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Under the 12th Malaysian Plan (12MP), ceiling prices for affordable housing will be introduced in the resale market in order to control house prices, especially in the urban areas, MalaysiaKini reported today.

The move is to ensure that housing remains affordable for the selected target groups. It is understood from the report that regulation will also be introduced to limit the purchase of affordable housing to only one for eligible citizen, to increase the supply of affordable housing.

The 12MP was tabled by Prime Minister Ismail Sabri Yaakob in the Dewan Rakyat on Tuesday.

“A comprehensive database of affordable homeowners will be established to monitor homeownership while the existing housing financing schemes will be improved to assist the B40 and M40 households to own houses,” the 12MP report read.

The report also highlighted that the government will continue to prioritise providing better access to affordable housing to the rakyat by increasing access to house financing as well while existing housing financing schemes will be improved to assist the B40 and M40 households to own houses.

Meanwhile, it also added that the rent-to-own programme will be expanded to cover houses priced up to RM500,000, with an option to purchase the property within five years of renting it.

As for first house purchases, the Fund for Affordable Homes and Youth Housing Scheme will continue to be provided for financing.

As for households that own land, they can be assisted by the Housing Loan Scheme in order to build affordable houses, the report noted.

Source: EdgeProp.my