KUALA LUMPUR: A total of 30,841 Housing Credit Guarantee Scheme loan applications were approved as of September this year, says Deputy Local Government Development Minister Akmal Nasrullah Nasir(pic).
He told the Dewan Rakyat on Wednesday (Nov 15) that this amounts to RM5.85bil under the Syarikat Jaminan Kredit Perumahan (SJKP) and added that the government remains committed to address issues related to financing to ensure easier access through the SJKP scheme.
"Through the implementation of the SJKP scheme from 2008 to Sept 30, 2023, a total of 30,841 loan applications amounting to RM5.85bil have been approved,” said Akmal Nasrullah.
"The Madani government through the 2024 Budget has also proposed to add another RM10bil to the total guarantee aimed to benefit some 40,000 borrowers," he added in reply to a question from Datuk Suhaimi Nasir (BN-Libaran) during Question Time.
Suhaimi had asked the Local Government Development Ministry to state its measures to address the issue of excess unsold properties due to the mismatch between the value of properties built and what people can afford.
Under the scheme, the government will provide a financing limit guarantee of up to RM500,000, including principal financing, Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT), legal fees,and valuation fees, he said.
Akmal Nasrullah added that the financing is limited to first homes, and said that as of the second quarter of 2023, there were 26,286 unsold completed housing units with a value of RM18.3bil, compared to the total of 135,614 units that were launched.
"This indicates a decrease of 5.3% in terms of the number of units and a 0.6% drop in value compared to the same period last year," he said.
He added that the government has taken various measures to address unsold houses by implementing the Affordable Housing Index (RMM) mapping based on the median income of each state and location obtained from the Basic Housing Income and Basic Amenities Survey Report 2022.
"This method takes into account the median income of the local population by locality based on the median multiple method. This mapping also serves as a guide for developers and housing agencies to set house prices in a particular locality," said Akmal Nasrullah.
The Deputy Minister also said that developers have been encouraged to conduct a feasibility study before any development is implemented to ensure that the housing projects are built based on the people's affordability and to avoid unsold houses.
On the Residential Tenancy Act, Akmal Nasrullah said that the previous government had tried to bring the Act in parliament during the Covid-19 pandemic but received strong objection during its engagement session.
"So, when the new government took over, we reviewed the existing plan and tried to find space by bringing it back again with several major amendments. This then depends on the engagement session and how fast we can get the feedback and agreement from stakeholders,” he said.
Akmal Nasrullah then said that this is to ensure that in the end the rights of those who are renting and the owners will be protected.
"Most importantly, a person's capability to own or rent a house must be considered in line with the situation in the country," added Akmal Nasrullah.
