THE Penang government, through the Penang Housing Board (LPNPP), is currently reviewing and enhancing the existing guidelines for affordable homes (GPRMM).
State Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu emphasised the importance of this review to facilitate homeownership for youth or first-time home buyers.
“Once the state affordable housing guidelines have been improvised, we can better assist them in obtaining suitable housing loans.
“We will also offer special incentives to housing developers to undertake affordable housing projects in Penang, ensuring their sustainability.
“Improvements and amendments to GPRMM guidelines are expected to be announced by the end of this year,” Sundarajoo (PH-Perai) told the State Legislative Assembly during his winding-up speech at the State Assembly Building in Light Street today.
Sundarajoo also encouraged first-time home buyers facing challenges in obtaining housing loans from banks to consider applying for a loan scheme under Syarikat Jaminan Kredit Perumahan (SJKP).
“SJKP, a company under the Federal Government, offers financing guarantees of up to 120% for houses worth up to RM500,000, with loan tenures of up to 35 years. This initiative aims to facilitate homeownership for individuals.
“SJKP also provides a government guarantee scheme to assist Malaysians without fixed income and payslips to secure housing loans.
“This loan scheme by SJKP will be particularly beneficial for low-income or middle-income youth and first-time home buyers who aspire to own a house but face challenges in obtaining loans from financial institutions,” he stated.
Sundarajoo also announced that the Penang government will continue to request more People’s Housing Projects (PPRs) to be built in the state, given Penang’s status as one of the highest tax-collecting states.
“We have identified five sites, comprising two on the island and three on the mainland, for PPR projects.
“The Local Government Development Ministry (KPKT) has conducted preliminary assessments on these five sites and is pleased to announce that one site has been chosen for the PPR project.
“Currently, KPKT has submitted the report to the Economy Ministry for inclusion in the Fifth Rolling Plan (RP5) of the Twelfth Malaysia Plan (12MP), to secure the necessary funding for the project.
“The selected site is located at Lot 5381 and 5395 in the central Seberang Perai district near the Telok Ayer Tawar constituency,” said Sundarajoo.
Story by Riadz Akmal
Pix by Law Suun Ting