KUALA LUMPUR, Oct 9 (Bernama) -- Financing guarantees exceeding 100 per cent under the Housing Credit Guarantee Scheme (SJKP), announced in Budget 2027, would help more young people own their first homes, Housing and Local Government Minister Nga Kor Ming said.
He said the guarantee of up to 120 per cent would cover renovation costs as well as the purchase of home furnishings and household appliances, including air-conditioning units.
“This is indeed a beneficial initiative, especially for young people who are planning to get married,” he told reporters after the tabling of Budget 2027 in Parliament today.
Earlier, Prime Minister Datuk Seri Anwar Ibrahim announced an additional RM20 billion for the SJKP guarantee fund during the tabling of Budget 2027, which is expected to help another 80,000 first-time homebuyers next year.
Nga said the SJKP had helped more than 100,000 first-time homebuyers secure housing financing to date.
He also welcomed the government's move to grant first-time homebuyers a full stamp duty exemption on properties priced at RM500,000 and below, as well as a 50 per cent stamp duty reduction for homes priced at RM750,000 and below, effective Jan 1, 2027.
Meanwhile, he said the Housing and Local Government Ministry (KPKT) would receive RM1.16 billion next year for the provision and maintenance of public housing, including RM157 million for the People's Housing Programme (PPR).
He said the funds would be used to carry out maintenance works, such as replacing lifts, repairing roofs and repainting buildings, to improve residents’ comfort.
Nga added that the allocation for the maintenance of non-Muslim places of worship had also been increased to RM80 million, while RM100 million had been set aside for the development of Chinese new villages.
“This is clearly a people-centric and visionary budget that can further strengthen the national economy, enhance the country's standing and improve the well-being of the people,” he said.
--BERNAMA