2022 Budget: More initiatives to help Malaysians purchase their own homes

KUALA LUMPUR: With an allocation worth RM1.5 billion, more initiatives will be rolled out to allow more Malaysians to purchase their own homes, including housing projects targeted for the low-income group, said Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

In tabling the 2022 Budget, the finance minister said Rumah Mesra Rakyat programmes and assistance in maintaining peoples' housing could continue with the given allocation.

He added that the government would no longer impose the Real Property Gains Tax for disposals by individual citizens and permanent residents and others, aside from companies, from the sixth year onwards.

"I also hear the grouses of gig workers, small entrepreneurs and farmers who find it tough to buy a house, as they do not have a fixed income to apply for housing loans.

"Some of them actually have the means to repay the loan, but do not have proof of a fixed income.

"Next year, the government will provide a guarantee of up to RM2 billion to banks via the Housing Credit Guarantee Scheme, providing financing access for this group of people to buy a house," the Dewan Rakyat heard today.

These initiatives were under 'Strategy Three: Building a Conducive Life' of the 2022 Budget.

Tengku Zafrul also announced that the government would provide RM31 billion for subsidies, aids and incentives next year, to minimise the impact of the rising cost of living, involving the price control of goods and services.

"To ensure that rural areas, especially in Sabah and Sarawak, receive basic necessities such as liquefied petroleum gas (LPG) and petrol at an affordable price, the government will allocate RM200 million to finance the cost of transportation and distribution of basic goods."

He also said the government will extend the Employees Provident Fund (EPF) reduced contribution rate period to June 2022, with an estimated value of RM2 billion.

The government had previously reduced the EPF contribution rate from 11 per cent to nine per cent, so the people would have more cash in hand.

"The government understands the financial constraints faced by the people as a result of the prolonged Movement Control Order (MCO), especially in terms of cash flow management," he added.

To reduce the cost of vehicle ownership, the government would also extend the 100 per cent sales tax exemption on completely-knocked (CKD) down passenger vehicles and 50 per cent on completely built-up (CBU) cars including multi-purpose vehicles and sports utility vehicles for six months until June 30, 2022.

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