20,000 First-Time Home Buyers To Benefit From Housing Credit Guarantee Scheme

KUALA LUMPUR, Oct 24 (Bernama) -- A total of 20,000 first-time home buyers will benefit from the Housing Credit Guarantee Scheme (SJKP), said Housing and Local Government Minister Nga Kor Ming.

Nga said the RM10 billion allocation for the SJKP, announced by Prime Minister Datuk Seri Anwar Ibrahim in Budget 2025 in Dewan Rakyat last Friday, aims to ensure every Malaysian owns a home.

“This initiative will help gig workers or university graduates. Most of them cannot secure housing loans, but with the SJKP, they can obtain loans to purchase homes, guaranteed by the MADANI government,” he said in an engagement session with the media, in conjunction with the tabling of Budget 2025, here today.

Nga said the Ministry of Housing and Local Government (KPKT) has successfully helped 53,000 home buyers.

Additionally, he said the government is providing tax relief on housing loan interest payments of up to RM7,000 for first-time homebuyers for homes priced below RM500,000 for three years, starting from Jan 1, 2025, until Dec 31, 2027. 

“Tax relief of up to RM5,000 will also be provided for homes priced from RM500,000 to RM750,000,” he said, describing the initiative as a manifestation of the government’s commitment to encouraging home ownership in line with the aspiration of ‘shelter for all.’

The SJKP and tax relief for housing loan interest payments were among KPKT’s 11 key focus areas in developing Budget 2025.

Nga said in Budget 2025, KPKT received a total allocation of RM5.934 billion, an increase of 5.08 per cent compared to this year’s budget, with 66 per cent for development expenditures, totalling RM3.962 billion, and RM1.971 billion or 34 per cent for operational expenses.

Nga, who is also Teluk Intan MP, said KPKT, through Syarikat Perumahan Negara Berhad (SPNB), will build over 5,400 units of Rumah Mesra Rakyat (RMR) next year. These will be sold at RM70,000 per unit, with a subsidy of RM20,000.

The ministry will also build homes under the People’s Residency Programme (PRR) in Kampung Linggi, Port Dickson, Negeri Sembilan and Seberang Perai Tengah, Penang.

During the session, Nga said KPKT would also implement a new policy to replace lights, ceilings, and floors, with an allocation of RM185 million for the maintenance of low—and medium-cost strata housing and RM88.1 million for the replacement of ageing elevators.

“Under the old policy, the government only helped replace elevators, but this time, we are not only providing new elevators but also new lighting, ceilings and flooring,” he said.

-- BERNAMA