Govt Always Gives Low-income Groups Opportunity To Own Homes - Bos Group

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, March 9 (Bernama) -- The community, especially those with low income and no fixed income, still have the opportunity to own their own home, said a director of a property management company.

Director of BOS Group Sdn Bhd, Cha Yeh Chain said the government always gives the group the opportunity to own their own home through the Housing Credit Guarantee Scheme (SJKP).

However, he said, some of them do not know how to get the help because they are not familiar with the incentive or may have given up because they failed the first application.

"Perhaps they once applied for a loan, but were rejected, so they despaired of buying a house, whereas after SJKP was launched, the party accepted applications from this group.

"They need to ask any bank that can accept (requests for) such (low or irregular) salaries, so we need to be sensitive to the current issue (incentives from the government)," he said in an exclusive interview with Bernama.

The SJKP scheme provides full financing for houses worth up to RM500,000 which allows low-income people aged 18 and above to get housing loans for 35 years or until they reach the age of 70.

Better known as Boss Molly on social media, he said there are many Malaysians who cannot afford to own their own home due to poor financial management, in addition to buying a home that does not match their income.

Cha also advises the younger generation who want to buy a house to plan for at least six to 12 months and look at housing projects that match their income.

He said, the opportunity to own a house in Malaysia is easier than in other countries such as Australia.

"In Australia, if you want to buy a house that is being built, the buyer has to pay a 10 per cent down payment first. If the price of the house is A$500,000 (A$1=RM3.13), they have to pay A$50,000.

"After the house is ready, you can apply for a loan. But if the application is not approved, the advance money will be 'burned'," he said.

Cha also said that most of the young generation in Singapore and Hong Kong have given up on buying a house and spend a lot of money on branded goods.

He said they can also practise the habit of 'delayed gratification' which is by postponing existing rewards for better satisfaction in the future like what he practised in his youth.

"We need to save when we are young and be smart about finding money to achieve what we want.

"Thus, I advise the younger generation in Malaysia to buy a house first by planning their finances well and prioritising what needs to be bought," he said.

Cha through the nickname Bos Molly now has over a million followers on social media such as TikTok, Facebook, YouTube and Instagram by producing educational content on real estate issues in Malaysia.

-- BERNAMA