Local Government Development Minister Nga Kor Ming has outlined several key steps to ensure the survival of people and traders under the Madani Economy framework.
Nga stated that KPKT will provide financing guarantees of up to 120% for people with irregular income to own their first home. This scheme will be introduced immediately. The government will allocate RM5 billion under the Housing Credit Guarantee Corporation (HCGS) scheme, offering not 100% but up to 120% financing guarantee, including legal fees.
Nga also mentioned KPKT’s discussion with the Ministry of Finance (MOF) to establish the National Housing Fund, with the government contributing 10% of the deposit money for first-time homebuyers.
“KPKT through the National Housing Department will propose to MOF that 10% of the deposit money be contributed by the government to these families so that they can own their first home,” he made this statement as a guest on the Selamat Pagi Malaysia program on Radio Television Malaysia (RTM) this morning.
Additionally, the KPKT minister shared that Syarikat Perumahan Negara Berhad (SPNB) has completed 15,445 units of Rumah Mesra Rakyat (RMR) two years early, surpassing the 12th Malaysia Plan target of 15,000 units by 2025.
In another development, KPKT has introduced MyKiosk – the country’s first solar-powered trading kiosks where traders are exempted from paying rent for the first six months.
“Through MyKiosk, unlicensed roadside hawkers are now ‘legalised,’ and after the first six months, the rent will not be more than RM10 per day. Overall we expect a kiosk to be able to generate (additional) income (to traders),” he said.