KPKT, MOF launch i-Biaya to facilitate housing loans to B40, M40 groups

PETALING JAYA, April 14 (Bernama) -- The Ministry of Housing and Local Government (KPKT) and the Ministry of Finance (MoF) today launched the i-Biaya initiative, as part of the government's efforts to facilitate housing loans to the M40 and B40 low-income groups.

Housing and Local Government Minister Datuk Seri Reezal Merican Naina Merican said in line with the One Family, One Home objective, the i-Biaya initiative is an integrated step to align all initiatives under one roof. 

“KPKT implements this initiative anchored on the availability of affordable housing in strategic locations, buyers' capability whereby the ministry gets advice from various stakeholders including Bank Negara Malaysia (BNM) as well as financing facilities for the B40 and M40 groups,” he said during the i-Biaya launching ceremony here, today.

Three initiatives offered under i-Biaya are improvement to the existing scheme, namely Housing Credit Guarantee Scheme through Syarikat Jaminan Kredit Perumahan Bhd (SJKP) with an allocation of RM3 billion, My First Home Scheme (SRP) by Cagamas SRP Bhd, and PR1MA Rent-to-Own (RTO) Scheme by PR1MA Corporation Malaysia (PR1MA).

Meanwhile, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the MoF remained committed to maintaining access to financing, especially for B40 and M40 groups who are facing difficulties in obtaining housing loans.

“For SRP, it is expected to benefit 25,000 applicants among B40 and M40, with financing worth RM5.9 billion.

“One of the contributing factors to this target is the government's commitment through the 'Jamin Kerja' initiative which targets 600,000 job opportunities, with an allocation of RM4.8 billion,” he said.

With the focus on job opportunities and upskilling among B40 and M40 groups including youths, the higher income derived would enable them to capitalise on the various house ownership schemes via i-Biaya.

The SRP financing scheme will be opened to those with income of RM10,000 and less for houses worth up to RM500,000.

Apart from that, the Housing Credit Guarantee Scheme is widened to enable those without salary statements or documents accordingly, especially those involved in gig economy, to apply for housing loans.

As for PR1MA's RTO scheme, it will allow those who are interested to rent and later buy at a price fixed in the sixth year, through financing by Maybank.

-- BERNAMA