Thursday, March 17, 2011

Increase loans for My First Home scheme: BN Youth

KUALA LUMPUR, Monday 14 March 2011 (Bernama) -- Barisan Nasional Youth (BN) today urged the government to reconsider the My First Home scheme by increasing the 100% loan from RM220,000 to RM300,000 to ensure young people can buy houses in big towns.

Its chairman Khairy Jamaluddin said increasing the amount was relevant because houses in the Klang valley are expensive and young people would not be able to buy properties with the maximum loan amount of RM220,000.

"In the Klang valley it will be difficult to buy houses priced at (RM100,000 - RM220,000), maybe in the outskirts or rural areas it is possible," he told reporters after launching the Bus Advertisement Campaign for BN Youth Job Fair 2011.

The brilliant idea of the My First Home Scheme that benefits the young working adults earning less than RM3,000 a month to obtain up to 100% housing loan for houses costing between RM100,000 to RM220,000 was an initiative by the government, Cagamas Bhd and financial institutions was launched by Prime Minister Datuk Seri Najib Tun Razak on March 8.

However, young people would not be able to buy a decent house in the city or big towns as prices may exceed RM300,000.

Khairy hoped the government would consider increasing the amount as proposed because the younger generation are very keen to own their own houses.

MySinchew 2011.03.15

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