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Up to RM30,000 subsidy to buy low-cost homes

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PUTRAJAYA: MALAYSIANS earning less than RM3,000 a month stand a better chance of becoming proud homeowners come April 1.

Under a MyHome (Private Affordable Ownership Housing Scheme) programme, qualified applicants will get a subsidy of up to RM30,000 to buy selected low-cost housing units.

Prime Minister Datuk Seri Najib Razak said the National Housing Council agreed to allocate RM300 million under the scheme to purchase 10,000 houses this year.

Najib, who is also finance minister, said qualified applicants could purchase the units at a price defined as low-cost by the respective state governments while the balance would be borne by the government.

"For instance, if the price of a low-cost house is fixed at RM40,000 each by a state government while the developer  has to sell it at RM70,000, qualified applicants will be able to buy it at RM40,000 as the balance of RM30,000 will be paid by the government," he said after chairing the first National Housing Council meeting which lasted for about two hours yesterday.

The financial aid, he said, was to provide property developers with incentives to build houses that were high in demand by the public. The MyHome programme was part of  various efforts by the council to fulfil  Barisan Nasional's manifesto to build one million affordable homes in the next five years, said Najib, who is also BN chairman.

The prime minister added that among the conditions imposed were that applicants must earn less than RM3,000 a month and they would not be  allowed to sell the unit bought within 10 years.

Developers could apply to participate in the programme from a special committee set up under the Housing and Local Government Ministry. The scheme is for housing projects approved effective Jan 1.

Once approved, developers can advertise the units eligible for the subsidy that will be paid directly by the government, Najib said.

"This will enable prospective buyers to benefit from the scheme and make it easier for them to get a bank loan as they are already eligible for consideration."

"We will gauge the effectiveness of the MyHome programme and if it is successful, the government will consider giving more allocations."

The prime minister also said the council had decided to set up RumahKu Exchange, a comprehensive database on public and private housing development projects to monitor the property sector.

Datuk Seri Najib Razak giving details of the MyHome affordable housing programme at a press conference in Putrajaya yesterday. With him are Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan and his deputy Datuk Halimah Mohd Saddique. Pic by Fariz Iswadi Ismail


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