Malaysia’s housing scheme sets $482 million to help young people own homes

The Housing Credit Guarantee Scheme in Budget 2022 amplifies the housing agenda for low-incomers 

According to Bernama, MYR2 billion (USD482 million) under the Housing Credit Guarantee Scheme in Budget 2022 will further amplify housing for low-income residents and encourage young people to own houses, in hopes to boost the property market.  

Housing and local government minister Datuk Seri Reezal Merican Naina Merican said the budget outlined a housing-related landscape that was closed to the heart of the people.  

“An allocation of MYR2 billion provided through the Housing Credit Guarantee Scheme will provide access to financing to those how do not have proof of fixed income such as gig workers, small-time entrepreneurs, and farmers when buying houses,” he said.  

The minister further added that “This will encourage young people to own houses, especially first-time homebuyers.” 

Other areas given consideration in Budget 2022 include the ministry’s intention to further expand Malaysia Berdaya Huni’s aspirations to People’s Housing Programme (PPR) residents, with an allocation of MYR30 million to provide internet facilities in 40 existing PPRs.  

Reezal mentioned in the key handover ceremony that Residensi Pauh Permai was one of the affordable housing projects developed by PR1MA, particularly for the M40 group in Penang. 

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He said, “It has 1,017 units sold at affordable prices of between MYR250,000 and MYR275,000, and so far, 985 units have been sold, nine units have been booked, and another 23 units are still open for sale.” 

The project is under the PRESTASI PR1MA programme that adds value to residential livability, providing several features such as constructive environment, beautiful landscaping, high-quality recognition, and proactive community engagement.