KUALA LUMPUR: The government understands the predicament faced by those who cannot yet afford to buy a home and has rolled out initiatives to help them, says Prime Minister Dr Mahathir Mohamad.
Speaking at the launch of the Home Ownership Campaign 2019 (HOC), Mahathir said the government was well aware that the prices of homes were much higher than they were before.
“In the past, cheap homes would cost around RM25,000 and now it can reach up to RM130,000 and above.”
So, he said Putrajaya has introduced initiatives such as transit homes and rent-to-own schemes for those in the lower-income group and the bottom 40 (B40).
Other initiatives include an RM1 billion fund to help finance those in the B40 to buy a home priced at under RM150,000 at low interest rates.
He added that the HOC, which runs till June, will also see incentives like 10% discounts from developers and stamp duty exemptions.
“Buying or owning a home is a wise investment and very beneficial in the long run. The value of the home bought will increase over time. in line with the price of the land in the area.
“A house bought 10 years ago at RM60,000 may now be worth RM250,000,” said Mahathir, adding that he hoped prospective buyers will achieve their dream of owning a home during the campaign.
He added that the Pakatan Harapan-led government has promised to build one million affordable houses in 10 years and aims to deliver half of these in five years’ time.
Meanwhile, Housing and Local Government Minister Zuraida Kamaruddin said the HOC may be extended if there is a need to do so.
She added that over 20,000 properties will be up for sale during the HOC.
The campaign is to increase more affordable homes and ownership. It was organised once before in 1998.