Improved HCGC scheme will boost homeownership among B40 group

The Unity Government’s aim to boost homeownership among the lower income (B40) group will be achieved through improvements made to the Housing Credit Guarantee Corporation (HCGC) loan scheme.

Civil servant Zulfadhli A’dil, 35, said the attractive initiative should be outlined in detail so that the target group would be able to understand it and reap its benefits.

“After the improvements to the scheme are made, I think the agencies involved might need to go out or use social media to explain the matter in detail so that Malaysians can better understand it,” he told Bernama.

Fellow civil servant Qistina Izfarina Ahmad Fahmi, 30, shared that some people, especially youth, were hesitant about purchasing a home due to the challenging economic situation and declining spending power.

“I hope that the loan scheme can be expanded to subsale or auctioned property which can solve the problem of unsold legacy homes due to high market prices,” she said.

Malaysian Association of Youth Clubs (MAYC) Perak chairman Muhammad Naim Al-Amin meanwhile said that the financing scheme would allow Malaysians, including those without fixed incomes, to own their own homes.

“Previously, purchasing a home depended on the deposit and various other documents, which ruled out those without fixed incomes but with this improved scheme, more B40 individuals, including e-hailing workers who are without fixed income will find it easier to own homes,” he said.

Prime Minister Datuk Seri Anwar Ibrahim had announced during his Ekonomi MADANI: Memperkasa Rakyat speech that the HCGC scheme would be improved through guaranteed financing of up to 120 per cent of the property price valued up to RM300,000, adding that the financing would account for all costs of owning a house, including deposit, legal and assessment fees, insurance, furniture and renovation costs.