Accra:The housing initiatives introduced in Budget 2027 are designed to assist more individuals, particularly first-time buyers and the self-employed, in acquiring homes. However, stakeholders caution that the success of these measures hinges on effective implementation and sufficient buyer protection.
According to BERNAMA News Agency, Home Buyers Tribunal president Datuk J. Shamesh highlighted the significance of the RM20 billion housing credit guarantee allocation through Syarikat Jaminan Kredit Perumahan (SJKP). This allocation addresses the challenge of securing financing for those with irregular incomes or lacking conventional income documentation.
The introduction of stamp duty exemptions is expected to lower initial transaction costs for first-time buyers, potentially enabling them to allocate more resources toward purchasing a home. However, Shamesh emphasized that the true impact of these measures will depend on transparent eligibility criteria, financing procedures, and safeguards to ensure the intended beneficiaries receive the aid.
Shamesh also noted that housing affordability should encompass more than just purchase prices or financing availability. Adequate buyer protection, including clear contracts, developer disclosures, and enforcement of buyers' rights, is crucial, especially for first-time buyers unfamiliar with real estate transactions. He stressed that access to affordable housing is not only an economic concern but also a means to provide financial security and confidence in home ownership for ordinary Malaysians.
K. Prakash P. Kalivanan, chairman of the National Housing Rental Association, emphasized the need for projects like Bandar MADANI Bukit Jalil to be affordably priced, with rebates offered to assist B40 households in purchasing homes. He mentioned that registration for the first phase starts this Monday, and pricing control, along with rebates, is essential to benefit the B40 group.
Datuk Chang Kim Loong, honorary secretary-general of the National House Buyers Association (HBA), advocated for the extension of stamp duty exemptions to first-time homebuyers purchasing properties in the secondary market. He questioned the disparity in benefits for those buying subsale properties compared to those buying directly from developers, suggesting that exemptions should equally apply to both primary and secondary market properties.