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Housing affordability in malaysia

Various Housing Options in Malaysia

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Housing affordability in malaysia

  1. 1. Affordable Housing in Malaysia Aysha Maria
  2. 2. Deposit Financing for the First House  A new program has been introduced government by the Malaysian government in Budget 2016.  Known as First House Deposit Financing, this plan assists home buyers to make their first house down payments.  Around RM200 million has been allocated for this program, which is expected to be beneficial for approximately 20,000 to 30,000 buyers.
  3. 3. Exemption in Stamp Duty  Shariah-Compliant loans come with a 20% exemption in stamp duty for the purchase of a house.  Applicable from January 1, 2016 to December 31, 2017.  This scheme is to help ease the payment burden of home buyers.
  4. 4. PR1MA - 1Malaysia People’s Housing Program  The 1Malaysia People’s Housing Programme or PR1MA has been introduced to help the Rakyat or ordinary people afford a house.  The houses sold under PR1MA are cheaper in comparison to a house sold at the market rate. The 2016 budget has planned around 175,000 houses that will be sold at 20% below the market price.  Malaysian citizens with a monthly income between RM 2,500 and RM 10, 000 can avail a house through PR1MA. After getting a house through this scheme, a moratorium of 10 years is levied on the property, during which it can neither be transferred or sold without prior permission from PR1MA.
  5. 5. Programme Rumah Mesra Rakyat  Rumah Mesra Rakyat is a scheme introduced to assist low income groups such as farmers and fishermen, who wish to have their own house.  A total of 10,000 houses with a subsidy of RM20,000 have been allocated under this programme.  Applicants aged between 18 to 65 years, having a monthly income of RM3,000 and below can opt for this scheme.  The pricing for every house is RM65,000, out of which the government will be paying 2% interest on the loan subsidy.
  6. 6. People's Housing Programm e (PPR)  In order to solve house ownership problems for its citizens, the Malaysian government has introduced the People’s Housing Programme.  With an aim to meet housing requirements of the low income group, this scheme aids in the resettlement of refugees. Under this programme, around 22,300 and 9,800 units of apartments and terrace houses respectively, are under construction.  The houses will be priced between RM30,000 and RM35,000 per unit in the Malaysian Peninsular. In the provinces of Sabah and Sarawak, the price of per house will be approximately RM40,500.First-time home buyers aged 18 and above, with an income of RM2,500 or below (per month) can avail this scheme. Applications can be sent through the nearest city hall or district office.
  7. 7. Other SchemesOther Schemes The government has also allocated some funds in Budget 2016 for theThe government has also allocated some funds in Budget 2016 for the property sector. Here are a few of them for the construction of houses:property sector. Here are a few of them for the construction of houses:  RM60 million for Orang Asli communityRM60 million for Orang Asli community  RM40 million for the rehabilitation of abandoned public housingRM40 million for the rehabilitation of abandoned public housing projectsprojects  Exemption of stamp duty for rescuing contractors and buyers ofExemption of stamp duty for rescuing contractors and buyers of abandoned housesabandoned houses In a bid to assist citizens from loan income groups afford houses, theIn a bid to assist citizens from loan income groups afford houses, the government has introduced a number of schemes. However, apart fromgovernment has introduced a number of schemes. However, apart from this, it is also essential to do proper personal finance planning to helpthis, it is also essential to do proper personal finance planning to help save money in order to purchase a house in the future.save money in order to purchase a house in the future.

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