The government will help low-income families to have their own homes through the Malaysia Housing Finance Initiative (i-Biaya) which was launched two days ago.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz (pictured) said the government was aware that people without a fixed income or payslip would face difficulties buying a house.
i-Biaya is a component of the home ownership program that focuses on the housing ecosystem, including housing provision as well as other related policies.
He added that under the Skim Rumah Pertamaku, a total of 67,000 families owned their first home in February.
“The scheme has helped them with a total funding of RM14.8 billion, of which more than 90% came from the bottom 40% (B40) income group while in terms of age, 92% of them are 35 and under.
“The program is expected to benefit 25,000 applicants from the B40 and middle 40% (M40) income group this year with an estimated funding of RM5.9 billion,” he said at the launch of i- Biaya yesterday.
Meanwhile, in his presentation of the People’s 92nd Financial Report via Facebook Live yesterday, the Minister said that i-Biaya was launched to facilitate the process of public ownership.
“I hope with this initiative it will enable people to own a home in line with the National Housing Policy which emphasizes affordable housing for low income groups,” he added.
The report highlighted financial aid for teenagers between the ages of 18 and 20 as well as full-time students under the cashless transaction scheme, called e-Pemula.
Under the initiative, eligible recipients within the specified group will receive RM150 in the form of e-cash. The government has allocated RM300 million for e-Pemula.
“This initiative aims to reduce their financial burden and encourage cashless spending in physical stores.
“We have chosen to favor cashless transactions in physical stores to support local businesses, because buying online does not necessarily mean that items are purchased from local sellers.
“It is our responsibility to support the local economy especially as we emerge from the fallout from Covid-19,” he said.
Claims can be made from April 11 to June 1, 2022, and the amount can be used until June 10, 2022.
The ministry will also launch Good Governance Principles for Government Linked Investment Companies (GLICs) today.
Tengku Zafrul said the principles will be the main reference and guidelines for good governance that should be adopted by GLICs.
“The preparation of this guideline takes into account and integrates standards of practice and discussions related to public and corporate governance at the national and global level,” said the Minister.
Regarding taxes, Tengku Zafrul reminded the audience that there are various tax initiatives the government has in store, such as extending the tax deduction on renovations up to RM300,000 to support compliance with standard operating procedures.
Other tax initiatives include the deferral of income tax installments and the special tax reduction on rent reductions.