Budget 2016 to benefit first-time homebuyers

Budget 2016 to benefit first-time homebuyers

KUALA LUMPUR, JAN 28 – Prime Minister Datuk Seri Najib Razak tabled the recalibrated Budget 2016 revision today at Putrajaya to further benefit the lower income groups to wrestle-down the rising living costs, including first-time house-buyers.

Najib, who is also the Finance Minister of Malaysia said that the current revision will be beneficial for the people and the markets.

“Recalibration is necessary due to a slump in global oil prices and a slower economic growth in the United States and China,” Najib added.

The Prime Minister announced one of the revision pillars includes the sale of houses costing below RM300,000 will only be limited to first-time house buyers. The houses/units under Projek Perumahan Rakyat (People’s Housing Project) that costs RM35,000 – the Government will offer a loan package at a rate of 4% for more than 10,000 homeowners via Bank Simpanan Nasional (BSN) and Bank Rakyat.

He added that the Government will organise Integrated House Ownership Expo roadshows which offer houses produced under the National Housing Department (JPN), 1Malaysia People’s Housing Project (PR1MA), Syarikat Perumahan Negara Bhd (SPNB), 1Malaysia Civil Servants Housing (PPA1M), state agencies and other private sectors.

“More than 100,000 housing units will be offered in the roadshow,” Najib said.