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Penang to enhance affordable housing guidelines

By admin May30,2024

Penang to enhance affordable housing guidelines

The Penang government, through the Penang Housing Board (LPNPP), is undertaking a comprehensive review and enhancement of the current guidelines for affordable homes (GPRMM). This initiative is aimed at improving accessibility to homeownership for young people and first-time home buyers, as emphasized by State Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu.

During his winding-up speech at the State Legislative Assembly, Sundarajoo highlighted the significance of these revisions. He stated that the updated guidelines would facilitate easier access to suitable housing loans for prospective homeowners. Moreover, special incentives will be offered to housing developers to encourage the development of affordable housing projects, ensuring their sustainability.

The enhanced GPRMM guidelines are expected to be announced by the end of the year, marking a significant step toward addressing housing affordability in Penang. Sundarajoo also recommended that first-time home buyers struggling to secure loans from banks consider applying for a loan scheme under Syarikat Jaminan Kredit Perumahan (SJKP). This Federal Government initiative offers financing guarantees of up to 120% for houses valued at up to RM500,000, with loan tenures of up to 35 years. The scheme is particularly beneficial for low-income or middle-income youth and first-time home buyers who lack fixed incomes and payslips.

In addition to these measures, Sundarajoo announced that the Penang government will continue advocating for more People’s Housing Projects (PPRs) in the state. Penang, recognized as one of the highest tax-collecting states, has identified five potential sites for these projects, two on the island and three on the mainland. Preliminary assessments by the Local Government Development Ministry (KPKT) have led to the selection of a site in the central Seberang Perai district for the PPR project. This site is now awaiting funding approval from the Economy Ministry as part of the Fifth Rolling Plan (RP5) of the Twelfth Malaysia Plan (12MP).

These strategic efforts underscore the Penang government’s commitment to improving housing accessibility and affordability, particularly for the younger generation and first-time home buyers.

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