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Govt To Use Volatility Financing To Help Low-Income Group Own Homes

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JOHOR BAHRU – The government may introduce volatility financing to assist the low-income group own homes, said Minister in the Prime Minister’s Department, Senator Datuk Seri Abdul Wahid Omar.

Speaking to reporters after opening the 27th National Public Sector Accountants Conference today, he said the government had discussed the approach at the recent Economic Council meeting.

However, he said, the matter must be studied further before its implementation.

“Actually, volatility financing access existed in the banking sector. We just have to make sure the amount of loan they can take from the banking institution is low so that they can afford to repay,” he said at the Johor International Convention Centre here.

Abdul Wahid was asked to comment on a survey conducted by Khazanah Research Institute (KRI) on medium-cost houses, which were said to be 4.4 times the annual household income.

According to the KRI, the survey showed that the market for unaffordable houses in the country was three times higher than international standards.

Abdul Wahid said the government was also aware most houses built by the private sector were targeted at the higher-income group.

However, he said, the public should look at the overall picture as the government also provided affordable homes through the Ministry of Housing and Local Government, Syarikat Perumahan Negara Bhd and the 1Malaysia People’s Housing Corp.

“We have several approaches. Last week, we were also informed by Prime Minister Datuk Seri Najib Tun Razak at the National Housing Council meeting to monitor the situation,” he said.

The two-day conference, attended by 455 public accountants, is organised by the Malaysian Public Sector Accountants Association, with the support of the Accountant-General’s Department. – BERNAMA

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