Budget 2022 Initiatives Will Help Property Buyers

In the Budget 2022, the government has allocated RM1.5 billion to continue low-cost housing projects with an additional RM2 billion to assist those without a stable income to own a home through the Pemilikan Rumah Kediaman initiative’s Housing Credit Guarantee Scheme.

A PropertyGuru’s Consumer Sentiment Survey shows that 46% of Malaysians surveyed have trouble getting home loans, with the top two barriers being a lack of down payment and unstable jobs or salaries.

The group believes the Budget 2022 initiatives will help potential buyers overcome their challenges and it will encourage them to purchase their dream homes.

“These two measures announced will bring relief to the woes of many Malaysians, alleviate the struggles of potential homebuyers in the country, and further encourage homeownership in a systematic and inclusive manner.

“We believe that all Malaysians have the right to own their dream home,” it says.

Regarding the Home Ownership Campaign (HOC), it says there is still no update on it from the government. There is no indication whether they will abolish or extend it.

The group stay firm with its wishlist on hoping the government will extend the HOC to 2022, saying “the incentives under the campaign can be extended to the secondary residential market to help spur the economy and encourage first-time homebuyers to consider buying sub-sale properties.”

It was also a measure that 58 percent of Malaysians wished for from the government, according to PropertyGuru’s Consumer Sentiment Study.

Iffah Salleh contributed to the article

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