulting in more conveyancing work for legal practitioners. According to him, lawyers will increasingly need to be well-versed in digital law, data protection and tech-related contracts. He said the targeted creation of 1.2 million jobs in the manufacturing and digital sectors will likely fuel growth in commercial, compliance, and corporate advisory services.
New Straits Times
31-07-2025
- Business
- New Straits Times
13MP: One million affordable houses to be built between 2026 and 2035
KUALA LUMPUR: One million units of affordable housing will be built between 2026 and 2035 in the 13th Malaysia Plan (13MP). Prime Minister Datuk Seri Anwar Ibrahim said this will be done by cooperation the federal and state governments and private developers. "Initiatives such as the Housing Credit Guarantee Scheme will be expanded to enable more Malaysians, including those in the low and middle income groups, to afford home ownership," he said.
Sinar Daily
15-07-2025
- Business
- Sinar Daily
OPR cut boosts buyers' confidence
While this rate adjustment is a promising step, shifts in consumer behaviour and market response typically take time to unfold. 15 Jul 2025 02:02pm While mid-range and affordable homes may see the most immediate uplift, renewed interest in the high-end segment may also emerge, especially among upgraders or long-term investors seeking to take advantage of more favourable loan terms. - Bernama photo for illustration purpose only KUALA LUMPUR - Bank Negara Malaysia's (BNM) recent overnight policy rate (OPR) cut could create a more favourable lending environment and reinforce confidence for property buyers, according to PropertyGuru and iProperty Malaysia country manager Kenneth Soh. He said that while this rate adjustment is a promising step, shifts in consumer behaviour and market response typically take time to unfold. On July 9, BNM reduced the OPR by 25 basis points to 2.75 per cent, marking the central bank's first rate adjustment since 2023. - 123RF photo for illustration purpose only "This adjustment could mark the beginning of a more accommodating phase to support Malaysia's economic resilience. "With transaction volumes holding steady and buyer confidence gradually strengthening, the latest monetary move will likely help sustain positive momentum across the property sector,' he said in a statement. Soh said the lower OPR would directly alleviate financial pressures, making home loans more accessible and repayments more manageable. "Coupled with other measures, such as the Housing Credit Guarantee Scheme, the rate cut may coax hesitant buyers back into the market. Buyers who were on the fence due to steep mortgage costs may now see a realistic path to owning a home,' he said. He highlighted that the rate cut is an opportunity to rekindle sales efforts, especially in the mid-range and affordable segments where demand is expected to be most responsive. "Improved buyer sentiment and financing conditions may lead to an uptick in bookings and sales, encouraging developers to gradually roll out new launches or reintroduce existing offerings with more attractive financing incentives tailored to current market conditions,' he said. While mid-range and affordable homes may see the most immediate uplift, renewed interest in the high-end segment may also emerge, especially among upgraders or long-term investors seeking to take advantage of more favourable loan terms, said Soh. "Developers who offer value-driven products in well-connected, liveable locations will be best positioned to capitalise on this momentum,' he said. On July 9, BNM reduced the OPR by 25 basis points to 2.75 per cent, marking the central bank's first rate adjustment since 2023. This pre-emptive action comes at a pivotal time aimed at safeguarding growth amid moderate inflation, lowers the cost of borrowing across the board, and sends a positive signal to the property sector. - BERNAMA More Like This
The Sun
15-07-2025
- Business
- The Sun
OPR cut boosts property buyer confidence in Malaysia
KUALA LUMPUR: Bank Negara Malaysia's recent overnight policy rate (OPR) cut is expected to improve lending conditions and strengthen buyer confidence in the property market, according to PropertyGuru and iProperty Malaysia country manager Kenneth Soh. He noted that while the rate adjustment is a positive step, changes in consumer behaviour and market dynamics usually take time to materialise. 'This adjustment could mark the beginning of a more accommodating phase to support Malaysia's economic resilience,' Soh said. The OPR reduction to 2.75 per cent, announced on July 9, is the first adjustment since 2023. This move is seen as a pre-emptive measure to sustain economic growth amid moderate inflation while lowering borrowing costs. Soh explained that the lower OPR would ease financial burdens for homebuyers, making loans more affordable and repayments more manageable. 'Buyers who were on the fence due to steep mortgage costs may now see a realistic path to owning a home,' he said. The rate cut, combined with initiatives like the Housing Credit Guarantee Scheme, could encourage hesitant buyers to re-enter the market. Soh highlighted that mid-range and affordable housing segments are likely to benefit the most, with potential spillover effects on the high-end market as upgraders and investors take advantage of better loan terms. Developers offering value-driven properties in well-connected locations are expected to capitalise on this momentum. 'Improved buyer sentiment and financing conditions may lead to an uptick in bookings and sales,' Soh added. - Bernama
