More affordable housing making its way to market
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KUALA LUMPUR: The Government’s latest move to raised the monthly household income eligibility for Rumah Mesra Rakyat (RMR) applications is expected to benefit Malaysians fairly, especially the middle income group (M40) in owning a house, industry players said.
Asiacap Valuers and Property Consultants Sdn Bhd property valuer Kit Au Yong said the latest announcement bears good news for applicants with a slightly higher income especially those that might have been rejected before according to previous conditions.
“It will benefit many, especially those working in urbanised areas where the cost of living is much higher, it is likely this group will benefit from this.
“RMR is another subsidised programme providing comfortable affordable housing for those with land which is a good programme especially for those with limited access to the mortgage financing market,” he told Bernama.
Previously, Local Government Development Minister Nga Kor Ming announced the increment of RMR monthly household income eligibility application from RM3,000 to RM5,000 to benefit more people by providing opportunities for the targeted group to apply for the scheme under Syarikat Perumahan Negara Berhad (SPNB).
International Real Estate Federation (FIABCI) Malaysia president Datuk Sr Firdaus Musa said with the RMR policy revamp, it will bolster more applications as well as boosting home ownership for the targeted groups.
“SPNB should also look to expand the initiative in terms of bigger land area and open up further to other categories of income earners where SPNB can play a lead role,” he said.
Commenting on whether the increment will affect B40 applicants, CCO & Associates (KL) Sdn Bhd Executive Director Chan Wai Seen opined the revised income eligibility threshold will not affect B40 (lower income group) applicants in owning their own homes.
“Based on the current benchmark, B40 is household with monthly income of less than RM4,850, which is slightly below the new eligibility’s level of RM5,000. Hence, personally, I don’t think the new guideline will affect the chances of overall B40.
“Besides, based on the current household expenditure, it will be quite challenging for B40 with household income of RM3,000 per month to buy properties based on current cost of living,” he said.
