Making it easier and cheaper to buy homes
Published on: Sunday, June 26, 2016
Ranau: Two housing development models are being planned in yet another effort to make it easier and cheaper for people to own a home. Under the proposed rent-to-own system, houses built will be rented out to those eligible.Money collected from the rentals will be used to pay for the financing of the project, taken from financial institutions. This way, the Government will not have to fork out a huge sum of money to build such houses.
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After a certain period of renting the house, the ownership of the property will be transferred to the occupant.The other model will see basic units being sold at lower prices and developers will be allowed to offer other services such as renovations and interior design.This is where they can make extra revenue instead of just from sale of the units, said Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan."I will be briefing the Prime Minister next week before tabling the proposal to the Economic Council.
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"These are some of the ideas that my ministry is toying with as we strive to make housing easily available and affordable to the masses," Abdul Rahman told reporters after handing over acknowledgement letters to 40 successful applicants of the MyDeposit scheme yesterday.MyDeposit was launched by Prime Minister Datuk Seri Najib Tun Razak on April 6.
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Under the scheme, eligible individuals wanting to purchase their first house will be given the 10pc needed for a deposit with a maximum amount of RM30,000. Since it was launched, the ministry received 5,276 applications and most of those who applied for it live in Selangor and Penang.Stay up-to-date by following Daily Express’s Telegram channel.
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