How will i-Biaya help B40 and M40 groups secure housing loans?

Question

Accepted Answer

i-Biaya initiative facilitates housing loans for B40 and M40 groups through multiple schemes and expanded eligibility.

The i-Biaya initiative, a joint effort by the Ministry of Housing and Local Government (KPKT) and the Ministry of Finance (MoF), aims to streamline access to housing loans for the B40 and M40 income groups. This integrated approach consolidates various housing initiatives under one umbrella, focusing on ensuring the availability of affordable housing, assessing buyers' financial capabilities, and providing accessible financing facilities. The initiative introduces or enhances three key schemes: the Housing Credit Guarantee Scheme (SJKP), the My First Home Scheme (SRP), and the PR1MA Rent-to-Own (RTO) Scheme.
Expanded Housing Credit Guarantee Scheme (SJKP)

The Housing Credit Guarantee Scheme has been broadened to accommodate individuals who may not possess traditional salary statements. This includes those engaged in the gig economy or other non-traditional employment sectors, enabling them to apply for housing loans. The SJKP has been allocated RM3 billion, underscoring its significance in providing a financial safety net for loan applications.
My First Home Scheme (SRP) Benefiting Thousands

The My First Home Scheme, managed by Cagamas SRP Bhd, is projected to benefit approximately 25,000 applicants from the B40 and M40 segments. This scheme offers financing valued at RM5.9 billion. Eligibility for the SRP financing extends to individuals earning RM10,000 or less, allowing them to secure homes valued up to RM500,000.
PR1MA Rent-to-Own (RTO) Scheme Offers a Path to Ownership

PR1MA Corporation Malaysia offers a Rent-to-Own scheme designed to assist potential homeowners. Under this program, individuals can rent a property with the option to purchase it at a fixed price in the sixth year of tenancy. Maybank is providing the financing facilities for this particular scheme, making homeownership more attainable through a phased approach.
Synergistic Government Efforts to Boost Income

The government's broader 'Jamin Kerja' initiative plays a crucial supportive role for i-Biaya. This program aims to create 600,000 job opportunities with an allocation of RM4.8 billion, specifically targeting the B40 and M40 groups, including youths. By focusing on increasing income levels and enhancing job prospects, the 'Jamin Kerja' initiative directly addresses the financial capacity of these groups, enabling them to better leverage the housing loan facilities provided through i-Biaya.

Reading history

Hide →

This history is cleared when the page is closed.

How will i-Biaya help B40 and M40 groups secure housing loans?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends