KUALA LUMPUR, Oct 10:
Prime Minister Datuk Seri Najib Razak said in the Budget 2015 speech today that home ownership appears to be a big issue, especially cost of houses and financing.
"Recognising this problem, I'm glad to announce the Youth Housing Scheme which is a smart partnership between the government, Bank Simpanan Nasional, Employees Provident Fund and Cagamas.
"The scheme offers a funding limit for a first home not exceeding RM500,000 for married youth aged between 25 and 40 years with household income not exceeding RM10,000. The maximum loan period is 35 years.
"Under the scheme, the government will provide monthly financial assistance of RM200 to borrowers for the first two years to reduce the burden of monthly instalments.
"The government will also give a 50% stamp duty exemption on the instrument of transfer agreements and loan agreements.
"The government will also provide a 10% loan guarantee to enable borrowers to obtain full financing including cost of insurance.
"Borrowers can also withdraw from EPF Account 2 to top up their monthly installment and other related costs.
"Hence, I urge the youth to grab this opportunity which is offered on a 'first come first served basis' for 20,000 units only."
Source: The Rakyat Post