KUALA LUMPUR, March 31 — Improvements to the Housing Credit Guarantee Scheme (HCGS) under the Budget 2023 through the increase of financing funds and expanding the...
KUALA LUMPUR, March 31 — Improvements to the Housing Credit Guarantee Scheme under the Budget 2023 through the increase of financing funds and expanding the qualification of applicants to fixed income groups can help reduce the number of unsold low- and medium-cost houses.
The government had announced during the Budget 2023 on February 24 that the scheme would be improved by raising financing funds from RM3 billion to RM5 billion to help first-time housebyers, especially those with variable income. The Universiti Teknologi Mara Sabah Management and Business Faculty senior lecturer added that the US at the time loosened housing loan conditions but many foreclosures occurred as buyers were unable to fulfil their repayments, forcing the government to use additional funds to solve resulting problems.
“Not everyone has a high salary while starting off, and due to many commitments, I find it hard to save. With savings of only RM100 a month, it’s quite hard for me to realise my dreams of owning a home because I can’t save enough for the deposit,” he said.
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