“Adulting” has gotten anyone in their 20s trying to maintain a good credit score. In the midst learning to be frugal and balancing it to maintain a certain standard of lifestyle, young adults need to keep up with their credit card bills and loans with their relatively low salary.
Missing a bill or a loan would stain Malaysians’ credit score − CCRIS (Central Credit Reference Information System). Therefore, in light to help young Malaysians to own their first home, the government has unlisted National Higher Education Fund Corporation (PTPTN) loan default out of CCRIS, The Star reported.
“This is only for the purpose of buying homes. They cannot buy cars or anything else,” said Housing and Local Government Minister Zuraida Kamaruddin.
She said the move would allow PTPTN borrowers eligible for any housing loan, not just projects under her ministry.
The move came after Zuraida reached out to PTPTN chairman Wan Saiful Wan Jan.
“I called him about a month ago when I was in the process of finding solutions for end-financing packages for homes,” she said, adding that Wan Saiful had come to an agreement on that.
FeedMe Malaysia previously reported that 51% of PTPTN borrowers have defaulted their repayment. 19% of those have never paid back a single sen.
It had led to PTPTN asking the general public to give suggestion on how they could improve the repayment rate.
When announcing the news yesterday (Jul 10), the Housing Minister was also joined by Youth and Sports Minister Syed Saddiq Abdul Rahman, FMT reported.
Zuraida said a third (30%) of the 10,000 affordable homes to be developed in Bandar Malaysia will be given priority to Malaysian youths. Syed Saddiq said it is a government’s effort to enable Malaysian youths to own a house in the strategic location.
“It is important because in Bandar Malaysia, which is one of the most strategic projects, there will be 3,000 units especially for young people,” said the Youth Minister.
It is also announced that there would be 100 housing developments − 50% of which are affordable units − feature on a three-month online property expo on www.hihomes.my
Starting on July 25 to October 31, the online Real Estate Expo has property stocks that add up to RM3.4 billion.
Rejoice! Time to buy a home!
What are your thoughts on this government’s effort to help young Malaysians owning their first home? Let us know in the comments below.