PTHE Ministry of Housing and Local Government will provide a deposit of up to RM30,000 to young homebuyers who are looking for first-time affordable housing but are unable to qualify for a loan due to informal employment. Suggested.
The proposal, called the Madani Deposit Scheme, is part of the ministry’s Ministry of Finance proposal for next fiscal year’s budget, which Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim is expected to submit to Parliament later this month.
Housing and Local Government Minister Nga Ko Myint said the dream of home ownership seemed out of reach for many young people due to high house prices and the inability to secure long-term loans from banks. did.
“We proposed the Madani Deposit Scheme in Budget 2025. This is an important step in our efforts.”
Mr Ng revealed that 76.9% of Malaysian families currently own a home.
“This statistic we can all be proud of as it reflects the Government’s successful efforts in promoting home ownership across the country. But we are now focusing on young people – recent graduates. We must,” Nga said on World Habitat Day. The celebration was held at Armenian Park in George Town, Penang.
The theme of this global festival is engaging young people to achieve a better urban future.
With the emergence of the gig economy, where young people have no formal employer, the biggest hurdle facing many working adults, especially those in non-traditional employment, is not the price of housing itself, but the difficulty of securing housing. Mr. Nga said. debt.
“Many young workers are in a precarious position, lacking the financial documentation and stability that banks need to approve loans.
“This is where the Madani Deposit Scheme comes in. Under this initiative, the government will provide a deposit of up to RM30,000 for homes priced below RM500,000.”
This greatly reduces the financial burden for young buyers, allowing them to secure the loan they need and make their dreams of ownership a reality.
“We need to understand that supporting young people to own a home is not just about wealth, it is about giving them the stability they need to start a family, build a career and contribute to the future of our country.
“Homeownership is a key part of ensuring our young people feel secure and empowered in their lives, and is critical to our country’s long-term economic and social well-being,” Ng’a said. emphasized.
Habitat Day will be held under the auspices of the United Nations Human Settlements Program (UN-Habitat), whose former executive director is Datuk Seri Maimuna Mohd Sharif, who is now the new mayor of Kuala Lumpur.
Mr. Nga said Ipoh City Hall (MBI) won this year’s United Nations Habitat Scroll of Honor Award and the Ipoh municipality will be internationally recognized at the main World Habitat Day celebrations to be held tomorrow in Queretaro, Mexico. He said it would happen.
MBI is one of five organizations recognized by UN-Habitat for their exceptional contributions to sustainable urbanization.
MBI was chosen from among 127 nominations submitted by people from the Americas, Africa, Asia, Europe, and Oceania.
They are recognized for their efforts to move from a resource-intensive economy to a regenerative model focused on health, waste management, and ecotourism.
Previously, Mr Nga launched the Malaysian Cities Forum at the same location. – October 6, 2024.
