There have been pockets of conversation about rent-to-own, and introducing a MyHome 2.0 scheme to get more people, especially youths, to own homes in Malaysia.
The Housing and Local Government Ministry is already studying plans to see how such approaches can help first-time homebuyers.
Attempts are also being made for the rent-to-own concept and MyHome 2.0 scheme to get the buy-in of the Finance Ministry.
“It’s not as straightforward, as such schemes involve many stakeholders … from developers, financial institutions, to the potential buyers,” said a source within the ministry.
“But (Housing and Local Government Minister) Datuk Seri Reezal Merican (Naina Merican) wants to get this rolling as soon as possible. The prices of property are high, and attempts must be made to help first-time homebuyers, especially youths, to purchase homes.”
The National Housing Corporation (NHC) had been tasked with carrying out studies on issues related to public, and affordable housing schemes.
“The findings from the NHC will help the ministry make a more informed decision regarding this matter.”
During his trip to Penang over the weekend, Reezal Merican said he hoped that Finance Minister Tengku Datuk Seri Zafrul Aziz would agree for the MyHome scheme to be resumed. The scheme, introduced in 2014, was to help individuals from the lower-income groups to purchase their first home.
Last week, National Student Consultative Council president Muhammad Amir Asyraf Mohd Sabri had also called for MyHome 2.0 to be introduced, as many youths were unable to fork out the 10 per cent deposit to buy their first property.
Such schemes, if adopted, would be part of the 1Malaysia Housing Programme and other public housing projects spearheaded by the Federal government.
“This is where the push from the Finance Ministry is vital. We hope there will be such an allocation in the 2022 Budget (which will be tabled later this month).”
