F - Communities 0.Youth

Create a special scheme to enable young people access their first housing loans easily

May 10, 2018
In progress
Jun 2018

Housing loan requirements for youths to be reviewed

New Strait Times June 11, 2018

The stringent housing loan requirements by banks for first time house buyers, especially youths, should be reviewed, said Housing and Local Council Minister Zuraida Kamaruddin. She said the lack of a second income, inadequate spouse income and National Higher Education Fund Corporation loan repayments were among the factors that impeded loan approvals. “I would like to sit with both the Ministry of Finance and Bank Negara Malaysia to look into how they (banks) can relax a bit (the regulation) for first time home buyers, especially youths. “Besides, we also want to take into consideration the financial standing of youths because some of them might not have any money in their bank accounts but they receive financial support from their parents,” Zuraida told reporters after launching Youth City Tower D in Vision City developed by GD Development Sdn Bhd here today. The Youth City project is part of GD Development's RM1.3 billion Vision City mixed-development and comprises four towers of 3,123 units of serviced apartments. The minister said she also planned to modify Selangor’s “Smart Saver” scheme, where young couples can rent a state-owned house for two to five years, and introduce it on a national level. “After the (rental) period, the state government will return 30 per cent of the total rental paid and with that money, the couple can use it as a deposit for a new house under the 'Rumah Selangorku' housing scheme. “We want to adapt and modify it (the policy) and see how we can assist youths to buy their first house,” she said. Meanwhile, Zuraida also said the ministry would introduce the “Women Friendly City” concept to benefit all women in Malaysia in the near future. “Even though the concept will focus on women, it is empirical to state that this initiative will act as a catalyst in enhancing security, safety and accessibility for all Malaysians,” she added.

Promise In-Progress

Jun 2018

Ministries, BNM to discuss home loan credit ratings after Raya

Malay Mail June 04, 2018

The Housing and Local Government Ministry will meet with the Ministry of Finance (MoF) and Bank Negara Malaysia (BNM) to streamline the credit rating system for first-time low-cost buyers after the upcoming Raya holidays this month. Its minister Zuraida Kamaruddin said the current mechanism needs to be reviewed as many face difficulty in acquiring housing loans, particularly those in the lower income group. “We want to streamline the credit rating issue for low cost housing the meeting will be held the soonest after the Raya holidays as the MoF is busy with other matters at the moment,” she told reporters here today. “Most Malaysians, especially of the lower income [who have multiple jobs], their second and third income is not being recognised in the application system. We need to have a mechanism on how to solve this matter,” she added.