Budget 2020: Various Incentives for Home Ownership
The 2020 Budget has provided a range of new programmes and incentives that will help solve the problem of homeownership among Malaysians.
Housing and Local Government Minister Zuraida Kamaruddin said the allocation announced yesterday was good news and it was timely, as well as the detailed step in helping people to own a home.
She said the measures include the rent-to-own financing scheme aimed at helping those who are unable to afford the initial 10% deposit and access to financing in purchasing their homes.
Through the scheme, financing of up to RM10 billion will be provided by the financial institutions with government support through a 30% or RM3 billion guarantee, she said.
“Under the programme, the government will provide full stamp duty exemptions on the instruments of transfer between developers, financial institutions and buyers,” she said in a statement here today.
During the tabling of the 2020 Budget yesterday, Finance Minister Lim Guan Eng announced that the youth housing scheme would offer a 10% loan guarantee through Cagamas to enable borrowers to obtain full financing and RM200 monthly instalment assistance for the first two years, limited to 10,000 of home units.
The government, according to Lim, will extend the youth housing scheme, administered by Bank Simpanan Nasional, starting Jan 1, 2020 until Dec 31, 2021 to assist youths to own their first homes.
Meanwhile, commenting on the special monthly allowance for firefighters announced yesterday, Zuraida said the move was seen to help motivate members of the Fire and Rescue Department (JBPM) across the country to carry out the responsibility entrusted to them efficiently.