KUALA LUMPUR: The Housing and Local Government Ministry said that the 2020 Budget has laid out a precise and detailed plan to solve home ownership issues, including the upkeep of housing schemes.
Its minister, Zuraida Kamaruddin, said that under the Rent To Own (RTO) financing scheme, the government will collaborate with financial institutions to assist those unable to afford the initial 10 per cent deposit, or without access to financing, to buy homes.
In addition, RM100 million has been allocated to ensure the maintenance of housing schemes, including lifts, electrical wiring, sewerage pipes and roofing.
“The government has also allocated RM15 million to the City Safe (Bandar Selamat) initiative, in collaboration with local authorities, to provide outdoor lighting, parking with security features for motorcycles, anti-climb fences, and safety advocacy programmes,” she said in a statement, today.
Zuraida added that under the Youth Housing Scheme, the government also offers a 10 per cent loan guarantee through Cagamas. This will enable borrowers to obtain full financing and assistance via a monthly installment of RM200 per month for the first two years (limited to 10,000 units of houses from Jan 1, 2020 to Dec 31, 2021).
“I am also happy that the government has approved the Fire Service Allowance for the 14,400 members of the Fire and Rescue Department of Malaysia.
“This will motivate our firefighters to carry out their duties,” she said.