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HOPE offers solution for B40, M40 home ownership
The Home Ownership Programme (HOPE) is aimed to provide a solution for the B40, M40 and young people to own a home, based on the government’s aspirations of One Family, One Home.
Housing and Local Government Minister Datuk Seri Reezal Merican Naina Merican, said HOPE was designed by the ministry to facilitate and overcome the challenges involving home ownership faced by the three target groups.
To realise the goal, he said, HOPE, among others, focused on ensuring a sufficient number of affordable homes, with a target of building 500,000 affordable homes during the 12th Malaysia Plan (12MP).
He added that the Ministry of Housing and Local Government (KPKT) have always carried the hopes of the people to have the perfect home for them.
“The launch of the programme today is important to be a symbol of KPKT’s determination to lift and fight for the home ownership agenda, including affordable housing for the entire people.
“I believe HOPE will be a new window of opportunity for young people to own a house. Apart from houses under RM300,000, the developer also offers houses worth around RM500,000 to RM800,000 for the M40 who can afford it.
“As much as we care about the B40 group, I am confident the government will also look at the housing needs for the M40 group, especially in terms of home ownership incentives,” he said at the HOPE launching ceremony and Jom Beli Rumah Carnival in Kuala Lumpur on Friday.
The ceremony was launched by the Prime Minister Datuk Seri Ismail Sabri Yaakob.
HOPE was launched to look into home ownership issues in a holistic perspective and touch on every corner of the housing sector ecosystem, in touch with 25 housing experts from various backgrounds.
Reezal Merican said the programme was designed based on the 5K elements which are the basic components, namely Availability, Financial Capability, Financing Ease, Quality and Liveable Housing.
In terms of availability, he said, HOPE was outlined in line with the government’s goal of building 500,000 affordable homes during the 12MP period, which ends in 2025.
“So far, we have already reached 368,000 at various levels, be it proposal, construction, procurement and delivery.
“KPKT is committed to achieving the target set by the Prime Minister, which is 500,000 affordable homes by 2025 with the goal of One Family, One House,” he said.
Apart from that, he said, HOPE also addressed the issue of financial capability and access to financing, through the Malaysian Housing Financing Initiative (i-BIAYA) which allows home buyers to obtain financing guarantees through Cagamas Bhd and Housing Credit Guarantee Company (SJKP).
Other facilities include the Rent-to-Own scheme for residences under Perbadanan PR1MA Bhd.
“KPKT is also developing a mapping or dashboard of the Affordable Housing Price Index for each locality throughout the country as a guide to developers, potential buyers and local authorities in determining the appropriate affordable housing price in an area or locality,” he noted.
Meanwhile, the government also today introduced the Malaysian Family home ownership initiative or i-Miliki which offers a 50% to 100% stamp duty exemption, for first home buyers.
Prime Minister Datuk Seri Ismail Sabri Yaakob said i-Miliki involved the provision of stamp duty exemption incentives on transfer instruments and loan agreements for the purchase of a first house, by stages or the house price tier.
“For houses priced at RM500,000 and below, the stamp duty exemption incentive is 100%.
“For houses priced above RM500,000 to RM1 million, the exemption incentive is 50%,” he said.
Ismail Sabri noted that the exemption is for sale and purchase agreements completed in the period from June 1, 2022 to December 2023