KUALA LUMPUR, 27 July 2023 – On 27th July, an announcement was made by the govt that up to 5billion Ringgit Malaysia in loan programs will be offered by it through the Housing Credit Guarantee Company (SKJP) to support the purchase of first-home.
The government then claimed that it has enhanced the SJKP loan program and is now offering a financing assurance of up to 120% of the purchase of houses’ price up to 300,000 Ringgit Malaysia. The 120% guarantee will guarantee that the cost of home ownership will be covered by loans, including the value of principle financing, legal expenses, valuation and insurance charges, in addition to the cost of home furnishings purchases and renovations.
A National Housing Action Plan that includes specifications home supply needs based on indicators, for example, the medium range of house price to modest income is being developed by the government ministry.
In an effort to address housing needs, public housing preparation has also started. This is in addition to market stimulation for rental.