Affordable First Homes for Perak Residents

The Perak state government, in collaboration with several housing developers, has joined forces to simplify the process for those who have yet to own a home. This is a highly commendable and positive initiative for all involved, as it acknowledges the current difficulties and challenges in obtaining bank loan approvals for residential property purchases.

For your information, approximately 93% of Malaysians still do not own their own homes. This percentage is expected to decrease based on a study by HSBC Holdings plc, London, titled 'Beyond the Brick'. Efforts to address the issue of affordable housing are not only happening in Malaysia but also in other rapidly developing countries. According to their study, there will be an increase in the supply of affordable residential homes over the next five years. Typically, what burdens buyers, especially young people just starting their careers, is the up to 10% deposit required to reserve a home, as well as monthly loan repayments to banks at relatively high interest rates, which must be paid in stages as the housing development progresses. What is interesting here is that this is a great opportunity for civil servants, as the Public Sector Home Financing Board (LPPSA) is also supporting these affordable first-home projects. To avoid burdening buyers, those who seize this opportunity early will not feel the same pressure as others, as legal fees are fully covered by the developers and there are no booking fees. Interested buyers only need to fill out a form and provide proof of income; if eligible, the house will become your first home. As is well known, the majority of these housing projects are the result of collaboration between developers and the State Government. Following unanimous agreement, affordable prices have been set, which are below the standard market rate. The locations are strategic and equipped with complete public amenities. Below is a list of housing projects and their prices for your reference:

• D'Kayangan Single-Storey Terrace - Bandar Baru Sitiawan Perdana, Manjung (Expected completion in 2018)
• Studio Apartment, Seri Iskandar Prima (Private sector employees only)
• Taman Nakhoda Bestari, Sitiawan (Expected completion in December 2017)
• Taman Mulia Sitiawan, Manjung (Expected completion in 2017)

This effort is a step toward realizing the plan for everyone to be able to afford and own their own home. As consumers, we must be wise in managing our finances and should make the right choices for the future. If you have any questions regarding this first-home program, you can contact our service officer at 016 414 4757 (Akmal Hashim) to inquire about related matters.