KUALA LUMPUR: Bank Negara Malaysia (BNM) needs to review its financing model to make home ownership easier for the B40 and M40 groups in line with the “One Family One Home” target, Prime Minister Ismail Sabri Yaakob said today.
He said this was among the decisions taken at the National Affordable Housing Council (MPMMN) meeting which he chaired today to discuss the direction taken and the coordination and monitoring of affordable housing plans nationwide under the campaign.
“This is to ensure financial institutions allow easier financing for the B40 and M40 groups to own People’s Housing Projects (PPR) units and other affordable homes. The focus will be on direct purchase and rent-to-own (options),” Ismail said in a statement.
In addition, the prime minister said the council also agreed to set a new direction for PPR housing by taking into account current needs as well as including new components towards realising the “Liveable Malaysia” agenda.
He said new PPR projects would look into elements such as internet access, fibre connectivity, public transport network, and designs that were more economical and comfortable.
Ismail said the meeting also discussed strategies for the implementation of 500,000 affordable housing units nationwide throughout the 12th Malaysia Plan (12MP) involving the federal government, state governments and private housing developers.
“The government is committed to providing adequate and quality affordable housing to meet the needs of a growing population.
“As such, the housing and local government ministry has introduced the Home Ownership Programme (HOPE) to ensure a more comprehensive ecosystem for housing development and financing as well as programmes that can help Malaysians own homes,” he said.
The prime minister said the government was also committed to having more affordable housing units for the younger generation as well as developing affordable housing projects in the suburbs and smaller towns to allow more people from the M40 group to own homes.
According to Ismail, the meeting also discussed concerns over the rising costs of construction materials such as iron and steel as well as on the issue of cartels controlling the construction industry.
Ismail said the housing and local government ministry and the Real Estate and Housing Developers’ Association Malaysia (Rehda) had been directed to look into those concerns. He added that if they are traced to approved permits (APs), then the council suggested that the permits be opened to all.
At the same time, the prime minister urged all parties to play a role in ensuring the One Family One Home target was met.
To realise this, Ismail said Putrajaya would provide subsidies and state governments would allocate land, while banks would provide easier financing to ensure that PPR units and affordable homes were sold at reasonable prices.
The MPMMN meeting, held virtually, was also attended by menteris besar and chief ministers, the Chief Secretary to the Government and BNM governor Nor Shamsiah Mohd Yunus, as well as housing industry representatives from the government and private sectors.