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I-Biaya helps gig economy workers own a home

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KUALA LUMPUR, July 19 — The Malaysian Housing Financing Initiative (i-Biaya) under the Home Ownership Programme (HOPE) provides opportunities for youths, especially gig economy workers to own a home.

 

Deputy Secretary-General (Housing and Community Welfare) of the Ministry of Housing and Local Government, Datuk Azhar said the initiative offered access to financing through Cagamas Berhad, Syarikat Jaminan Kredit Perumahan (SJKP), and the PR1MA Rent-to-Own (RTO) scheme.

 

He said financing through Cagamas Berhad and SJKP is flexible without having to submit a salary statement which is usually the primary condition in the homeownership process.

 

Currently, many youths are involved in the gig economy or self-employment where there is no fixed income and no salary statements, unlike those who work in the public sector which does not provide monthly salary statements. To address the issue, the government launches this i-Biaya scheme.

 

“This scheme is flexible if there is no salary statement. We will look at monthly commitments such as electricity and telephone bills, or online purchases where their payment track record is good. Which means they can afford to pay (for the house)”, he said on the ‘Ruang Biara’ talk show on Bernama TV recently.