A National Housing Fund that will help B40 families buy their first home could be on the cards, says Local Government Development Minister Nga Kor Ming.

This would be a new concept to help these families own houses, and among the proposals was that the government provide the 10% down payment. Nga said this was still in the planning stage and there were matters to be ironed out before putting the plan into action.

“My ministry, through the National Housing Department, will propose to the Finance Ministry that the 10% deposit be contributed by the government to these families so that they can own their first home,” he said in the Selamat Pagi Malaysia programme that aired on RTM yesterday.Nga said the ministry will also provide financing guarantees of up to 120% under the Housing Credit Guarantee Corporation (HCGS) scheme, especially for people with irregular income to own a home.

“The government has allocated RM5bil for the guarantee, not 100% but up to 120%, including legal fees,” he said, adding that Syarikat Perumahan Negara Bhd (SPNB) had completed 15,445 units of Rumah Mesra Rakyat (RMR) two years ahead of the targeted completion deadline of 2025.SPNB had also exceeded the target of 15,000 units laid out in the 12th Malaysia Plan, he added.

“The ministry is mobilising its workforce to achieve the overall construction target of 500,000 RMR units. So far, we’re right on track,” said Nga.

Source: TheStar.com.my