Rehda lauds focus on B40 groups, first-time homebuyers
The Edge, 18 October 2024
KUALA LUMPUR (Oct 18): The Real Estate and Housing Developers’ Association (Rehda) Malaysia said that Budget 2025’s RM900 million allocation for 48 Program Residensi Rakyat projects (PRR) and 14 Rumah Mesra Rakyat projects will go a long way to ensure adequate housing for the B40 group.
“Rehda Malaysia lauds the focus of today’s Budget 2025 presentation, which paid attention to ensuring the sustainability of our economy, and equally on class issues to address poverty,” said Rehda Malaysia president Datuk Ho Hon Sang in a statement issued on Friday.
He added that the budget reflects “the Madani government’s priority in placing the lower income people first before all else”.
The association also welcomed the government’s aid in targeting first-time homebuyers.
These include tax exemptions on loan interests of up to RM7,000 for homes priced RM500,000 and below, and up to RM5,000 for houses within the RM500,001 to RM750,000 price range; the introduction of the Youth Housing Financing Scheme by the Public Sector Home Financing Board (LPPSA); the proposals introduced under the Skim Jaminan Kredit Perumahan (SJKP) for purchases priced up to RM500,000 built on wakaf land; and the introduction of the Step Up Financing Scheme of up to RM5 billion targeted for the youths, which offers a lower repayment rate for the first five years, also under SJKP.
Ho said that the step-up financing scheme is an initiative that Rehda had been asking for in various budget engagements over the years. “We call upon financial institutions to also take heed of this move and introduce their own step-up financing schemes, thus allowing more Malaysians access to this innovative programme.”
Meanwhile, the budget’s continued allocation of RM10 billion for 20,000 rakyat through SJKP will benefit potential homebuyers without monthly income statements, he said. “These efforts speak volumes of the government’s intention to ensure homeownership for all rakyat, and to financially assist youths who are just starting their career to purchase homes.”
The association also looks forward to improvements in terms of performing submissions and setting appointments online with the government, said Ho.
“As an industry that has frequent engagements with the state and federal governments at various levels and with various agencies, we look forward to such online initiatives to be introduced in matters and processes pertaining to housing submissions, as any reduction in time can contribute to reducing the cost of doing business.”
“Rehda Malaysia and housing developers as a whole have been in support of the Madani efforts, which we have indirectly contributed to for more than four decades via our provision of affordable housing as accorded by the government. We hope that the government will continue to serve all Malaysians fully, regardless of class and stature, for the creation of a more prosperous and robust nation that can compete with the developed countries,” he said.
(Web source: https://theedgemalaysia.com/node/730775)