THE STAR. 11TH FEBRUARY: Bank Negara Malaysia (BNM) has been told to review home financing models to facilitate housing ownership for the middle 40 (M40) and bottom 40 (B40) income groups, says the Prime Minister.
Datuk Seri Ismail Sabri Yaakob said this was to ensure that financial institutions would ease financing access for the groups so that they would be able to purchase People’s Housing Project (PPR) and affordable homes.
“Focus should be given to direct purchase and rent to own,” he said in a statement after chairing the National Affordable Housing Counci via teleconferencing yesterday.
The meeting was also attended by Mentris Besar, chief ministers, Cabinet ministers, the Chief Secretary to the Government and the Governor of Bank Negara.
During the meeting, the Housing and Local Government Minister Local Government Minister and the Real Estate and Housing Developers’ Association Malaysia (Rehda) have been ordered to address the issue of rising cost of building materials and dominance of cartel in the construction industry.
“If it stems from Approved Permits, the meeting proposed that it should be open to all,” Ismail Sabri said.
He added that the meeting also listened to a presentation by BNM and Khazanah Research Institute on various current issues and data arising from the aspect of public housing as well as access to financing of affordable homes.
“The information will become the basis for the government to improve on its strategies for the construction of affordable homes and strengthening of relevant policies,” Ismail Sabri said.
The meeting also agreed to set a new direction for PPR that took into account the current needs, including adding a new component towards achieving the Liveable Malaysia agenda, he said.
“The construction of new PPR flats will take into account elements of connectivity, Internet access including fibre to the home, public transport network links as well as designs that are more economical and comfortable,” he said.
The National Housing Council also discussed strategies and preparation for the implementation of 500,000 affordable housing across the country throughout the 12th Malaysia Plan involving the federal government, state government and private developers.
Ismail Sabri noted that the Housing and Local Government Ministry had introduced the Home Ownership Programme (Hope) to see a more comprehensive ecosystem in the construction of homes, financial access as well as programmes that could help members of Keluarga Malaysia (Malaysian Family) own a house.
At the same time, the government expressed its commitment to provide affordable housing for the younger generation so that the group could own their own homes.
The meeting also focused on building more affordable houses in smaller towns and cities to increase the chances of them owning a house.